For the first time, and in big numbers, credit unions’ members are leaving for Big Banks. It’s a drastic reversal from just a few years ago when, in the shadow of the Great Recession, 44% of U.S. consumers considered a credit union to be their primary financial institution.
What’s happening? Generation X and Millennials are leading the exodus from community financial institutions and credit unions. Only a few years ago, less than half of the consumers in these coveted segments were choosing one of the six “Big Banks.” In 2020, those numbers changed away from credit unions and in favor of big banks, especially among Millennials.
How can credit unions reverse the trend towards banks?
Hope is not lost for credit unions! These same consumers have told us exactly what they want from their financial institution, giving credit unions a clear roadmap to reverse the trend.
All consumers, including Millennial and Generation–Z credit union members, want relevant, personalized products and services that help them achieve their financial goals. They’ve also clearly said they would move their accounts to another financial institution if it offered rewards that would motivate them to reach those financial goals.
Zafin’s product and pricing solution helps credit unions retain members and grow loyalty.
This white paper shares data and insights about the migration of credit union members to Big Banks, and how credit unions can respond. It details:
- Research on what consumers want from their financial institution
- Tactics to personalize banking to win back credit union members
- How Zafin’s product and pricing solution empowers credit unions to meet member goals with targeted banking offers and rewards programs, down to a segment of one.