4 ways to win customers over from megabanks

Most Americans would prefer to use a community-based financial institution, so what’s it going to take to get megabank customers switch?

by: Gabe Krajicek

If all things were equal, two out of three U.S. adults — including 59% of megabank customers — say they would rather bank at a community bank or credit union than at one of the big national banks. But wanting to use a community bank or credit union and actually doing so are two different things.

According to The 2015 Consumer Banking Insights Study, commissioned by BancVue and conducted online by Harris Poll, 38% of consumers who don’t have a checking account with a community financial institution have thought about getting one, only 5% say they’re likely or very likely to do so in 2015.

So what will it take to get people to switch to a community bank or credit union? The data offer a few clues on what steps community financial institutions can take to attract new customers or members.

1. Boost Your Brand

Unfortunately, many consumers still don’t know much about community banks and credit unions. Among consumers who don’t have an account with a community financial institution, more than one third (34%) said it was because they haven’t thought about it and/or are unaware of their options.

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