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Public Perceptions of Co-Operatives and Credit Unions Research Study

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.

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Public Perceptions of Co-Operatives and Credit Unions Research Study

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  1. 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. 2

  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.

  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.

  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.

  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

  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.

  8. Familiarity with Co-Operatives in Nova Scotia Co-Ops have room to improve in terms of public communications and awareness 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.

  10. Overall Opinion of Credit Unions As with Co-Ops, so with Credit Unions: very favourable public perceptions are evident.

  11. Importance of Factors When Choosing Financial Institution The graph displays some features that members of the public value from a financial institution.

  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.

  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.

  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.

  15. Agreement about Credit Unions Here again, there is some confusion regarding Credit Unions’ for-profit status.

  16. Familiarity with Credit Unions in Nova Scotia As with Co-Ops, so too are there communications opportunities for 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

  18. Questions? 18 18

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