The Story: Throughout the pandemic, consumers have reassessed their long-term economic plans and want to have more control over personal finances. That includes a combination of digital banking products and tools for engagement and consultation with their primary financial institution.
The Takeaway: While big banks may dominate with slick technology, there is still abundant opportunity for community banks and credit unions. By being fast followers, smaller FIs can focus on providing the technology that’s most important to consumers and products and services that meet them at their point of need. Plus, community organizations have high levels of trust they can leverage, something the big banks can’t rival.
Source: ICF Next, Consumer Recovery Report, May 2021