The financial world is a competitive one. Every aspect of a financial institution is consistently evolving to keep up with modern-day trends, needs, and technology. In an industry that is constantly o...
Do You Have a Retail Checking Strategy? Here’s Why You Should.
The financial world is a competitive one. Every aspect of a financial institution is consistently evolving to keep up with modern-day trends, needs, and technology. In an industry that is constantly on the move, effective strategies are key to staying ahead. The key to success lies in the customer experience. See why retail checking strategies are just what your institution needs to enhance loyalty, boost revenue, and unlock success.
Retail Checking Strategies: What Are They?
A retail checking strategy is a financial institution's approach to structuring and marketing its checking account products.
Going beyond basic banking by embedding lifestyle benefits within the checking account, can enhance the consumer experience, boost engagement, drive growth and maximize revenue.
Why Are Consumers’ Looking to Gain So Much from Their Checking Accounts?
There was a time when checking accounts were just that — checking accounts. However, those days are long gone. Consumers now have more options than ever and expectations continue to evolve. Potential customers of your financial institution are on the lookout for checking accounts that offer:
- Digital-First Convenience: These days people want to access their accounts at any time, from anywhere, through seamless mobile banking, instant payments, and remote check deposits.
- Simplicity & Transparency: Consumers want straightforward fee structures that are clear and easy to understand along with simple navigation through the online and mobile banking experiences.
- Value-Added Perks: Potential customers want modern, relevant benefits that can enhance their daily lives.
With the ever growing number of Fintechs and big banks in the market, consumers are faced with many choices. Ultimately, they simply want a checking account that best fits their unique financial position and lifestyle. A checking account strategy that effectively delivers on today's demands will help your financial institution remain at the top of the list.
How to Develop an Effective Checking Account Strategy
Your strategy will hold the key to satisfied customers. So, how can your financial institution begin to build an effective checking account strategy?
- Understand Your Market & Customers
The first step to a successful checking account strategy is to identify key demographics, behaviors, and financial needs/pain points.
- Define Clear Goals
After you have defined your market and understand the pain points, you can begin to clarify the financial institution's goals. From driving growth & engagement to revenue generation - this is your team's opportunity to craft an offering that delivers on your goals and delivers the value that your customers expect.
- Optimize and Implement
Armed with the knowledge of your market, your customers and their pain points, you can proceed to implement a checking account optimized with a curated bundle of benefits that may include Health Perks, Mobile Phone Protection, Identity Theft Protection, Roadside Assistance, Shopping Discounts and more.
Meet Your Consumers Where They Are with SWBC’s Retail Checking Strategies
At SWBC, we know just how beneficial an effective retail checking strategy can be. Building on a loyal client base and boosting non-interest income are just a few ways that an optimized checking account offering can help you thrive and compete in your market. While implementation of a new program can be a challenge, our seasoned expert partners are there to provide guidance every step of the way.
Contact your SWBC Account Executive to request an introduction to our checking strategies partners today!
Ronni Martinez
In her latest role as Vice President of Product Management – Product Innovation, Ronni Martinez identifies industry partners that bring fresh ideas, concepts, and products to the financial institution space. With a goal to Partner with a Purpose, Ronni is dedicated to collaborating with industry leaders to develop modern, relevant, and empowering solutions that create value for SWBC clients.
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