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.
When it comes to promoting checking accounts, it’s imperative first to get consumers in the door. Once they’re in, financial institutions can conduct a needs-based discussion about which checking account is right for them.