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.
Think Millennials are only mobile or digitally focused? Think again. They still like quick access to their cash. They also want the convenience of having a branch location nearby.
Yes, checking has changed. But the checking account generates approximately $25 billion in consumer banking profits each year. That’s why acquiring and keeping checking account holders is so important. Do...