MADISON, Wis. (11/4/11)--When Bank Transfer Day (BTD) arrives tomorrow, large banks could be susceptible to losing more of their customers to credit unions, according to The Harris Poll.
Already, hundreds of thousands of bank customers have signed up to drop their big banks and switch to credit unions, said the Credit Union National Association.
Credit unions have a best-in-class customer retention rate with 87% saying they are extremely/ very likely to continue as members. However, the biggest U.S. banks have garnered significantly less loyalty from their customers, said the poll (PR Newswire Nov. 3).
For example, 40% of Bank of America (BofA) customers surveyed said they are extremely or very likely to continue with BofA, along with 46% of JPMorgan Chase customers, and 54% of Wells Fargo/Wachovia customers.
Credit union members (74%) are nearly three times as likely as BofA customers (25%) to have a trustworthy relationship, and to feel valued (72% versus 24%). Trustworthiness and being valued are the major factors in a strong emotional commitment to a relationship, the poll said.
Nearly 50% of those who "like" the BTD page on Facebook are forwarding it, discussing BTD and chatting on Facebook about the cause, compared with a 32% chat percentage for the Occupy Wall Street movement, said Harris.
The Harris Poll concludes that credit unions, community and regional banks are providing consumers with more information, help and tools to make informed financial decisions. Therefore, big banks will have to make significant changes to win back customers' trust.
Also, big banks will have to make the changes soon, before credit unions, community and regional banks make it easier for customers to switch over to them, The Harris Poll concluded.