PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Opportunity Time for Community Banks and Credit Unions

Mercator Advisory Group by Mercator Advisory Group
September 9, 2011
in Analysts Coverage
0
Andre Stoorvogel, Author at PaymentsJournal
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

As noted in the accompanying article, community banks and credit unions are well-positioned to gain market share from their larger counterparts in today’s turbulent economy.

Per Frank Aloi of ath Consulting, “Based on the findings of the 2011 ath Power Ideal Banking Study, customers at community banks and credit unions have the highest banking experience satisfaction levels and are far more likely to recommend their financial institution to other people compared to customers at their larger competitors, who actually saw a drop in their ratings since 2010. Additionally, across 2010 and 2011, approximately 50% more customers at the Nation’s top-20 banks rate themselves as ’likely to switch banks’ compared to community banks and credit unions.”

These findings mirror similar research from Mercator Advisory Group, which found that credit unions, in particular, hold a solid second place behind full-service banks in the share of primary relationships.

Adds Frank Aloi, “These results show us that smaller institutions are now well positioned to be successful in this fragmented financial services market. This is an opportune time for them to take the initiative and sway potential customers of their larger competitors to join their community bank or credit union. Tactics for achieving these gains include marketing, advanced products and loyalty programs.”

Read full article: http://www.bai.org/bankingstrategies/strategy/retail-consumer-banking/opportunity-time-for-community-banks

Tags: Debit
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    digital payments

    Navigating the Future: Top Digital Payment Trends to Watch

    March 31, 2023
    scams

    As Scams Become Omnipresent, New Tools Can Help FIs Fight Back

    March 30, 2023
    item clearing

    As Check Volumes Decrease, Financial Institutions Need to Consider Alternative Clearing Options

    March 29, 2023
    payments friction

    Too Much Payments Friction Can Lead to Customer Chafing

    March 28, 2023
    online fraud

    Understanding the Cost of Online Fraud and How to Prevent It

    March 27, 2023
    live shopping, ebay

    Q&A: eBay Exec on Live Shopping and the Future of Payments

    March 24, 2023
    AI and Biometrics in Regulatory Compliance in Finance

    The Importance of AI and Biometrics in Regulatory Compliance in Finance

    March 23, 2023
    Everyone Benefits from the Real-Time Payment Networks  

    Everyone Benefits from the Real-Time Payment Networks  

    March 22, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result