Posts Tagged ‘consumer checking’
What’s More Important, Product or Product Distribution?
By Mike Branton Ask 100 retail bankers, and 99 will tell you they’re working on some sort of digital distribution channel for their consumer banking products: online account opening, digital loan application, digital cross-selling, mobile marketing, etc. Nearly every survey you see published shows financial institutions making digital product distribution at least a top-five priority…
Read MoreReinventing the Checking Account
Is it “game over” for mid-size banks and credit unions when it comes to checking accounts? Are the threats from deposit displacement, P2P providers, Amazon, and megabanks insurmountable? No. Despite the prevalence of free checking accounts, many consumers express interest in switching to that hypothetical Amazon-offered bundled checking account we discussed earlier in this report.…
Read MoreIt’s Time to Kill Free Checking
Why would consumers show more interest in a fee-based account from Amazon than a free account? One reason is surely the value-added services bundled in. But there’s another reason: Consumers have learned (the hard way) that a free checking account isn’t really free. As one bank customer, commenting online, put it: “The issue isn’t wanting…
Read MoreThe Threats to Checking Accounts
Over the first half of the 2010s, the number of checks written in the United States declined from 41.9 billion to 17.1 billion — a nearly 60% drop. Bad news for checking accounts, right? Wrong. According to the FDIC, the percentage of U.S. households without a checking account dropped from 8.2% in 2011 to 7% in…
Read MoreUse 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 MoreMoney in Excel
Microsoft and data aggregator, Plaid, announced a partnership to offer a new service called Money in Excel. This Microsoft Excel addition will allow users to connect their financial accounts to analyze monthly spending and activity. See what our very own Bryan Clagett, Director of Strategic Initiatives, has to say about this announcement at Forbes.com.
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