What do Consumers really care about when selecting a Bank or Credit Union for their primary relationship? In a recent post we discussed that fewer than 9% of Consumers switched their primary Financial Institution in 2010 and they consider fewer than two (2) FIs when switching. One of the key questions remained — what factors influence Consumer’s decision?
Luckily, our friends at Stackpole Report recently published the results of a survey they conducted on this very topic.
By far the top 3 factors are Convenience, Security and FDIC/NCUA Insurance. Locally owned criteria ranked as one of the least critical factors. These findings are consistent with the data which clearly indicates that mega-banks are winning a larger share of assets, deposits and accounts (read more here).
Implications of these finds are significant to Community Banks, Regional Banks and Credit Unions. What is your Bank or Credit Union to stand-out? How is your Institution differentiating itself from the competition?