I just spent the last week in Spokane, Washington working with a wonderful credit union on an exciting research project. This project, which will be published later this year or early next year, utilizes ethnographic research methods to answer the basic question: Why do consumers choose (or not choose) credit unions?
Along with our research partners Design Concepts, Inc., we went into credit union members’ homes and discussed their overall approach to financial management and impressions of credit unions. We spent two hours in these members’ homes discussing such personal issues as bankruptcy, credit card debt and traumatic life events (mostly divorce). We also delved into such mundane issues as bill paying routines, use of debit vs. cash, etc.
Since I am not an ethnographer I was a mere fly on the wall in Spokane, yet I came away from the experience with a strong (and positive) impression of this research methodology. It is amazing the insights you can gain from people on their “own turf”. For example, we asked these folks to give us a tour of their wallets (some consider this to be the most sensitive part of their anatomy) and without exception people happily complied with our odd request. Incidentally, we found a lot of George Costanza type wallets.
If you are interested in hearing what we’ve learned so far in this project (we’ve gone to 6 credit unions around the U.S. and have one more to visit) leave us a note below and we’d be happy to share our preliminary findings of why people choose credit unions…I will give you a hint it’s not good rates and friendly service!
Comments
16
I bet the answer to why people choose any financial institution – credit union or bank – is LOCATION close to work or home.
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Hi George, I would love to hear about your preliminary findings.
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I would be interested in your preliminary findings. Thank you.
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I would like to hear your preliminary findings.Could it be product availability?
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George and Stephanie,
On behalf of STCU, it was our sincere pleasure to host you in Spokane. In addition, we’re honored to be a part of this national research project.
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I would also like to hear your preliminary findings. Could be a very interesting perspective. Thanks.
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Look forward to hearing about your prelim findings. Hope you get to hear from non-members as well. Think that perspective – do they know about credit unions and, if informed, why do they not chose them – would be enlightening as well.
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I am going to post an executive summary of the document for everyone’s benefit…keep a look out for it shortly! Thanks for your interest, >>George Hofheimer, Director of Research
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Here is the executive summary I mentioned.
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Hi George- I would very interested in your prelimnary findings. Thanks.
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Your research sounds very exciting. I would love to see your preliminary results.
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If you click on the “executive summary” in George’s entry above you can view the preliminary findings in this document.
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I would be very interested in your preliminary results! Thank you.
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Please keep me updated on your findings on the ethnographic research. I am very interested in your preliminary results.
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Tell me more.
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I would love to hear more about this. I have always wondered.
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