What happens when research becomes more than a one-time project?
For Spero Financial, what began as a need to better understand a changing membership evolved into a multi-year strategic discipline that helped shape major business decisions.
In this Q&A, Bethani Williams, Vice President of Marketing at Spero Financial, shares how member and market research informed digital banking strategy, brand positioning, product planning, and leadership decision-making. Her reflections offer a practical example of how financial institutions can turn customer insight into a more confident, evidence-based approach to growth.
Spero Financial is a South Carolina-based credit union founded in 1935 with a mission to improve the financial lives of the members it serves. With more than 50,000 members and approximately $700 million in assets, Spero combines community-rooted service with a growing focus on digital experience and financial wellness.
What prompted Spero Financial to begin this research journey in 2022?
Spero Financial had undergone significant change in a short period of time — a full rebrand in late 2019 followed by a merger with Anderson Federal Credit Union in February 2020. That amount of change for our membership demanded a deeper look at where we actually stood. Strategically, we had also defined our three core value propositions: Personalized Service, Digital Experience, and Community Impact. The Member Relational Study gave us the opportunity to lean fully into all three — to measure where we were and identify where we could improve.
What key questions were you trying to answer about your members or market?
We wanted a complete picture of our membership: How well were we servicing them? What were their preferred service channels, especially around digital? And what did the financial health of our membership actually look like? Those three areas — member satisfaction, channel preference, and financial wellness — became the backbone of the study.
How would you describe your understanding of your members before this work began?
We had a well-defined target member profile internally, but the data supporting it was loosely grounded — more qualitative than quantitative. The merger also brought in thousands of new members, which made it even more important to level-set with real data. This study gave us the opportunity to validate and sharpen our member profiles with a much more data-based foundation.
What made you decide to take a multi-phase approach vs. a single study?
Honestly, it was not intentional — the first study was meeting an immediate need, and the others were not even on our roadmap at the time. But in hindsight, each study built strategically upon the last. After completing the Member Relational Study, it was a natural progression to dig into brand perception with non-members in 2023, and then into product and service feedback in 2025. It is actually a nice parallel to how our organization has matured strategically — we continue to get more intentional and data-driven in everything we do.
Member Relationship Assessment
What were your primary goals going into the Member Relationship Assessment?
The study centered on three key objectives. First, understanding service channel preferences — pinpointing how members were engaging with us across payment solutions, digital banking, in-branch, TellerLink, and more. This was especially timely given that we were actively evaluating new digital banking vendors. Second, measuring member satisfaction and loyalty — not just a single-point-in-time interaction survey, but a true read on how members felt about us overall. And third, assessing the financial health of our membership. If our mission is to improve the financial lives of the members we serve, we needed benchmarks to measure it — and this study gave us exactly that.
What did you learn that you did not expect?
We found that credit card and debit card usage was far more polarized than we anticipated. Members are highly specific about which card they use — driven by convenience, budgeting habits, or security preferences — and that behavior is nearly impossible to change. Sixty-eight percent of our members primarily use a debit card for everyday purchases, which directly validated our Kasasa checking reward structure around debit card usage and cash back. However, it also surfaced that 22% primarily use credit cards — meaning roughly one in four members did not fit within that checking product at all. That was an important gap to acknowledge.
Which findings stood out most around member needs, expectations, or behaviors?
One of the most meaningful findings was that as members aged and their income increased, Spero tended to shift into a secondary financial institution role for them. This was something we had already identified internally, and we had recently launched a partnership with a local wealth management firm to address exactly that — so this data validated that strategic move. It also reinforced our branch transformation strategy, which is focused on evolving our locations into financial consultative centers for coaching and planning rather than transactional touchpoints.
How did this study change the way you think about your members?
It confirmed what we believed about ourselves: we are winning when it comes to quality service, reputation, trustworthiness, and community. That validation was meaningful — it gave our team confidence that the culture and experience we are working hard to build is actually being felt by our members.
What actions or internal conversations did this study trigger?
The study revealed direct parallels between what members were asking for and the projects we already had in motion:
| Members Asked For | Projects in Progress |
|---|---|
| No Fees / Lower Fees / Free Checking | Evaluating Overdraft Program to better serve members |
| More Branches / Better Locations | Launching TellerLink (ITMs) for extended banking hours |
| Improve Online Banking / Online Payments | Evaluating new Digital Banking platform |
| Better Rewards / Loyalty Rewards | Increased Kasasa Rewards to 5% APY and up to $10 cash back |
| Loan Offerings / Easier to Obtain | Launching online loan opening platform |
A key callout: this study directly paved the way for our Digital Banking vendor evaluation. It gave us a clear set of features to prioritize — credit monitoring, digital wallet and card controls, member-to-member payments — and helped us build the business case for launching SavvyMoney, a free credit score monitoring tool embedded in our digital banking platform. That tool now allows us to actively track financial health improvements across our membership over time.
How did the insights from this study lead you to the next step — the Brand Awareness Study?
Once we had a deeper understanding of our members, the next natural question was how our brand was being perceived by people who were not yet members. That curiosity drove us into the Brand Awareness Study in 2023.
Brand Awareness & Positioning Study
What were you hoping to better understand about your brand?
We had completed our rebrand in late 2019 and conducted an initial brand equity benchmark shortly after. The goal of the 2023 study was to measure how far our brand equity had grown since then. The results were significant — aided brand recall had climbed from 9% to over 40%. That kind of growth in a relatively short window confirmed that our awareness efforts were making a real impact in the market.
How did your perception of your brand compare to what the research revealed?
We love our brand internally, but the real question is always whether it is resonating with actual consumers. What the research confirmed is that we truly win on community positioning. When consumers were asked to describe Spero in word associations, they consistently used words like local, trustworthy, and community — exactly what we stand for.
What surprised you most about awareness, perception, or expectations?
Alongside the study, we had been tracking the values and psychological drivers of our target audience. The top three were: maintaining traditions, respect and trust from others, and caring for family and friends. When we laid those alongside the brand study findings, everything aligned — and that alignment helped us refine our external brand differentiators and sharpen our messaging:
| Audience Values / Psychological Drivers | Brand Study Word Associations | Spero Financial Brand Differentiators |
|---|---|---|
| Maintaining Traditions | Local | Local for 90+ Years |
| Respect / Trust from Others | Trustworthy | Improving Financial Lives |
| Caring for Family / Friends | Community | Upstate and Beyond |
How did these insights connect back to what you learned in the Member Relationship Assessment?
The connection was direct. In the Member Relationship Study, our members told us they chose Spero because of trust, reputation, and community. The Brand Awareness Study showed that non-members perceived us through the exact same lens. That consistency — across existing members and the broader market — was incredibly affirming and gave us the confidence to double down on those differentiators.
Did this study highlight any gaps between your brand promise and member expectations?
It did surface an important insight around our use of ‘hope’ in our messaging. Our name means hope, and we had leaned into it heavily in advertising to tell our brand story. What we discovered is that while hope is a powerful emotional tie to financial empowerment, it is not a psychological driver that everyday consumers automatically connect to a financial institution. As a result, our messaging evolved from the more aspirational — inspiring financial hope — to the more direct: improving financial lives in the Upstate since 1935. Once someone actually engages with us, that feeling of hope comes alive naturally through the experience. But trust and community are what get them in the door first.
What did this study reveal that made you realize a deeper dive into products and services was needed?
It was less about specific products and more about tone and brand personality. The study helped us define what we call our brand archetype. Rather than positioning as an Expert (we know everything) or a Hero (we will save you) — two of the most overused archetypes in financial services — the research made clear that Spero is seen as a trusted guide. We think of it as two friends sitting on a couch having a casual, honest conversation about money. We lead with questions, we position everything through a ‘we’ lens rather than a ‘you’ lens, and we offer tips without dictating. It is up to the member to pick them up.
Product & Service Assessment
What were the key decisions or questions you were hoping to gain from this study?
We wanted clear, member-driven insights into what our members valued in their existing products and where they wanted to see enhancements — specifically around our checking account suite. We needed to move beyond internal assumptions and get real data to guide our product roadmap.
How did this research validate or challenge what you had already learned?
It validated — across the board. In parallel with this survey, we conducted a deep-dive competitive analysis, analyzed how members were actually using their accounts, hosted open-discussion member forums, and gathered input from our staff. When we stepped back and looked at the complete picture, every single data point pointed in the same direction. That level of convergence gave our team real peace of mind that we were making decisions based on evidence, not assumption.
What did you uncover about member preferences around products, pricing, or features?
Our members like what we have — 8 out of 10 are completely satisfied with our offerings. But 2 out of 3 also maintain deposit relationships at other financial institutions — which happens to be in direct alignment with the national statistics. That tension is real, and it is one we take seriously. The challenge is embracing changing consumer behavior while continuing to deliver top-tier service paired with a competitive product.
Were there any insights that directly impacted decisions around specific products?
We are still in the process of working through the full scope of this study, but a few things came through loud and clear: simpler is better, free checking is no longer a differentiator — it is an expectation — and members genuinely want to be rewarded for using their accounts. Those findings are shaping where we focus next.
How are you using this data to shape future offerings?
We are pairing the member voice data with a deep-dive financial analysis of our current product lineup. It comes down to finding the right balance — what makes sense financially for the credit union while genuinely meeting member needs. Account rewards, for example, carry real cost, but they are also a meaningful competitive advantage for attracting new members. All of that is on the table as we rethink our product structure.
Connecting the Journey
Looking across all three studies, how did each one build on the last?
Even though the studies were not designed as a trilogy from the start, they formed one naturally. We started by understanding our existing members — their needs, behaviors, and financial health. That led us outward to understand how our brand was landing with non-members. And now we have turned back inward, taking everything we have learned to deepen relationships with current members and develop a roadmap to attract new ones. Each study expanded the lens.
How has your understanding of your members evolved from 2022 to today?
Everything we do now is filtered through the lens of our target member. We want to meet them where they are and walk alongside them throughout their entire financial journey. That focus prevents decision paralysis — the trap of trying to be all things to all people — and gives us a clear picture of the who, what, and how. More importantly, it has helped us get clear on the why, which is the driving purpose behind it all.
What value did taking a structured, multi-year approach provide?
What we ended up with was far more valuable than any single study could have delivered. Each phase built on the last and moved us from instinct to evidence in a meaningful way. It also mirrors how we have grown as an organization — more intentional, more strategic, more data-driven. CSP gave us the conduit to make subjective areas like brand perception, member satisfaction, and member feedback genuinely quantitative. That shift in how we make decisions has been significant.
How did leadership use these insights differently over time?
Early on, the studies served primarily as validation — confirming that the strategic decisions already in motion were the right ones. Over time, they evolved into forward-looking tools, shaping the roadmap for where we need to go next. Leadership expects data to support major decisions, and these studies have been central to building that discipline.
Outcomes & “So What”
What decisions have you made as a result of these insights?
The research has been a driving force behind several meaningful decisions. We selected and launched a new digital banking platform informed directly by member channel preferences and the features they told us mattered most. We built the business case for SavvyMoney, giving members access to free credit monitoring embedded in their digital banking experience. We restructured our brand messaging away from aspirational language toward the direct, community-grounded voice that actually resonates with our market. We validated and accelerated our branch transformation strategy, shifting locations toward consultative financial wellness centers. And we launched a wealth management partnership to better serve members as their financial needs mature — a move the research confirmed was well-timed. These are just to name a few.
Where have you seen the biggest impact?
The impact has been felt across multiple areas, but member experience and product strategy stand out most. On the experience side, we now have a digital banking platform shaped by actual member input, and tools like SavvyMoney that directly address the financial health gaps our research surfaced. On the product side, the studies are giving us clarity as we explore simplifying our offering and focusing on what members genuinely value — rather than building features based on internal assumptions or the next shiny “best” thing. Operationally, the research also has played a role in shifting how our team approaches decision-making. Data is a central part of the conversation, not an afterthought.
What would you say is the biggest business value of this work?
Confidence. The ability to walk into a board meeting, a leadership discussion, or a vendor evaluation and say: here is what our members told us, here is what the market reflects, and here is why we are making this call. That shift from gut-feel to evidence-backed decisioning has made us a stronger, more focused organization. It has also helped us avoid the costly mistake of building for the wrong audience — or trying to be everything to everyone.
If you had not done this work, what would you be missing today?
In my opinion, which I truly believe is shared with our leadership team, these research efforts have played a vital role in shaping our credit union’s strategic decisioning process and standards. Without them, we would have missed the opportunity to see the full picture impact of our decisions and future planning efforts. Adding this layer of research provides a validating, 360 lens that gives us alignment into what our members (or non-members) actually want. This research gives us our target member in full definition — their needs, their drivers, their behaviors — and that clarity is key in fulfilling the vision of the organization.
Spero Financial’s research journey was not built from a rigid long-term plan. Instead, it evolved as each set of insights raised the next strategic question.
As Bethani Williams’ reflections make clear, the value extended far beyond individual studies. Research became a practical tool for strengthening leadership discussions, evaluating investments with greater confidence, and keeping strategic decisions grounded in member realities rather than internal assumptions.
For financial institutions facing complex decisions around digital experience, product strategy, brand positioning, or growth, the takeaway is clear: customer insight is most valuable when it becomes part of how decisions are made—not just something referenced after the fact.