WASHINGTON—A new report indicates that when consumers choose a credit union as their primary financial institution, they take more products than they do when they make the bank their PFI.
A study from global management consulting firm A.T. Kearney shows that when consumers choose the CU as their PFI they take 3.06 products compared with 2.71 when they choose the bank as their No. 1 FI, reported Keith Leggett, the former senior vice president and senior economist at the ABA, on his Credit Union Watch blog.
The study also shows that customers of the top three banks had 2.83 products and customers of the rest of the top 10 banks had 2.57 accounts. Customers of regional banks had 2.41 products. Customers of small and midsize banks had on average 2.2 products, Leggett reported.