public perceptions of co-operatives and credit unions research study
DESCRIPTION
Public Perceptions of Co-Operatives and Credit Unions Research Study. Presented to: Nova Scotia Co-Operative Council. Presented by: Diane Kelderman. Methodology. Adults in Nova Scotia 18 years of age and older were interviewed. Interviewing took place from October 17 to October 27, 2008. - PowerPoint PPT PresentationTRANSCRIPT
Public Perceptions of Co-Operatives and Credit Unions Research Study
Presented to:Nova Scotia Co-Operative Council
Presented by:Diane Kelderman
2
Methodology
Adults in Nova Scotia 18 years of age and older were interviewed. Interviewing took place from October 17 to October 27, 2008. 312 interviews have been completed to date, with a margin of error of ± 5.5 percentage points, 19 in 20 times. Data has been weighted to reflect the true distribution of Nova Scotia adults, by region, age, and gender.
3
Importance of Co-Operative and Credit Union Sector
Most Nova Scotia residents regard the Co-Op/ Credit Union sector as important – A strong “starting point” for go-forward actions.
20%
57%
12%
2%
8%
0%
20%
40%
60%
80%
100%
Critically important Important but not critical
Not very important Not at all important Don't know/No answer
Q.3 (n=312)
Importance of Co-Operative and Credit Union Sector to Nova Scotia Economy
% Important = 77%
4
Overall Opinion of Co-Operatives
Almost everyone has a favourable opinion of Co-Ops, meaning there are few embedded negative biases to overcome, going forward.
20%
67%
5%1%
7%
0%
20%
40%
60%
80%
100%
Completely favourable
Mostly favourable Mostly unfavourable
Completely unfavourable
Don't know/No answer
Q.5 (n=312)
Overall Opinion of Co-Operatives
% Favourable = 87%
5
Level of Agreement with the Following Statements
Public perceptions and opinions regarding Co-Ops are favourable. There is a lack of awareness, however, concerning Co-Ops’ “for profit” status.
48%
42%
53%
16%
49%
50%
38%
37%
0% 20% 40% 60% 80% 100%
Co-Operatives are credible organizations
Co-Operatives keep money in local communities
Co-Operatives are member-owned
Co-Operatives are for-profit organizations
Completely agree Mostly agree
Q.7a-d (n=312)
Level of Agreement with the Following Statements
6
Co-Operatives in Nova Scotia Are Equipped
The public perceives Co-Ops as better suited for some sectors ahead of others, in part due to lack of strong opinions/ awareness considerations
26%
24%
39%
57%
32%
36%
32%
29%
28%
35%
12%
14%
11%
2%
8%
26%
29%
21%
14%
25%
0% 20% 40% 60% 80% 100%
Renewable energy
Health care
Seniors' housing
Farming and food production
Forestry
Top 4 Box (7-10) Middle 3 Box (4-6) Bottom 3 Box (1-3) Don't know/No answer
Q.11a-e (n=312)
Extent to Which Co-Operatives in Nova Scotia Are Equipped to Meet the Following
7
Comparison of Co-Operatives to Non Co-Operatives
The “brand attributes” of Co-Ops are quite strong and favourable. Co-Ops are in a position of strength, particularly regarding community commitment and customer service. These factors can be leveraged in future initiatives.
38%
24%
42%
54%
31%
55%
56%
76%
41%
38%
44%
30%
37%
31%
30%
16%
14%
29%
6%
10%
22%
2%
3%
2%
0% 20% 40% 60% 80% 100%
The price of goods and services
The range of variety of goods and services available for sale
The quality of goods and services
Overall reputation
Stability
Attitude of customer service representatives
The feeling that you are a valued customer
Care and commitment to local communities
Better Same Worse
Q.12a-h (n=312)
Comparison of Co-Operatives to Non Co-Operatives Retail Organizations In Terms of the Following
8
Familiarity with Co-Operatives in Nova Scotia
Co-Ops have room to improve in terms of public communications and awareness
26%
38%
36%
0%
20%
40%
60%
80%
100%
Familiarity
Middle 3 Box (4-6)
Top 4 Box (7-10)
Q.13 (n=312)
Familiarity with Co-Operatives in Nova Scotia
Bottom 3 Box (1-3)
Q.13 – Using a scale from “1” to “10” where “1” means “not at all” and “10” means “a great deal”, how familiar would you say you are with co-operatives in Nova Scotia?
9
Currently a Member of Co-Operative or Co-Op
One-in-four Nova Scotia residents say they are a Co-Op member.
Yes, 27%
No, 72%
Don't know/No answer, 1%
Q.14 (n=312)
Currently a Member of Co-Operative or Co-Op
10
Overall Opinion of Credit Unions
As with Co-Ops, so with Credit Unions: very favourable public perceptions are evident.
24%
62%
6%1%
7%
0%
20%
40%
60%
80%
100%
Completely favourable
Mostly favourable Mostly unfavourable
Completely unfavourable
Don't know/No answer
Q.16 (n=312)
Overall Opinion of Credit Unions
% Favourable = 85%
11
Importance of Factors When Choosing Financial Institution
The graph displays some features that members of the public value from a financial institution.
76%
69%
67%
56%
53%
52%
52%
50%
49%
44%
43%
0% 20% 40% 60% 80% 100%
Stability
The knowledge level of customer service representatives
Attitude of customer service representatives
Competitiveness of savings and investment rates
The feeling that you are a valued customer
Overall reputation
Access to ATMs
The cost of service charges
Having a range of financial products and services
Care and commitment to local communities
The location of the branches
Q.21a-f (n=312)
Importance of the Following Factors When Choosing a Financial Institution
(% Critically important)
12
Perceptions of Credit Unions
As with Co-Ops, it is evident that Credit Unions have a strong “brand” in terms of community care and customer service considerations.
62%
46%
41%
39%
27%
26%
27%
37%
40%
43%
48%
39%
3%
3%
13%
2%
14%
9%
0% 20% 40% 60% 80% 100%
Care and commitment to local communities
The feeling that you are a valued customer
Overall reputation
Attitude of customer service representatives
Stability
The cost of service charges
Better Same Worse
Q.22a-f (n=312)
Perceptions of Credit Unions Compared to Other Financial Institutions
13
Perceptions of Credit Unions, Con’t
Credit Unions score relatively weakly in terms of the access to ATMs and the range of financial products and services available.
23%
22%
21%
14%
11%
45%
55%
37%
55%
36%
13%
4%
33%
14%
39%
0% 20% 40% 60% 80% 100%
Competitiveness of savings and investment rates
The knowledge level of customer service representatives
The location of the branches
Having a range of financial products and services
Access to ATMs
Better Same Worse
Q.22g-k (n=312)
Perceptions of Credit Unions Compared to Other Financial Institutions
14
Likelihood of Choosing Credit Union
Given that banking customers are known to be generally loyal to their financial institution, there is nonetheless some opportunity for growth of Credit Unions’ market share.
12%
33%
42%
22%
2%0%
20%
40%
60%
80%
100%
Very likely Somewhat likely Not very likely Not at all likely Don't know/No answer
Q.23 (n=223)
Likelihood of Choosing a Credit Union in the Future for Some or All of Your Financial Services Needs
% Likely = 35%
15
Agreement about Credit Unions
Here again, there is some confusion regarding Credit Unions’ for-profit status.
50%
46%
39%
55%
19%
46%
41%
52%
38%
42%
0% 20% 40% 60% 80% 100%
Credit unions are credible organizations
Credit unions are a viable alternative to banks and other financial institutions
Credit unions keep money in local communities
Credit unions are member-owned
Credit unions are for-profit organizations
Completely agree Mostly agree
Q.26a-e (n=312)
Level of Agreement with the Following Statements
16
Familiarity with Credit Unions in Nova Scotia
As with Co-Ops, so too are there communications opportunities for Credit Unions in Nova Scotia
33%
32%
34%
0%
20%
40%
60%
80%
100%
Familiarity
Middle 3 Box (4-6)
Top 4 Box (7-10)
Q.28 (n=312)
Bottom 3 Box (1-3)
Familiarity with Credit Unions in Nova Scotia
Q.28 – Using a scale from “1” to “10” where “1” means “not at all” and “10” means “a great deal”, how familiar would you say you are with credit unions in Nova Scotia?
17
Awareness of Credit Unions and Co-Operatives
Virtually everyone already is aware that Credit Unions and Co-Ops operate in Nova Scotia
98%94%
0%
20%
40%
60%
80%
100%
Credit Unions Co-Operatives or Co-Ops
Q.30a, b (n=312)
Awareness of the Following Operating in Nova Scotia(% Saying “Yes”)
18
Questions?