Have the Failures in the UK Banking System Allowed the Credit Union Sector to Finally Flourish?

Wessex Partnerships and DotComUnity have released their summer 2012 report into attitudes to the UK banking system. The report provides an insight into the following questions: has the banking crisis and subsequent economic impact over the last four years affected how and where people choose to bank? How predisposed now are people to changing their financial institution? Which services are considered important? What is the level of general knowledge about credit unions in UK and are they regarded as part of future solutions?

The report is based on a snapshot of people’s opinions on the current banking system in the UK and perceptions of the role that credit unions have within the financial services market. Within the confines of the respondent sample, the main findings were:

Most people do not change financial institutions readily.

Despite clear dissatisfaction with the banking system, opinion is split on whether to take action and look around for something different.

Six factors important in any decision to change financial institution were;

Awareness of the credit union sector is low and perceptions are mixed as to their status and credibility.

Credit Union services and features considered most important are;

 

Those respondents that were more knowledgeable about the credit union sector did see real potential to grow and change the financial services sector in the UK, but there is an imperative for the credit union sector to change its image, its culture and its infrastructure.

Above all, this report concludes that addressing the lack of awareness of credit unions, their unique selling propositions and ethical banking ethos amongst the 50% who are not currently aware of what credit unions can offer, will result in significant numbers of people willing to change their financial institution and move their money.

For further details, you can download a copy of this 8-page report by clicking here.

Contact us and we will be pleased to offer further information or conduct further survey work with your organisation on this topic.


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