What matters most to consumers when choosing a primary financial institution (PFI)?
Among nonmembers, the top reason for choosing a PFI is convenience of office locations, with 43% choosing that as one of the three most important factors in their selection, according to CUNA’s 2011-2012 Survey of Potential Members Report, as reported in the Credit Union E-Scan Newsletter.
Differences also exist in priorities among nonmembers in different age groups.
Among nonmembers ages 18 to 24, for example, the three highest-ranking factors in choosing a PFI are:
The young adult cohort ranks the “trust” factor higher than any other age group.
In contrast, 60% of those age 65 or older say “convenient office locations” matter most to them.
What do nonmembers say they would need to begin using credit union services?
The top five needs, along with the percentages of nonmembers who selected them, are: