Jun 05 2008

Facts, Figures, and Food for Thought from the Ohio State University’s Consumer Finance Monthly

Report  
Number  
158

Filene has subscribed to an ever-evolving data source from Ohio State University in order to supply credit unions with valuable consumer financial information. This brief, the first in a series, offers an introductory glance to the data and potential implications.

Mark Meyer
Mark Meyer
President + CEO
Filene Research Institute
Report Number 158

Executive Summary

Credit unions have long hungered for data and information. For many years, this hunger was fueled by rapid and substantial growth in members and assets. Eventually this growth caused credit union CEOs to lose their ability to identify every member by name, account number, and family composition, and they moved toward obtaining and summarizing demographic information about the types of members they were serving.

As credit unions continued to grow by leaps and bounds, executives sought out data and information to identify and meet the product/service and payment system needs of many types of members. With credit union growth slowing in recent years, this hunger has evolved from a voracious appetite for any and all financial services research and information to a distinct craving and thirst for highly relevant and specific information about how to attract and/or deepen relationships with diverse segments of members.

What is the research about?

This inaugural research brief introduces you to the Consumer Finance Monthly (CFM), produced by the Center for Human Resource Research (CHRR) at the Ohio State University. The Filene Research Institute has subscribed to this ongoing and ever-evolving data source in order to feed your hunger for data and information. Read on to learn about this valuable source of consumer financial information and to find out what to expect from our new series of Consumer Finance Research Brief.

What are the credit union implications

The Consumer Finance Research Briefs are a new addition to Filene’s current research, innovation, and application portfolio.  Filene Research Institute is committed to providing members with access to the world’s most comprehensive credit union research and innovation library. Soon this library will include even more independent research on consumers’ financial characteristics and behaviors. Future briefs will include high- level marketplace analysis in addition to the facts (i.e., survey data derived from the CFM), figures that are easy to read and comprehend, and food for thought (i.e., our response to “So what?” and “How does this apply to my credit union?” questions and comments).