Banks and Credit Unions Are Losing Market Share – And People’s Financial Health Is Suffering
The United States is facing a financial health crisis. And community and regional financial institutions are feeling the ramifications.
Millions of American consumers and businesses are struggling to manage their money in meaningful ways that allow them to take advantage of long-term financial opportunities – living paycheck-to-paycheck; operating with minimal to no cash buffers; and trying to borrow without access to affordable credit.
To support their financial health, these people and businesses are looking to you, their primary financial institution. Unfortunately, only 14% feel they’re getting the help they need.1 As a result, they’re going to multiple chartered and unchartered providers for help, tools, and technology – ushering in an era of financial fragmentation.
The damaging result for financial institutions is a loss in accountholder loyalty, revenue opportunities, and wallet and app share.