Consumers move checking accounts to local banks

Posted on Wed, Nov 17, 2010

More than 2 million accounts shifted to local banks and credit unions in the first quarter of 2010. What’s motivating this trend, and how can you take advantage of the opportunity? Clearly, there is an unprecedented opportunity for smart-thinking community banks and credit unions to take advantage of these trends and capture significant market share. The key for local banks and credit unions is to strengthen their community connections by building on their unique qualities … while adding the programs and products that today’s consumers seek. Local FIs that can develop and market the products that truly meet the wants and needs of the people in their community – and that can do so while maintaining their hometown culture and values – will have a winning combination that will attract and retain consumers for years to come. These community banks and credit unions will position themselves as not just the local bank of choice, but as leaders in the industry.

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Tags: local banks, what counts reward checking, consumer trend to local banks