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…

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Woman making an online purchase

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?

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Maintaining a customer’s checking account costs your financial institution money. The American Bankers Association estimates the annual cost to a bank to maintain a checking account is between $250 and $400 per year.  For community financial institutions with less than $5 billion in assets, the average according to other researchers is closer to $250 to $300.

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