Articles
Cash 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 MoreInterview with Bo McDonald
Clearly, no brand should exploit the Coronavirus pandemic, but what can banks and credit unions now do to demonstrate authenticity? I love stats, so let me start with that. According to a recent consumer study from Vision Critical, 91% of consumers value honesty in the brands they do business with, and 63% choose brands who…
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…
Read MoreStop Trying to Talk Your Customers Into Liking Your Checking Accounts
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…
Read MoreRetail Checking Realities
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?
Read MoreThe Economic Realities of Retail Checking in Today’s Marketplace
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…
Read MoreProvide Endless Value With Checking Accounts
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…
Read More“Paycheck Motels” – Deposit Displacement and Customer Attrition
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…
Read MoreAccessorizing the Checking Account
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…
Read MoreInterview with Ron Shevlin
What advice do you have for the financial institution that’s considering revamping their deposit product strategy? Look at product quality and design—not just rates, fees, and customer experience. Too many institutions focus on rates as the central piece of their revamped deposit strategy. For sure, that can work—in just a few years, Marcus has amassed…
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