Is 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, what they’re already paying for. For example, a brief dive into the data shows that personal protection services are very popular:

  • More than 60% of consumers currently have access to roadside assistance, and most of them pay for it directly. But did you know that half or more of those surveyed (from younger millennials to baby boomers) would be interested in getting roadside assistance through their bank or credit union? 
  • Consumers are in a relationship with their cell phones and about 40% of them insure that relationship with cell phone insurance in case something unexpected happens. Your customers/members knowing your FI “has their back” when their cell phone is a checking benefit that is a difference maker. 

It’s time to take a close look at all your checking account benefits in terms of serving the modern consumer and weed out what’s no longer relevant (money orders and traveler’s checks are a start) and upgrade your product experience with in-demand benefits that consumers value and your competition isn’t offering (yet).

Fututre of Overdrafts Survey 2024 Download

Are you ready to upgrade your checking game to grow new and existing client relationships while generating friendly fee revenue for your financial institution? Take the first step by downloading our latest white paper, Accessorizing the Checking Account: Improving the Bank/Customer Value Equation, today.