Customer Insights Survey
bankmecu commissioned Mobium Group in 2011 to conduct bankmecu’s annual Customer Insights Survey. Mobium Group is a strategic consultancy providing market insights to business about the issues of sustainability, technology, health and wellbeing. Key areas under review included demographics, financial relationships, customer satisfaction, net promoter, and brand perceptions.
The overall survey sample was randomly selected from bankmecu’s database including all customers aged 18+. A total of 21,689 customers were randomly selected for the survey. Of these, 3,969 surveys were returned resulting in a response rate of 18.3%. The survey was conducted online to achieve cost efficiencies and improved sustainability, increase responses and generate faster turnaround time for the report. Approximately 50% of bankmecu customers have email registration.
The customer profile at the close of the survey didn’t reflect bankmecu’s entire customer base due to a high response rate from the 50+ customer base, so the results were weighted to correct sample variations from bankmecu’s customer profile.
Findings from the Customer Insights Survey are shared with the Board, across the Company and with customers. Staff are encouraged to continually improve performance in line with customers’ expectations.
As a result of this research bankmecu aims to:
- Better understand the needs of customers aged 50+
- Better understand the needs of customers aged 20-35
- Undertake competitive analysis of fees and charges particularly those associated with savings accounts
- Consider how to integrate lifetime value into pricing models
- Consider strategies to maintain a fair spread of value between depositors and borrowers
- Consider communications strategies which provide customers with the opportunity to access information via preferred channels of communication
Key findings of the Customer Insights Survey are highlighted throughout Chapter 5 ‘Customers’.