Marketers at community banks and credit unions are in a pitched battle to find a return for every dollar of their precious budgets. They spend all their time and resources working to raise awareness, incentivize new accounts, build goodwill in the community — and the result is… what exactly? We partnered with Harris Poll to survey Americans and uncover the truth.
The research may surprise some readers, especially with regard to Millennials. More than 5 out of every 10 Millennials are familiar with community financial institutions, a percentage that is as good or better than regional banks. Only big, national banks (megabanks) fare better.
In short, community bank and credit union efforts to build awareness are working! More than half of Millennial consumers are familiar with local institutions, which is more than can be said for “new” or online-only banks. The next step is implementing strategies to sway Millennials to switch institutions and turn them into loyal account holders.
Check out the infographic below for more details or read the full study here.