The results of Market Rates Insight's first nationwide integrated study on service fees revealed that credit union members are more willing to pay for "lifestyle financial services"–financial services that support mobile, efficient lifestyles–than bank customers are.
According to the San Anselmo, Calif.-based research firm's study, with is based on a poll of more than 1,500 consumers nationwide, 68.7% of credit union members said they would pay an average of $3.63 per month for lifestyle financial services, compared to bank customers' 66.3%. The top service consumers said they'd personally fund was identity theft protection, with more than 82% of all consumers saying they'd pay an average of $4.07 per month for the service. Coming in second was credit score reporting. More than 73% of all consumers said they'd pay an anverage of $3.39 per month for it.
Market Rates Insight Executive Vice President Dan Geller presented the study's findings in two webinars, which he said attracted much interest. Bank and credit union executives specializing in product development, marketing, research and analysis from across the country participated in the webinars, he said.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.