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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Woman making an online purchase

Forty percent of retail checking relationships are unprofitable, so crafting retail checking accounts that deepen customer relationships, drive deposit growth, and enhance the bottom line is a challenge faced by most financial institutions. How can bank leaders tackle this issue?

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Couple talking to a bank representative

Recently I was reading an article from Chris Nichols, Chief Strategy Officer of Winter Haven, Florida-based CenterState Bank, entitled Public Perception of the Cost of Checking. Nichols shares how CenterState interviewed 200 randomly selected potential customers about what they thought about the bank’s pricing and value of its checking accounts. The pricing ranges from a fee of $5.95…

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Ask 100 bankers, “Is retail checking profitable?” and you’ll likely get nearly 100 answers. StrategyCorps tracks over six million retail checking accounts with over 600 million data points – primarily from customers at community and small regional financial institutions – to get our answer to this question. Our analysis is based on householded revenue that…

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Consumers want value, plain and simple. Mega banks, fintechs, and neobanks are providing value through powerful digital experiences that many community-based banks and credit unions consider difficult to implement. So what can these financial institutions do to compete?  The answer is to go beyond simply a user experience mindset and rethink the very products being…

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You hear it all the time when it comes to the battle with the mega banks – convenience through mobile banking and robust user experiences are what’s driving more and more customers to remain with large banks. But what we don’t hear much about is “deposit displacement”, or the diversion of funds from traditional retail…

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Executive Summary Our latest research report Accessorizing the Checking Account builds on our previous research (Reinventing Checking Accounts, available here) that retail checking products are more important than ever in a consumer’s decision about where to primarily bank. Providing traditional, commodity-like checking benefits won’t win the battle for a consumer’s primary banking relationship. The competition…

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“Companies like Facebook, Apple, Amazon, and Starbucks are changing the way that customers expect things to work in the mobile world.”

Don’t miss Dave DeFazio’s upcoming presentation at the WBA Bank Executives Conference, plus get a preview from Wisconsin Banker’s recent article on defining disruption in the banking industry.

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There’s been a significant shift in the retail landscape and the way people prefer to purchase. Today’s consumers expect more than just the ability to buy a product or, in the case of credit unions, conduct basic transactions. Instead, they expect a full-fledged experience.

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