Water Cooler Talk

Why Are More People Using Small Banks and Credit Unions?

More consumers are choosing credit unions and small banks for their primary credit cards, as per a recent study. National banks still hold the majority share, but their percentage has declined. Lower fees, personal relationships with customers, and keeping money in the community are some of the potential reasons for this shift.

Jenn Day
Feb 20, 2024

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.
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