man on cell phone

Case in point: the rapid adoption and use of smartphones in today’s world have made consumers aware of two realities: 

  1. Those devices break.
  2. 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 modernizing your checking products to increase the relevancy of what the modern consumer is willing to pay for when buying a checking account.

  • Half of consumers now have access to cell phone damage protection from a third-party (not a financial institution) and roughly a third pay for the service themselves. Another 15 percent of consumers don’t have access to this service but would like to. 
  • Nearly half of consumers have access to identity theft protection with a little more than one in five paying for it themselves. Almost one in five consumers express interest in this service.
  • Younger consumers express greater interest in data breach protection, personal/family data storage, and child identity theft protection than older consumers do.

Most importantly (for you), consumers show a strong interest in obtaining these services from a bank or credit union:

  • Nearly a quarter of consumers are very interested in getting identity theft protection from a financial institution, and almost one in five are very interested in getting data breach protection or cell phone damage protection. Three-quarters of Millennials express interest in getting identity theft protection from a financial institution. And close to half of them show interest in obtaining data storage and child identity theft protection.
  • Nearly half of consumers have or want to have cell phone damage protection and fifty percent are interested in having it as part of their checking account.

That’s overwhelming consumer sentiment your financial institution needs to be responding to. Make your mark as the financial institution with modern checking products. 

You can easily start by learning more about accessorizing your checking accounts to provide the value-added services consumers are looking for. Download our latest white paper today — it’s the first step in helping you become the bank or credit union with the modern touch.