PPB November 2019

F i nanc i a l Se r v i ces America’s Largest Credit Unions Navy Federal Credit Union $106 billion State Employees Credit Union $40 billion PenFed $24 billion BECU $21 billion SchoolsFirst Federal Credit Union $16 billion The Golden 1 Credit Union $12 billion First Technology Federal Credit Union $12 billion Alliant Credit Union $11 billion America First Credit Union $11 billion Suncoast Credit Union $10 billion Source: National Credit Union Administration 9 6 2 8 5 1 7 3 10 4 What Matters Most To Banking Consumers When choosing a new bank, these factors matter most to consumers: Lowest fees 43% Local branch 28% Friend/family recommendation 24% Institution’s reputation 21% Interest rate/APR 21% Existing relationship with institution 15% Digital capabilities 13% Ability to combine with other financial products 11% Institution has knowledgeable employees 8% Recommendation from a financial advisor 5% Source: Forrester Research What Millennials Want From Financial Services • 92% of Millennials choose a financial company based on their digital services. • 83% of Millennials would switch to another financial product that offers better incentives than their current product. • 82% of Millennials love financial products that offer them awards and savings. • 44% of Millennials prefer to send money digitally. • 44% of Millennials choose a financial product based on the new customer incentive. Source: Digital Authority Partners trust their primary financial institution the most with their money. Source: PwC 2019 Digital Banking Consumer Survey 53% 72% Trust In Banking of Gen Z of Baby Boomers Source: Value Penguin How Do People Bank? Physical branch 84% ATM 75% Online 71% Mobile 38% | NOVEMBER 2019 | 61 GROW