Financial Institution Crises Could Mean Massive Loss When It Comes To Member Retention

For any organization, experiencing a crisis is inevitable. It will happen. But for a financial institution, the consequences may be extreme – even detrimental.

According to a recent consumer survey, an overwhelming majority of Americans (84%) say that they would leave a financial institution if it experienced certain crises, with the number one deterrent being FDIC/government violations.

Data breaches or cybersecurity fraud are also a top crisis, ranking as the second biggest organizational emergency that could cause credit unions to lose members. In fact, more than 2 in 5 Americans say they would leave a bank if it experienced this.

Read the full article from Credit Union Business News here.