Read the original article from NASDAQ here.
Here is a brief summary of the article:
- A new study suggests that more consumers are opting for credit unions and community banks for their primary credit cards.
- National banks still hold the majority share, but their percentage has declined from 76% in 2020 to 68% in 2023.
- Credit unions and small banks have seen a modest increase in their market shares from 6% to 8.3% and from 2.3% to 5.1%, respectively.
- Lower fees, personal relationships with customers, and keeping money in the community are potential reasons for this shift.
- Credit unions and small banks need to improve their rewards and cash-back programs to attract more customers.