Articles
Use 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 MoreWhy Checking Products Matter More Than Ever
This article originally appeared here. [LINK] The battle is on, as credit unions contend with competitors of all sizes and types to be consumers’ primary financial institution (PFI). The competition includes other traditional credit unions and banks, digital banks, FinTech, and FinServ companies. One key to winning that battle and owning the PFI relationship…
Read MoreInterview with Martha Bartlett Piland
We had the pleasure of chatting with Banktastic CEO Martha Bartlett Piland about ways financial services can differentiate in a commoditized industry. We hope you’ll find this conversation to be as interesting as we do. Are banks and credit unions doing enough to remain relevant to millennials and Generation Z? Many financial institutions are trying…
Read MoreDon’t Under-estimate the Megabank Threat
This content originally appeared here: [ LINK ] By Mike Branton Clearly, things in the marketplace are very uncertain at the moment. But one thing is certain to continue when things stabilize: The megabanks’ domination of the banking industry when it comes to consumer deposit market share and growth. If you think Bank of America Corp.,…
Read MoreInterview with Jim Marous
How has COVID-19 become a wake-up call for financial services? The COVID-19 crisis has been almost an instantaneous reveal of those institutions that had embraced digital transformation and those that only were presenting a pretty façade. If your firm required the consumer to visit your branch office at any time during a ‘digital’ new account…
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