Bank Transfer Day encouraged consumers to walk into credit unionbranches and open accounts last Nov. 5. And as credit unionsreviewed their deposit growth data from fourth-quarter 2011, manyviewed the media-hyped event a success.

But according to a new report from Javelin Strategy and Research, only 3% of consumers fullyabandoned their large banks during the quarter. And now, 11% ofconsumers say they’re likely or very likely to switch to adifferent financial institution sometime in the next year, givingcredit unions an opportunity to become primary banking destinationsfor more consumers, Javelin said.

The report, “Bank Switching in 2012: Giant Banks Remain HighlyVulnerable as Customers Weigh Fees and Convenience” based on datacollected from 5,034 consumers in March 2012, found that manycustomers of four giant banks–Bank of America, JPMorgan Chase,Citibank and Wells Fargo–are dissatisfied with their financialinstitutions. Of the four, Citibank and Bank of America aredisliked the most. Around 25% of Citibank customers and 21% of Bankof America customers have plans to switch to a different financialinstitution in the next 12 months.

Here’s another figure that should cause credit union executives’ears to perk up. The 11% of consumers who say they’re very likelyor likely to switch financial institutions in the next yearrepresent $675 billion in deposit dollars.

“Giant banks are very vulnerable right now,” said MarkSchwanhausser, senior analyst of multi-channel financial servicesfor Javelin and the report’s author. “These potential switchershave a lot of deposits, and they have large deposits, so there’s alot of value attached to them. These are the people credit unionscould be winning.”

Javelin pinpointed several traits associated with potentialswitchers and consumers who already said goodbye to their largebanks. First, the 11% of potential switchers are willing to pay anestimated $92 million in fees for four types of services: money orders, cashier’schecks, safe-deposit box rentals and mobile deposits. Second, theyview mobile banking as a priority, 10% of consumers who switchedfinancial institutions around Bank Transfer Day named mobilebanking as a top reason for doing so. And third, many of them areyoung, 33% of consumers who made a switch in the nine months beforeand after Bank Transfer Day were between the ages of 25 and 34.

Schwanhausser said credit unions should base their Bank Transfer Day success on how many consumers joined afterleaving their banks completely.

“One lesson we learned from Bank Transfer Day is that consumersmoved some of their money into credit unions, but they didn’tdivorce their banks,” he said. “Credit unions should be asking, amI their primary place for banking?”

To avoid missing out on new memberships, credit unions shouldconsider improving the quality of their online account openingprocesses, Schwanhausser said. Consumers demonstrated a 50%abandonment rate when it comes to opening and funding credit unionaccounts online, Javelin found.

“A first impression matters,” Schwanhausser said. “Credit unionsshould make sure online account opening is a smooth process fromthe beginning.”

Schwanhausser suggests credit unions also use technology toreach out to and connect with accountholders by, for example,sending out bill pay alerts. He also said while credit unions can’tmatch large banks in terms of how many branches and ATMs they have,they can replicate the convenience provided by large banks withproducts and services such as mobile deposit and debit cards.

“Consumers are looking for overall practicality,” he said.“Credit unions don’t have the branch and ATM networks that largebanks have, but they can provide mobile deposit services and allowmembers to pull out cash at the grocery store using their debitcards, for example. That tells them that they still have access totheir money anytime, anywhere.”

Javelin also examined the key reasons why large bank customerseither have or have not switched to a different financialinstitution. One motive for staying put is the fact that a switchtakes effort on the consumer’s part, Schwanhausser pointed out.While a credit union can take care of some aspects of a switch,moving a direct deposit account to a new financial institution, forexample, requires talking to one’s employer’s human resourcesdepartment, he said.

He added that some consumers wanted to move to a financialinstitution because it was small, but that institution size is nota primary reason to switch. Mobile banking is also a key driver,not just for switching, but for staying: 11% of Bank of America andJPMorgan Chase customers stuck with their banks because of themobile banking services the banks offered, Javelin found.

“For credit unions, it all comes back to the big picture,”Schwanhausser said. “The bank customer dissatisfaction is there,and the opportunities remain. But it’s going to take the righttechnology. It comes down to consumers wanting convenience, controland practical access to their money,”