Banking Multicultural Qualitative Study

Background: A company that offers online banking services was seeking a research company to develop a foundational study among English-speaking Hispanic and Black/African-American cohorts and help build their knowledge base of these target consumers. Using a typing tool developed from their segmentation research, this company wanted to gain insight into Hispanic and Black/African-American consumers who would fall into one of their key segments.

Solution: ThinkNow designed a qualitative study that consisted of eight online focus groups, with four groups among Hispanics and four groups among African-Americans. The sessions covered a number of topics related to finance, including top financial goals and priorities, barriers to banking, drivers, brand familiarity, and perceptions of alternative banks. ThinkNow managed all phases of the research study, including screener development and recruitment of participants, online group platform, discussion guide development, moderating, analysis and full report including implications and recommendations.