Big banks and fintechs are fighting it out. What about credit unions?
A recent Forbes article titled, “The checking account war is over: The fintechs have won” certainly caught my attention. Of course, once I clicked and saw the author was Ron Shevlin I shouldn’t have been surprised.
Shevlin quickly pointed out the success of Chime, PayPal and Square in mega growth and the decline of the big banks like Bank of America, JPMorgan Chase and Wells Fargo.
As we begin building out our credit union marketing strategies and plans for the next year, that ‘sticky’ old checking product will enter the conversation. So perhaps the data that Shevlin presented from Cornerstone Advisors might come in handy. Here are a few quick highlights that caught my eye:
- PFI no longer means ‘primary.’ It means preferred. Of the consumers who have opened a checking account in 2022 or 2023, six in 10 have more than one checking account.
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