Increased pressure from regulations and new competition have pushed credit unions to take a closer look at checking and payment products, according to Raddon Financial Group, a Lombard, Ill.-based consumer research firm.
The checking market is still dominated by the nation's largest banks in spite of their lack of a totally free checking product, and almost 75% of consumers still prefer to open checking accounts at a branch, Raddon's research revealed.
But new players are entering the field.
For example, Wal-Mart's 4,200 U.S. stores are slated by the end of this month to roll out GoBank, a new checking account product that won't charge overdraft fees and doesn't require minimum balance or monthly fees with qualifying direct deposits, according to the retailer.
With non-bank providers joining the market, many credit union executives and marketers have questioned whether their checking accounts are enticing enough to attract new customers.
To help credit unions cope with the evolving market, Raddon will host a Nov. 6 webinar, “New Competition: Preparing to Compete for Today's Checking Consumer.”
Hosted by Bob O'Meara, vice president of research at Raddon, the webinar will examine the firm's fall 2014 national consumer research on checking demand, the role non-bank alternatives are playing and how new competitors will impact credit unions, the company said.
O'Meara will also discuss numerous factors that determine how consumers decide where to open primary checking accounts and current trends that shed light on what credit unions can expect in the future.
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