Learn how American State Bank of Iowa's mobile coupon app is a win for customers, local businesses and the bank itself. See the latest Main Street Focus article of IB Magazine's December 2017 issue.
Recent report from Accenture shows customers want advice-driven banking, including 54% of customers interested in banks locating discounts.
"Most consumers (79%) define their banking relationship as transactional... This trend is bad news for banks. It reflects a fundamental problem for the industry. When customers think about what the bank offers, most think about commodity banking products and services rather than unique value for their broader financial lives."
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.