May 092011
 

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.

Important attributes in selecting a bank Do Community Banks understand Consumer preferences?

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?

Serge Milman

Serge Milman is the Principal Partner of San Francisco, CA based SFO Consultants which provides Strategy, Finance and Operations Management Consulting services. He is also the Principal of Optirate – a blog dedicated to growth and profitability strategies for Banks and Credit Unions. Serge can be reached at info@SFOconsultants.com.

 Leave a Reply

(required)

(required)

CAPTCHA Image

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

/* ]]> */