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Study Examines What Members want from their CU
Thursday, June 13, 2013 10:30 AM

Market Rates Insight, Inc., a provider of financial services intelligence for deposits, personal loans, mortgages, and fees, has released study, "Growth and Revenue Potential for Emerging Financial Services,” which among other things finds that consumers feel underserved by banks and credit unions. The survey also reveals that there is unmet demand for new banking services.

The study examines 13 emerging financial services and assesses consumer attitudes about the importance and value of each service, segmented by banks and credit unions as well as demographic groups. One of the key findings was that only 13 percent of consumers currently have these services, yet 55 percent of consumers surveyed find these services important and are willing to pay for them. The study also revealed that consumers want bundles of banking services and are willing to pay from $8 to $12 per month for such services.

This study measured consumer attitudes about banking fees and services and was conducted nationwide. With challenges from non-banking competitors offering banking services, credit unions need to identify new ways to attract and keep customers. This study provides empirical data on the importance and value of emerging services to help financial institutions create service offerings that attract and retain customers while building revenue, and the types of suppliers credit unions are willing to work with to obtain the services.

Market Rates Insight, Inc. will be hosting a complimentary webinar June 18 revealing the findings from its new consumer research and fee optimization study. The June 18th webinar will discuss the survey findings in depth, including:

  • Which of the 13 emerging financial services (e.g. identity theft alerts, prepaid cards, payment protection, credit score reporting, same-day bill-pay, etc.) are most valued by consumers.
  • How much consumers are willing to pay for emerging financial services, and for bundled services.
  • Which service bundles are in the highest demand and offer the greatest returns for banks and credit unions.
  • How consumers prefer to do their banking - at the branch, via smartphone, or over the Internet, with demographic breakdowns.

More information can be found online, at