Articles
The Threats to Checking Accounts
Over the first half of the 2010s, the number of checks written in the United States declined from 41.9 billion to 17.1 billion — a nearly 60% drop. Bad news for checking accounts, right? Wrong. According to the FDIC, the percentage of U.S. households without a checking account dropped from 8.2% in 2011 to 7% in…
Read MoreUse Good/Better/Best for Checking Success
Shop for a new car, a cell phone plan, a cable TV package, or a major appliance these days, and you’ll find one consistent and very successful product strategy: Good/Better/Best (GBB). GBB is a three-tiered strategy conceptually defined as follows: Good: A basic level of value for price-sensitive customers. Good offers a minimal amount of…
Read MoreCan you honestly say your checking account is modern?
Case in point: the rapid adoption and use of smartphones in today’s world have made consumers aware of two realities: Those devices break. Bad people are misusing other people’s personal data. What’s your checking products doing to help your customers/members with these realities? If the answer is nothing, here’s a few research points to start…
Read MoreIs Your Checking Account Worth Paying For?
To thrive in today’s financial marketplace and stand out from the pack, you must deliver checking products with benefits that consumers are demanding, many of which they are already buying from other companies, and your competition isn’t providing. To get started, take a look at what consumers are already using — and, in most cases,…
Read MoreThree reasons megabanks are getting more checking account growth than community financial institutions
Consumer surveys often find that small and mid-size banks and credit unions enjoy higher levels of trust and Net Promoter Scores than do the megabanks (i.e., Bank of America, Citibank, JPMorgan Chase, Wells Fargo)—yet Millennials are taking their business to megabanks and large regionals. Why might you ask? Well, there are three reasons: Millennials love…
Read MoreGive your FI a competitive advantage — even against the megabanks
Does investing in customer experience improvements really create an economic return or a competitive advantage? Before you can answer that question, you must answer two others: How much will it cost to be the industry leader in customer experience? What competencies or capabilities will be required to achieve and maintain that leadership position? In their…
Read MoreServe Where Customers Expect You to Be
When my 15-year-old daughter needs money to chip in for a car-owning friend’s next fuel fill-up or dinner out with her boyfriend, she doesn’t ask if I can swing by the ATM for her. She doesn’t ask to go to the bank with me, nor does she take checks. Heck, I don’t even think she’d…
Read MoreStrategyCorps Providing Free Health-Related Benefits to All Financial Institutions to Offer to Consumers as Response to Crisis
“In This Together” campaign lets banks and credit unions provide savings on prescriptions and eye and hearing care. BRENTWOOD, Tennessee, April 16, 2020 – StrategyCorps, the industry leader in providing value-added retail checking strategies and products, is helping financial institutions nationwide support their customers or members beyond just basic banking needs. With its “In This…
Read MoreCash vs. Credit Card Spending Statistics: Before The Crisis
The COVID-19 crisis will likely ever alter the payment landscape. While it is premature to report usage stats, here’s a look at American Cash vs. Plastic usage as of December 2019, as reported by the Boston Federal Reserve.
Read MoreIn Time of Crisis, Leaders Must Communicate Carefully and Thoughtfully
Most of us likely never anticipated being in the throes of a pandemic, but here we are. The potential loss of life and economic impact is unknown, and that has led to fear. This is completely understandable. These are challenging times complicated by the dynamics of social media and political in-fighting. Your financial institution is…
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