A new study of over 1,400 consumers, from market research firm Chadwick Martin Bailey is exploring how online and mobile banking services are leveling the playing field for credit unions competing with larger banks. It finds credit unions are catching up with larger banks in the race for online banking convenience. For years large banks have been the choice of customers who valued convenience, while smaller banks and credit unions were chosen for personal service. The ease of online and mobile banking is changing this dynamic, as credit unions offer remote services, and bridge the convenience gap for their customers.
Additional findings include:
- For many bank customers, online banking is a key element of banking convenience: Sixty-four percent of all bank customers utilize online banking in some form, and a fifth have used mobile banking. While customers still value branch and ATM access, 43% agree online services are a key element of banking service.
- Banks can differentiate themselves by offering good service—including online and mobile banking: Nearly half (48%) of bank customers believe banks can differentiate themselves with good service. The definition of “good service” is evolving; convenience is no longer just about more branches and ATMs, but also about innovative technologies and remote banking options.
- Credit unions are upending the stereotype of being less tech savvy than larger banks: While larger banks have a reputation for offering the most online and mobile services, credit union customers report online banking usage that is just as high as larger bank customers, and they give their institutions higher marks on performance.
Quelle: cmb consumerpulse
Die Studie „The New Banking Value Proposition“ kann hier direkt heruntergeladen werden.