A recent study looked at the breakdown of all checking accounts opened in 2020. The research found that: 49% of accounts were opened with megabanks, 19% with regional banks, 18.5% with digital-only banks, 7% at credit unions, and 2.5% at community banks. With community institutions capturing such a dismal portion of new accounts, they must take a closer look at their offerings.
Your Brand Post-COVID: An Opportunity to Step Up
Unlike 2008-2009, when banks were blamed for playing a lead role in the recession, customers are seeing community banks as part of the solution to the current crisis. A recent JD Power study highlights that 67% of people are satisfied with their bank’s response to the COVID-19 crisis and appreciate the efforts taken to support customers and local communities that are struggling. It’s crucial for financial institutions to leverage this positive perception and to continue the emphasis on raising brand awareness as you focus on your strategic plan for 2021.