LAS VEGAS–Five consumers who shared their views here on their personal banking habits and decisions will never be accused of brown-nosing their credit union audience, explaining why they primarily do business with banks, what motivates them (hint: rewards), why one says her credit union app “sucks,” and what might get them to move their business.
The five, ranging age from 26 to 39, were part of a panel Q&A session during the California and Nevada leagues’ REACH Conference. For credit unions, it was a frank, certainly at times frustrating and ultimately sobering look at what it takes to win over consumers.
The discussion was led by Dr. Neil Goldman, president of Goldman Consulting and Strategy.
The Panelists
The five panelists, all of whom were from the Greater Las Vegas area, included:
- Josh: 39, works in pharmaceutical sales; married, three kids, is a homeowner, typically uses the big banks. Does use America First Credit Union for a car payment
- Gabriella: 29. Homeowner, holds multiple jobs, including flight attendant, offers financial audits, has rental equipment company. She chooses FIs that provide the most benefits, including specific credit cards for specific needs. Has approximately 12 cards and an equal number of accounts, all at large banks, plus USAA
- Keith: 26, ex-military, now manages auto shops. Married, renting. Does financial business with Navy FCU and Wells Fargo
- Andrea: 33. Works in cannabis business. Have a mortgage. Been with Wells Fargo since the 1990s, has five to six credit cards. Uses Consumers Credit Union
- Diego. 28. Works at the Venetian hotel. Renter. Single. Uses big banks and has America First CU account
Here’s a look at the discussion:
Goldman: Does anyone have a primary FI?
Dr. Neil Goldman leading discussion at REACH Conference.
Josh: Wells Fargo. I have been with them since I was 12. I worked for Wells Fargo in college. I’m a creature of habit. It’s easy.
Andrea: I use Wells Fargo for most of my transactions.
Diego: I have mostly used Chase for last two years.
Keith: My primary is Navy Federal. I use Wells Fargo for transfers.
Gabriella: I use USAA for car insurance, savings, checking and credit cards. I use all my accounts a lot.
Goldman: Why do you have different savings accounts?
Gabriella: I use savings accounts for different things. One for investments, another for if I have a flat tire, and the other is untouchable.
Goldman You just moved to Chase. How did you choose Chase?
Diego: It was recommended by my friends and family. They said they had better services and rewards. I use Chase for Door Dash (purchases), because they give you $100 just for getting a credit card. Rewards are big.
Goldman: How did you choose your primary card?
Josh: For me, it’s all about rewards. I try to use them to my advantage. One Chase card has different categories for 5% cashback. Wells Fargo’s card is like 2% back for everyday purchases. For me, that’s most consistent.
Andrea: I love playing the (card) game. I emotionally can’t spend money without feeling like I’m getting something back. For Target, I have the 5% cash back. It’s a rush. I won’t spend (on a card with an) annual fee. Morally, I won’t spend money to just spend money; it hurts my soul.
Keith: I was geared to Navy Federal because of my military background. That’s where everyone goes. But for me, what’s important is customer service. You can always talk to someone (at Navy FCU).
Goldman: How to like to reach your financial provider?
Josh: I prefer to talk to someone.
Diego: I prefer to talk to someone other than a robot or AI.
Andrea and Keith share viewpoints.
Goldman: Does anyone prefer not to talk to anybody?
Gabriella: I don’t want to talk to anyone. I don’t want to look at anyone. I just want to send a text message.
Josh: I’m like half and half. I feel like I’ve never texted or chatted with a financial institution. I feel like when I call I get right through, that I have mastered touching zero.
Goldman: How would you feel if you couldn’t reach someone?
Gabriella: I would switch banks.
Andrea: I would be disappointed.
Goldman: How important are branches?
Diego: I prefer the branch. Where I am, we don’t have a lot of branches. You have to drive 10 or 15 minutes, which is a hassle. I would not use a financial institution without a branch.
Andrea: I don’t mind. I prefer the overhead costs of the bank go to customer service or rewards. I haven’t been in a bank in so long.
Keith: I prefer the branch. Unfortunately, I had the experience of having my identify stolen. I walked right into a branch and they got me a card right away.
Gabriela: I don’t care if I have a branch. It doesn’t matter to me; I don’t need much from a branch. I can call them.
Goldman: What about a debit card? Does it have to be tap or swipe?
Gabriella: I like being able to download my card to my Google Wallet.
Josh speaks to REACH audience.
Keith: Tap to pay for me.
Andrea: There’s something more hygienic about just going ‘boop’ than sticking it into a machine.
Diego: I would say tap. It’s more useful, especially when your hands are full. I pay with my watch.
Goldman: Credit card or debit?
Four said credit, one said debit. Rewards were cited by all the credit card users, with one person saying debit cards offer zero value.
Goldman: What contributions do you want financial providers to provide your life? What is of value to you?
Andrea: I have to say it again: rewards. I have high yield savings with AmEx. Sometimes, they raise it and provide me with a higher rate and more money, which is wonderful.
Keith: I feel communication is key. Being able to get a hold of someone rather than having to go through eight or nine people.
Gabriella: Specifically, resources. I would love a bank to say this would be more efficient for your money or time, provide me with what I don’t know to make my money work better. That would be really valuable to be with a bank that looks out for my best interests. USAA does offer a lot of financial advisory (tools). I use, but you only know what you know. But if a bank could tell me what I don’t know…
Josh: I don’t go to a branch a lot, but maybe there are certain times a year when I do value a branch, like when I need a notary or a cashier’s check.
Goldman: What would you like to know more about?
Keith: I feel like not a lot of people in our age group know a lot about credit, how it works, how to increase credit score. There are not a lot of resources you can go to that are cost effective to plan your life.
Keith and Gabrielle speak to REACH meeting.
Gabriella: I feel like I would like more help for personal and business resources, because a lot of people are looking for resources, like those in gig life. I use different banks for different businesses. I just opened an account specifically for Amazon. The business banking I have is mainly online, and it’s just easier.
Josh: I have a financial advisor, but personalized service for how to invest would be valuable to me.
Diego: Having a financial advisor and learning good ways to use a credit card. How to raise a credit score. I use a friend who teaches me, but he often doesn’t have time.
Andrea: What I would give for support on mortgages! We bought our house in 2019 through Rocket mortgage; we’re both in cannabis, so (aspects of application) looked illegal. We got a 2.9 rate. Got (a cost increase due to PMI) and I didn’t want to pay—that’s like a half an ounce of weed I could have. I would love support on navigating the mortgage process and all the fees. My mortgage moved from Rocket to Chase without my knowledge.
Goldman: Where do you look for solutions?
All said they would look to their apps, online and Google info, and would not think to first look to their first PFI. But Diego said his bank has done offered help.
Josh: I would go to my PFI.
Goldman: Do you follow any financial service providers on social media?
All said no, saying they don’t see any value.
Josh: I do follow influencers on things like how to get more rewards dollars.
Diego shares views with REACH conference.
Keith: On social media platforms, I’ve not seen one for Chase or Wells Fargo. So maybe they aren’t tapping into social media like they think they are.
Goldman: What value do you get from these other providers?
Keith: How-to videos and education. When we grew up our parents were learning and what they don’t know we had to look up.
Goldman: What is the difference between credit unions and banks?
Josh: They are member-owned. Members have influence on what goes on at credit union.
Keith: The are more community oriented.
Gabriella: I just know credit unions give you a good rate on your auto rate.
Andrea: The typically have better rates.
Diego: I don’t know much.
Josh: The difference with credit unions is they are not as convenient. But with technology, you don’t need all those branches, you really don’t need that convenience anymore. So, maybe I should look to a credit union.
Goldman: What advice do you have for credit unions that want to earn your business?
Gabriella: If there was more social media, like (life) hacks. Lots of people don’t know you can remove your PMI. It was such a process. If there was just a bank that had valuable information--this is a hack, this is how to get more money, more value, I would follow that credit union.
Andrea: I have two accounts with my credit union and their app sucks. It kicks me out sometimes. It takes days to get processing done. I can’t do mobile deposits. I would love my credit union to invest more in technology.
Josh: Credit unions are just not up to par with the big banks technologically.
Keith: I would say more transparency on what they offer. Like what’s in the small print.
Diego: If you could provide more credit information, how to improve it, give me more knowledge.
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