Collecting & Analyzing customer survey data in the financial industry

The financial industry is one of the biggest in the world, and gaining and keeping customers is an important part of business. One of the best tools for understanding what customers want and how the company is performing is collecting and analyzing customer survey data in the financial industry. Companies with a great customer survey program find themselves at an advantage over companies with poorer surveying.

‍The Financial Industry

‍The financial industry includes many companies and individuals who work at every level of service such as borrowing, investing, and saving. Financial service providers include:

• Brokers
• Credit card processors
• Lenders
• Banks
• Credit unions
• Investment firms

Some of these providers are huge multi-national corporations who are able to devote a great deal of resources to market research; other financial service providers work on a much smaller scale. This will inform what's needed when surveying, but whatever the type or size of the company, customer surveying is a key business tool.

‍How Industry Professionals Use It

‍The financial industry uses the information found in collecting & analyzing customer survey data in the financial industry in several ways. Those involved in market research need to be able to draw sensible conclusions from their customer survey data and to have the data available in formats conducive to use. The decision-makers need to have reliable, up-to-date data in order to make decisions.

‍Gearing it to Customers

‍Almost all adults use financial services, and as such there is a great deal of variety in terms of customer demographics across different financial fields. The research done by a stock broking firm will differ from that done by an auto loan company - and not just in the content of the questions. Whatever part of the financial industry you work in, your language and style should be geared towards your average customer. Using terms that are too complex or too simplistic has the potential to alienate your survey-takers.

‍Analysis

‍Creating meaningful and accessible surveys is important, but being able to analyze the results of those surveys is just as essential to success. Modern software has largely supplanted the need for a dedicated team of analysts, which allows companies to get the same important information without devoting as many resources to their customer surveying division. However, not all customer survey analysis software is created equal, and the quality and usability of the software will play a major role in its usefulness.