X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CAMBRIDGE, Mass. – Credit unions continued to gain in popularity in the crowded financial services marketplace last year, Forrester Research reports. Credit unions were named as primary financial provider by 16% of consumers in 2003, up 9 percentage points from 2001, the largest gain among 11 categories of providers, according to a new report from the Cambridge-based think firm. That ties credit unions with “small, local banks” at 16%. Large banks were named by the most, 30%. The same study found that the average large-bank customer had an annual household income of $62,000, assets totaling $220,000 and was 43 years old. The average credit union member had the same income and was of the same age but had average assets of about $175,000, according to the Forrester Research study. The average assets and income for people claiming small banks as their primary financial services provider were the smallest in the list, at $153,000 and $56,000 respectively. While claiming primary loyalty from only 1% of the population studied, discount brokerages claimed the wealthiest clientele, with average income of $98,000 and assets of more than $725,000.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.