Checking Market Share Up for Grabs
Credit Unions & FinTechs Take Checking from Banks
Lake Forest, IL (April 24, 2019) Banks are losing checking account market share to credit unions and FinTech firms such as Apple Pay, and others. Why? “Regulation, less free checking, streamlining of checking account offerings, move to multiple account relationships, and more competition from payment systems are the reason for changing market share,” states Michael Moebs, Economist and CEO of Moebs Services, an economic research firm.
The Moebs Checking Market Share Study shows consumer checking was over 340 million accounts at the end of 2010. The number of checking accounts increased 4.8% to over 359 million by 2018. Yet, according to Moebs, “banks’ share declined (0.8%), while credit unions spiked 39.9%. Banks lost a net of 2.1M accounts from 2010, claiming none of the 16.9M in checking growth since 2011. Credit unions netted 16.3M new checking accounts and thrifts the rest.” READ FULL ARTICLE
Written By: m.moebs
Date Posted: 4/24/2019
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