The
Solution
Think of a product that you offer that truly differentiates
you from your competition.
If you’re like most financial institutions, you’ve
spent the last few years marketing free checking. The truth
is, that probably made you some money for a while. But now,
with every other bank and credit union offering it, here’s
what that commodity service is really delivering:
- Free Checking customers maintain an average account balance
of $1,200
- They only make about six debit card transactions per month
- Fewer than 25% actually use Direct Deposit
- About 1% receive an e-statement
- Only about 25% use your online banking service
Isn’t it a shame that all of these resources and technologies
required significant upfront and ongoing investments, but
are only being used by 1 in 4 of your customers?
To add insult to injury, these free checking clients only
stay with your bank for about 5 years and generate a mere
$215 in annual profit. This means that each free checking
customer delivers a lifetime profit of only $1,075.
Now, aren’t you ready for real differentiation, real
profitability, and real return on your technological investments?
It’s here. And it’s called REWARDChecking.
Here’s what REWARDChecking will do for you:
- REWARDChecking customers maintain an average balance
of around $8,500
- They use their debit card 20 times per month
- Over 80% use direct Deposit and receive e-statements
- Nearly 90% utilize their online banking service
- As a result of this increased balance, increased transactional
activity, and increased use of technology, each account
will generate $455 or more in annual profit
- The REWARDChecking customer stays with you around 70%
longer for an average of about 9 years.
- That means that the lifetime value of each account is
more than $4,000 or four times higher than free checking!
REWARDChecking is a unique product that will differentiate
you from your competitors, and BancVue is a full service partner
that will make sure your REWARDChecking program is a complete
success.
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