The news: A recent PYMNTS report found that credit union customer priorities—including trust, convenience, privacy, and security—differ by credit score, providing financial institutions with distinct targeting opportunities.
The results: While 67% of credit union customers emphasized that a financial institution’s trustworthiness was critical in their decision-making processes, a deeper dive into the data revealed varying top priorities.
Exploring the realm of ‘trust’: While PYMNTS left its definition of “trustworthiness” implicit, consumers have told us that they want a reliable and reputable institution in which they can store their hard-earned money.
Schwab took the crown in 2023: Per Investor's Business Daily’s 2023 Most Trusted Financial Companies Survey, conducted by TechnoMetrica Market Intelligence with 7,597 participants, Charles Schwab Bank won the title of “most trusted” institution.
Trust isn’t everything: Prime and subprime consumers eyed other markers when making financial institution decisions.
What’s the strategy? These categories do not stand alone in attracting and retaining customers—rather, when combined, these factors interact to inspire customer confidence and loyalty.
Our take: Tailoring marketing efforts to subsets of customers, understanding their priorities, and excelling in all major areas of customer concern all must come together to lay a foundation for building stronger customer relationships.
By monitoring customer needs and adapting marketing and business strategies to these insights, financial institutions can gain a competitive edge in this dynamic landscape.
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