Articles
The Scoop: The Future of Checking Accounts
May 19, 2022 With fundamental financial changes reverberating around the globe, one thing we don’t anticipate will change is demand for checking accounts and the march forward of digital product delivery. Here’s our scoop on the latest industry news. The Future of Checking Accounts Whatever they’re called in the future, checking accounts remain a primary…
Read MoreHow Should Your FI Overhaul Your Overdraft Fees?
By Mike Branton Banks and credit unions have been making material changes to their overdraft fees and policies with increasing frequency since the middle of 2021. To date, the national banks, large regional banks, and a sprinkling of credit unions have led the charge with announcements that make their public relations providers proud. Community…
Read MoreGrowing Loyalty in Banking
By Ryan Harbry Customer loyalty is a big deal: repeat revenue, predictable profitability, sustainable customer satisfaction, just to name a few. So, how then does a banking organization get a higher percentage of customers to frequent them again and again? Choosing to remain faithful even when there are so many other places offering the same…
Read MoreMonetize This!
Since the founding of the first U.S. bank, customers have expected to do their banking in the most modern way possible. By Ryan Harbry Imagine the following conversation: Customer service representative: “So, is this the right account for you?” New customer: “Yes, sounds great.” Customer service representative: “Excellent. In which case, I suggest signing up…
Read MoreHow Capital One’s new policy will affect your bottom line
By Dave Pond In a stunning move, Capital One announced Wednesday plans to scrap overdraft and NSF fees for consumers beginning in Q1 2022. In an email to employees, Capital One CEO Richard Fairbank said the move was “our effort to bring ingenuity, simplicity and humanity” back to banking, according to USA Today reports. The…
Read MoreMake Gen Z Your Plan A
By Dave Pond During my college years, I couldn’t walk past the university bookstore without being surrounded by men and women offering free t-shirts — all I had to do was apply for a new credit card. That’s no longer legal, and it’s a good thing. See, thanks to those offers, I regularly flirted with…
Read MorePrimary Relationships or Bust
By Ryan Harbry Customer loyalty is essential in every industry under the sun. In banking, it matters even more than most industries because not only do unloyal customers represent a missed opportunity for revenue; they have the potential to cost more than they are bringing in — creating a drag on earnings. And, if we’re…
Read MoreCompeting with the Gigantosauruses and Digitalbatrosses
I know you’re thinking that this isn’t a great analogy because dinosaurs are extinct, and an “albatross” is a psychological burden that feels like a curse. But gigantosauruses are (OK, were) huge, powerful animals (like the Big Tech companies) and albatrosses are one of the fastest species of animals, flying at nearly 80 miles per…
Read MoreDigital Banks Are Winning With Product Differentiation
Conventional wisdom—and even some of challenger banks’ own advertising—holds that fintechs are winning customers because they provide a superior customer experience and have better mobile banking tools. But it’s more than that. Digital banks are competing successfully with two additional strategies: 1) product featurization, and 2) segment specialization. Chime is a good example of a…
Read MoreSquirrels? Aww, nuts!
By Dave Pond A few weeks ago, my 16-year-old daughter, Mallory — with her sights firmly focused on a successful driver’s license road test at our local DMV — wanted to practice parallel parking in my trusty ol’ Ford Explorer. (After all, it was smaller than her mom’s minivan.) However, when they cranked it up, the…
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