#3408: Apiture Study Identifies Consumers' Top Motivators for Switching to Community FIs...

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Apiture COO Chris Cox stopped by the show to share findings from their new study that identified consumers’ top motivators for switching to community financial institutions.

Chris provided a quick overview of this study and the “why” behind conducting this study, as well.

He then shared a couple of key findings/top factors that will be beneficial to credit unions moving forward in 2025, such as large bank customers look to switch to a smaller provider because better interest rates (54%), lower fees (49%), and more personalized and responsive customer service (28%).

Other findings include:

• Switching motivators differ by generation: Traditional incentives resonate with older consumers, such as lower fees (54% of Gen X) and access to nearby branches (50% of boomers), whereas Gen Z prioritizes personalized digital experiences (33%) and authentic, ethical practices (28%).
• Interest rates drive consideration: Across age groups, better interest rates are the top motivator for switching to a smaller financial institution, cited by 54% of respondents.
• Always-on digital banking and exceptional customer service are key: Online and mobile banking availability (52%) and exceptional customer service (51%) rank highly as motivators for consumers when selecting a financial institution. 
• Branch strategies should be evaluated: Consumers would rather have 24/7 customer support (34%) and a modern, easy-to-use mobile app (30%), than a physical branch location.

Chris mentioned a couple of surprising discoveries that include a majority of older consumers have also embraced digital, with 65% of Gen X and 57% of boomers stating that digital channels are more important than physical capabilities.

Lastly, he shared lessons learned based on these findings and how can credit unions leverage these findings.

Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.