This past Friday an infographic hit my email box that I thought was worth sharing. It pulls data from a variety of sources to help answer this question: Are Banks in Trouble? The infographic’s answer: Bank on It!
While the message is clearly directed toward “big” banks, it does illustrate the degree to which credit unions (and some community banks) have benefitted from consumer frustration with fees, inadequate products and/or poor service quality.
Many of the statistics offered in the infographic source from a 2010 Global Consumer Banking Survey by Ernst & Young . While the data may need updating; there was an important point made in the full report directed to anyone concerned with customer attrition:
Invest in customer analysis: Capturing and successfully leveraging customer information and insight to optimize offer development, pricing decisions and rewarding loyalty will be a major competitive differentiator.
It is a recommendation worth noting – in 2010 and today!