Increased pressure from regulations and new competition havepushed credit unions to take a closer look at checking and paymentproducts, according to Raddon Financial Group, a Lombard,Ill.-based consumer research firm.

The checking market is still dominated by the nation's largestbanks in spite of their lack of a totally free checking product,and almost 75% of consumers still prefer to open checking accountsat a branch, Raddon's research revealed.

But new players are entering the field.

For example, Wal-Mart's 4,200 U.S. stores are slated by the endof this month to roll out GoBank, a new checking account product that won't chargeoverdraft fees and doesn't require minimum balance or monthly feeswith qualifying direct deposits, according to the retailer.

With non-bank providers joining the market, many credit unionexecutives and marketers have questioned whether their checkingaccounts are enticing enough to attract new customers.

To help credit unions cope with the evolving market, Raddon willhost a Nov. 6 webinar, “New Competition: Preparing to Compete forToday's Checking Consumer.”

Hosted by Bob O'Meara, vice president of research at Raddon, thewebinar will examine the firm's fall 2014 national consumerresearch on checking demand, the role non-bank alternatives areplaying and how new competitors will impact credit unions, thecompany said.

O'Meara will also discuss numerous factors that determine howconsumers decide where to open primary checking accounts andcurrent trends that shed light on what credit unions can expect inthe future.