The results of Market Rates Insight's first nationwide integrated study on service fees revealed that credit union members are more willing to pay for "lifestyle financial services"–financial services that support mobile, efficient lifestyles–than bank customers are.
According to the San Anselmo, Calif.-based research firm's study, with is based on a poll of more than 1,500 consumers nationwide, 68.7% of credit union members said they would pay an average of $3.63 per month for lifestyle financial services, compared to bank customers' 66.3%. The top service consumers said they'd personally fund was identity theft protection, with more than 82% of all consumers saying they'd pay an average of $4.07 per month for the service. Coming in second was credit score reporting. More than 73% of all consumers said they'd pay an anverage of $3.39 per month for it.
Market Rates Insight Executive Vice President Dan Geller presented the study's findings in two webinars, which he said attracted much interest. Bank and credit union executives specializing in product development, marketing, research and analysis from across the country participated in the webinars, he said.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
