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What Members Really Want

A survey of more than 1,000 consumers emphasizes the importance of offering low rates and cutting edge technology.

By Jon Ogden | Updated on March 23, 2016
As the banking industry hurtles headlong into the digital age, the differences between banks and credit unions will take on a new twist. Will mission driven non-profits have the same appeal they’ve had in the past? Is it possible to be both mission-driven and offer the latest in financial technology? Will consumers increasingly want convenience above anything else?

To find answers to these questions, we at MX surveyed more than 1,000 random U.S. consumers over the age of 24. What we found has implications for the way credit unions market to members and prospective members.

First, we found that while 43% of consumers said they prefer a bank and 38% said they prefer a credit union, a full 19% say that they don’t like either option. This doesn’t bode well for traditional institutions, given that alternative choices such as Lending Club continue to grow.

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