Retail Banking and Credit Unions - US - February 2015
“The banking industry is becoming increasingly competitive and new entrants into the market are largely technologically-based alternatives. Millennials are the prime target of these upstart companies, as well as everyone else, and the country’s changing demographics are providing a growing new group of customers.”
Robyn Kaiserman, Financial Services Analyst
This report answers the following questions:
- How can banks finally eliminate the trust issue?
- What is next for credit unions?
The strengthening economy is helping the banking industry recover, but as it does it faces new challenges. The increased reliance young people have on their mobile devices is helping to drive the growth of mobile banking, and banks, credit unions, and banking alternatives are all riding the wave and constantly introducing new features in an effort to attract and retain young customers. Baby Boomers and, to a lesser extent, Gen X customers also offer opportunity as these groups are very happy with all the products and services their banks and credit unions offer – all except the advice provided by their bank’s advisers. Since advice is what these groups are looking for, especially Boomers on the brink of retirement, institutions are missing an opportunity to solidify relationships with people in these segments and get them to bring their retirement accounts and perhaps even investment accounts into the bank.
This report focuses on the challenges the changing landscape poses to traditional banks and credit unions, as well as on the new consumer expectations that are driving the innovations in the banking industry.
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