In the recent article "Hate Your Bank? You're Not Alone," The Motley Fool identified factors from the Consumer Banking Experience Index survey that are most important to consumers, and then determined how satisfied consumers are in terms of each of those priorities:Consumers ranked safety and security of their personal information as their highest priority, and then reported that banks are failing to meet their expectations in this category.
With news of data breaches, hackers, and identity theft becoming increasingly routine, this shouldn't come as a surprise. Consumers expect cloud-based services such as mobile banking, and they expect those interactions to be secure. The challenge for banks is not just catching up to today's expectations, but also staying ahead of a rapidly advancing technological landscape.
Banks also scored poorly on another top consumer priority: fairness and transparency. Credit unions and community banks differentiated themselves in this area, thanks largely to quality personal service, according to the survey results. The study said consumers "don't think financial institutions deliver a fair and open deal." That's tough feedback for an industry charged with stewardship of the nation's money.
Credit Unions Should Focus on these 3 Factors to Win Members from Banks
- SAFETY and SECURITY: Ensuring best practices are kept and budgets prioritized to address security needs, and maintaining open and good communication channels to members.
- TECHNOLOGY: Staying ahead of the technology curve by offering products from within your core technology that make banking easier on the consumer, such as mobile banking and mobile lending.
- FAIRNESS and TRANSPARENCY: According to the article, "Credit unions and community banks differentiated themselves in this area, thanks largely to quality personal service."
According to the results sited in the survey, the article concludes: "the solution for consumers is more likely moving your business to a community bank or credit union."
