A recently released Allegiance, Inc. National Benchmarking/Pulse of America survey finds that as of mid-year consumer expectations of banks and credit unions have shifted away from the more traditional roles of industry leader, guardian and protector of customer/member finances.
While credit unions continue to have much higher member engagement levels than banks, the gap is narrowing. Credit unions saw a drop in member engagement from 57% to 49% between January and June 2009.
According to Allegiance, this marks the sharpest drop in credit union engagement since the survey began in October 2007.
The survey also finds that both banks and credit unions seem to be focusing their engagement resources on the most profitable demographics, those consumers with incomes ranging between $50,000- $150,000.
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