COMMUNITY-BASED INSTITUTIONS MUST ACCEPT THERE IS STRONG DEMAND FOR VALUE-ADDED SERVICES WITH CHECKING ACCOUNTS
Consumers want rewards. However, just 10% of community bank customers and 16% of credit union members say their checking account earns rewards. That’s in contrast to 26% of megabank customers and 20% of regional bank customers.
Faced with strong competition for Millennials from advanced digital banking experiences, revenue-generation challenges, and the inability to meet consumers’ desire for debit card rewards, community-based financial institutions must find different strategies to compete.
What you will learn:
Why Millennials remain with Megabanks even though small and mid-size banks and credit unions have higher levels of trust.
If you can’t compete on digital experience, what can you do to win over Millennials?
What value-added services will encourage Millennials to sign up for checking accounts with small to mid-size banks and credit unions.
Consumers are loyal to institutions who provide them with true value.
For more background on why consumers are willing to pay for value when it comes to banking products, download the first free white paper in this series, Reinventing Checking Accounts, by Ron Shevlin, Director of Research at Cornerstone Advisors that is loaded with more insights