Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Harris Poll on BTD CUs far exceed banks in loyalty
MADISON, Wis. (11/4/11)--When Bank Transfer Day (BTD) arrives tomorrow, large banks could be susceptible to losing more of their customers to credit unions, according to The Harris Poll.

Already, hundreds of thousands of bank customers have signed up to drop their big banks and switch to credit unions, said the Credit Union National Association.

Credit unions have a best-in-class customer retention rate with 87% saying they are extremely/ very likely to continue as members.  However, the biggest U.S. banks have garnered significantly less loyalty from their customers, said the poll (PR Newswire Nov. 3).

For example, 40% of Bank of America (BofA) customers surveyed said they are extremely or very likely to continue with BofA, along with 46% of JPMorgan Chase customers, and 54% of Wells Fargo/Wachovia customers.

Credit union members (74%) are nearly three times as likely as BofA customers (25%) to have a trustworthy relationship, and to feel valued (72% versus 24%). Trustworthiness and being valued are the major factors in a strong emotional commitment to a relationship, the poll said.

Nearly 50% of those who "like" the BTD page on Facebook are forwarding it,  discussing BTD and chatting on Facebook about the cause, compared with a 32% chat percentage for the Occupy Wall Street movement, said Harris.

The Harris Poll concludes that credit unions, community and regional banks are providing consumers with more information, help and tools to make informed financial decisions. Therefore, big banks will have to make significant changes to win back customers' trust.

Also, big banks will have to make the changes soon, before credit unions, community and regional banks make it easier for customers to switch over to them, The Harris Poll concluded.
Other Resources

RSS print
News Now LiveWire
Goodwill Industries latest to report data security breach http://t.co/gIaXNsT4Bk
7 hours ago
CUNA economist Schenk discusses regulators' focus on interest-rate risk. See CU Magazine: http://t.co/tW1p9rTSSv
8 hours ago
Fed issues annual report on general-use prepaid cards in gov't-administered payment programs. http://t.co/3zPhejSPZt
9 hours ago
Children in foster care face higher risk of identity theft via @NBCNews http://t.co/Dif0hCfBdA
9 hours ago
.@Cornerstone_CUL's leadership conference includes food drive for San Antonio food bank http://t.co/h2O8O4TxuD
10 hours ago