Checking Realities

• Simplicity sells accounts, complexity confuses.
  Simplicity of account design, number of accounts, marketing message and branch sales process opens and keeps more accounts. Complexity confuses customers desiring to easily buy or transact, prospects determining why your bank is better than the one they’re currently with, and bank employees wanting to serve the customer.
   
• Selling behavior is as important as buying behavior.
  Branch bankers must be “sold” on the checking strategy and the underlying value of the accounts your bank offers. If not, they will offer what they think is best (or easiest), which in today’s marketplace is free checking, no matter your bank’s marketing intent and customer segmentation approach.
   
• Customers open checking accounts because they have to.
  A positive experience for your customers related to their checking account can be a challenge. But it can be done. A positive experience occurs most frequently when your bank saves your customers time and/or money above the expectations of what your bank or any other banks normally deliver – this does not mean just avoiding a checking account’s hassle fees.
   
• Don’t confuse activity with accomplishment.
  Just acting or feeling like your bank has the best checking line-up is the riskiest strategy. Your bank must prove it in terms of new account openings, customer retention, profitability and cross-sales. Measuring, being accountable for results and making changes to improve are necessary, not just nice to do.

Successful, high performing banks that your bank competes with everyday know these four checking realities and execute with them in mind. They are attracting new accounts (including your customers), retaining customers, growing fee income and cross-selling more than most other banks.

Many of these high performing banks today are our clients. They are experiencing checking success like never before - historically high levels of new account acquisition, customer retention, fee income, cross-sales and overall profitability.

Take a look at StrategyCorps solutions and contact us. We can help your bank.