New research from Resonate on the reasons people switch primary banking providers indicates that there are 5.6 million people in the U.S. who plan to switch FIs in the next 12 months. Among women surveyed about switching, the top three reasons for switching FIs were:

  • more convenient branch locations (34{91edff4ab0179c213d4d62ccb73735ad51d636906a6f58336791bd911b76df7b})
  • better service (19{91edff4ab0179c213d4d62ccb73735ad51d636906a6f58336791bd911b76df7b})
  • better online/mobile banking services (19{91edff4ab0179c213d4d62ccb73735ad51d636906a6f58336791bd911b76df7b})

“The data paints a picture of banking consumers who want more personalized services and technology,” says Ericka McCoy, SVP of Marketing for Resonate.

Key Takeaway: To deliver more personalized and convenient service, many credit unions are adding appointment booking capabilities to their branch network. Appointments enhance the CU’s image and encourage more branch visits which provide increased opportunities for personalized service, cross-selling and up-selling.