Buyer Behavior Numero Uno

Segment: Local Credit Unions

I interviewed three employees of a local Credit Union. The two account managers(the ones with desks that always sit in the front of a bank/Union) said that they very regularly deal with customers who are inadequately informed about basic product and service offerings, regardless of age or length of time dealing with their Union. The Credit Union Branch Manager said that this is an age old issue, although she doesn't personally see the effects of the knowledge deficit until the unfortunate occasion when someone can't pay back a loan, or needs to break contract to pull money out of a CD.

I asked when they become aware of the issue, and they all said variations of the same thing: that when a person needs a loan for a new step in life, those are usually the people who are most clueless, or at least have the most questions. People who come into the Union to participate in services to increase interest rates typically have at least attempted to do their own research or have prior knowledge.

Patti said that she relies heavily on the brochures they keep in the front entrance, and on her own ability to explain things. She likes the brochures because she is familiar with them, and they are easier to pick up and use than a website. They do however lack information beyond what is basic.

Because this issue has been ever-present to their banking world, these employees (and manager) usually rely on googling specific questions(whatever question the customer has) or asking a superior who may know more.

Conclusions:

My chosen market segment is very behind in the movement towards online content and having resources available in that way. Most credit unions have mobile apps, but employees in the branches are not necessarily well trained on using the app or the Union's website. They are aware of the need: educating their customers, but they seem to have accepted it as reality and not something that can be changed. My need seems to be confirmed, but marketing will not be as easy as a google-search-geared website name, because I was not able to find interview evidence of specific searching for my type of service. Maybe I could speak to these people lower on the totem pole to convince those higher-up who are out of touch with the issue that this is necessary.