For many consumers, the checking account is the core banking relationship. But about 45% of checking accounts are not profitable for financial institutions. Another 30% are only marginally profitable.¹ How can you turn around unprofitable accounts and acquire more attractive account holders?download pdf
While financial institutions can deploy a number of approaches to revive valuable but underperforming branches, one option to consider is an acquisition campaign to increase the number of profitable checking account customers and boost the branch’s bottom line.
Why would a Facebooking, Snapchating millennial be interested in opening a checking account at your financial institution? Younger consumers live on their mobile devices. According to Facebook, the average millennial checks their phone more than 150 times a day. They seek information via online tools and engagement via apps.
Acquisition solutions can help banks and credit unions target customers in a specific location to meet product and CRA goals. These tools help identify potential consumers who are most likely to respond to a personalized offer, promoting growth in the very areas a financial institution wishes to grow.