The banking industry is notoriously competitive. That means financial institutions must offer an array of services at various rates with different levels of convenience and structure. Credit unions and traditional banks each have their pros and cons.
After analyzing the value proposition of credit unions vs. banks, a consumer may benefit in switching from one to the other. While there may be some crossover between the advantages of each type of institution, there are few notable differences that can determine which one a customer may choose.
The competition for banking customers continues among financial institutions of all sizes. These customers and members have an abundance of information available to them in which to compare banks and credit unions, as well as non-traditional financial services and payments providers. FIs as well have an abundance of data on their banking customers, and with the use of advanced marketing and analytics solutions, can transform that data into useful information to more fully engage with their clients. Some of the areas of opportunity that can be particularly attractive include offers, reward and loyalty programs, and relevant upsell opportunities.
Overview by Ed O’Brien, Director, Banking Channels Advisory Service at Mercator Advisory Group
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