jvdleftcoast

Hi Kristen. As you know my company did a lot of quantitative & qualitative research on the impact of Bank Transfer Day. One conclusion reached by both research methods was that many people (even the unhappier ones) ultimately stay with a large bank because the mobile or other technology is simply more advanced there. In your work with credit unions or community banks, what do you advise them about meeting the needs of people-and especially younger people-who want the convenience of advanced digital 'banking' methods?

research person piping in here again. just before the timing of Bank Transfer Day we deployed a nationally-representative consumer survey and the data show your experience was typical. For instance, the failure rate for digital account opening at the average credit union was 50% (compared to a substantially higher success rate at large banks). There is an emerging have-and-have-nots society emerging among the 10,000ish US financial institutions, where the credit unions have the love but the big banks have the technology to provide the service. As Kristen said organizations like PSCU and others can make the difference...but only if the CU's choose the technology very wisely (because they can't buy it all)