Despite the growing cost to get new checking customers — banks like Chase are offering $500 to open a new checking account — plus the ongoing investment to keep the checking products competitive and relevant, it’s crazy that about one in three checking account customers (on a householded basis) aren’t generating enough revenue to be profitable.
Imagine making a loan to a business that says its major product is unprofitable 33% of the time!
INJECT PROFITABILITY AND SENSIBILITY INTO YOUR CHECKING STRATEGY.
Your bank probably has a MCIF or CRM system that identifies what relationships customers have, and it may even estimate the revenue these total relationships produce. But what it can’t do is prescribe an actionable analysis with innovative product solutions and specific pricing strategies to take away the ridiculousness of unprofitable checking.
Grow small customer relationships. Protect the others.
Our CheckingScore analytical solution identifies and ranks all of your householded checking relationships — from the single product, low balance households that are costing you money, to the more valuable relationships that are generating the majority of your retail banking revenue.
Small customer relationships on average make up over 30% of your checking base, yet contribute about 2% of revenue and relationship dollars. Rather than charging these customers fees for the same services they already have, StrategyCorps will provide you with new, appealing products and intelligent pricing that will fix and grow their financial contribution.
THE NEXT STEP TO WIN THE BATTLE FOR PROFITABILITY.
Using the results from your CheckingScore analysis, we’ll tailor our BaZing mobile app solution to your bank's name, look and brand and to your specific financial situation determined by CheckingScore.
Then our BaZing app will deliver the everyday benefits that customers are willing to pay for and other banks aren’t providing, like local merchant and national retailer discounts, cell phone protection, roadside assistance and more. These modern benefits are proven to be fee-worthy, generating millions in customer-friendly revenue annually for our clients by dramatically improving their checking profitability.
Our two tools, CheckingScore and the BaZing app, immediately boost your bank's bottom line with product and pricing solutions that improve customer retention, deepen relationships and/or increase customer friendly fee income depending on each customer’s existing connection with your bank.
Our typical clients experience:
- 12% increase in deposits
- 17% increase in debit interchange fee income
- 37% increase in monthly recurring fee income
On average, this yields annual, recurring financial productivity of about $400,000 for every billion dollars of assets over what you’re generating today from your consumer checking portfolio.
StrategyCorps is America's leading specialist in checking account profitability.
Since 2001, we've worked with hundreds of financial institutions of all sizes nationwide. Our experience and knowledge of consumer checking strategy, pricing and customer behavior has provided our clients with hundreds of millions of dollars of financial return. We can do the same for you. It's simple and quick to learn more about how StrategyCorps will help you win the battle for customers. Just request a webinar below, contact us or learn more about our company.
Request a Webinar Or a follow up phone call.
Let us show you BaZing and CheckingScore in action and how to discover your best, most modern and profitable account lineup.