Turning lemons into lemonade: Capitalizing in a post-banking crisis era

It’s been over a year since the collapse of Silicon Valley Bank when it was shut down by federal regulators in March 2023. The collapse left the banking industry on edge and banking customers concerned for their own investments, leaving the banking industry at the bottom of a slippery slope to improve its processes and public image. But what does that look like 12+ months later? According to J.D Power 2024 U.S. Retail Banking Satisfaction Study, bank customers’ trust is down significantly due to factors such as news reports about bad banking practices, delayed availability of deposited funds, and unexpected fees, to name a few. This decline is also affecting bank customers’ loyalty with only 46% of bank customers saying they are certain they will remain with their current bank in the next year.

Now is the time for credit unions to shine.

You don’t have to kick banks while they are down, instead, seize this opportunity to reintroduce yourself and what your credit union stands for. Especially with younger Millennials and Generation Z who are more likely to lean towards humanity and environmental causes compared to previous generations, but are also more open to jumping ship on products and services that aren’t meeting their standards. By focusing on a few key areas, such as innovation & technology and keeping your members first – credit unions can use the increasing dissatisfaction towards banks to catapult themselves ahead.


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