Consumers More Likely to Seek Advice From Credit Unions Than Banks
Credit unions have an edge over banks in the eyes of its members as a source of financial advice, according to a survey by a consumer analytics company.
The online survey by Akron-based Segmint Inc. found 51% of members looked to their credit union for financial guidance, compared with 50% of big national bank customers, 42% of regional bank customers and 37% of community bank customers.
Only 28% of credit union members agreed with the statement, “I wish my bank better anticipated my financial needs and offered me more timely advice,” compared with 38% of big bank customers, 35% of regionals and 30% of community banks.
“Credit unions are doing a terrific job compared with their peers,” Segmint CEO Rob Heiser said Wednesday.
But while credit unions enjoy high member trust inside its physical walls, its members are less likely than bank customers to find useful information online, Heiser said.
“That’s the opportunity,” he said. “They can serve their customers on multiple channels and only increase the relationship they currently have.”
Harris Poll conducted the online survey on behalf of Segmint reaching 2,038 adults ages 18 and older in July. About 19% of the respondents were credit union members, compared with 36% with big national banks, 17% with regional banks, 15% with local community banks and 4% with an online-only bank.
Overall, the survey found millennials ages 18-34 and parents with children under 18 in their household were the most enthusiastic group of consumers willing to receive banking advice.
Among millennials, 45% wanted their banks to anticipate their financial needs and offer them timely advice compared with 27% of adults 45 and older.
Among parents, 53% expected financial advice from their financial institution, compared with 42% of households without children. Parents (45%) were also more interested in wanting their financial institution to anticipate their financial needs and offer them more timely advice than others (30%).
Finally, women (75%) were more likely than men (69%) to trust that their financial institution knows what financial products and services to recommend to best meet their personal needs.