I believe that an opportunity exists in that people need to go to the bank after regular business hours and on the weekends but there is no bank open at that time. The unmet met need is that people always need the banks when they are closed. I believe that everybody who has ever needed money when the bank was closed has this opportunity. It is no certain demographic, gender, or group of people that this applies to specifically. I believe that this need has always existed. As far back as I can tell they usually are just regular business hours. People try to fix this by using an ATM but sometimes there are things that can not be done through an ATM. I am about sixty percent sure that this opportunity exists.
first prototypical customer: Do you ever need to go to the bank when it is closed? Yes, sometimes I find myself needing the bank when it is closed. Do you experience this need sometimes, often, or hardly ever? Now that I think about it, I hardly ever need to go in the bank when it is closed. How long have you had this need? I cant remember the first time that it occurred, but it happened a long time ago. How do you deal with this need, and are you satisfied with this solution? I usually just wait until the next day because it is not a huge inconvenience.
second prototypical customer: Do you ever need to go to the bank when it is closed? Yes, but I can just go to the ATM and withdraw money if I need to. What if you need to cash a check though? I can go to Amscott. Yes you can, but there is a big fee when they cash your check. Well I can not argue with you there. How often do you find that you need this? Not too often, but it does happen sometimes. How long have you had this need? Ever since I started getting checks from my job. Are you satisfied with your solution when you go to Amscott to cash your check? It works for cashing my checks but the fees are really high.
third prototypical customer: Do you ever need to use the bank when it is closed? Maybe one time I have had that problem, but it was not a problem. How long have you had this need? It happened one time a couple of years ago when I needed to go to speak to someone at the bank about problems with my account, but I just waited until the next morning. Do you think that an after hours bank would benefit you? No, I do not believe I have a big enough need for an after hours bank.
I realized that the people I interviewed did not find it as big of an opportunity as I did. They were pretty similar in saying that their need was not very much. There was not a huge need from these people.
I learned that there is not as big of an opportunity for this solution as I thought. Although it seems like a good idea to me, other people might not have a huge need for this. In hindsight it is not the best idea for a business. I believe consumer feedback is a great way to see if your idea is a good idea.
Hey Peter, I really liked your post about forming an opportunity. I too can relate, as I wish the bank had more flexible hours for things I can't take care of at an ATM machine at night. You had some great interviews with people, and the thing I respect the most is that you were willing to change your opinion when you discovered there was not as much of an opportunity for this idea that you may have once initially thought. That was very smart of you.
ReplyDeleteCompletely agree Peter and wish that banks would recognize this need. More often than not the time I actually can go to the bank is after hours or usually on a weekend. Saturday mornings I always find myself needing to go to the bank and can't. If they could just stay open for a few hours on Saturday it would go a long ways. Most people are out running errands that morning and want to make a quick stop at the bank.
ReplyDeleteHi Peter, I agree that I think the bank should be open a little more after regular hours and/or on the weekend so that people who work 9-5 can be able to do their banking business. The ATM can only do so much and sometimes you need to be face to face to resolve a banking need.
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