Tag: Bank Products

Curated Banking: How Rebundling Could Impact Your Future

The Future of Banking

Years ago, you went to the record store to purchase an album of music. It was curated by the artist, and maybe you liked two or three songs (unless it was Michael Jackson). In 2003, Apple Music was launched, and it soon became popular to purchase individual songs for a mere $0.99 each. However, it took work figuring out which songs to purchase and so by 2015; more people streamed music than downloaded songs. Now you go to YouTube, Spotify, Pandora, SoundCloud, Google or Amazon and simply listen to either their curated playlist or choose one from your friends.

Marketing Same-Day ACH for Fun, Profit, and Deposits

Same Day ACH

Since September of 2016, bank customers have had access to same-day ACH credits. When same-day ACH was expanded to include debit transactions four months ago, no surprise, the functionality took off. Same-day ACH grew 138% from Q3 to Q4. The funny part is that, despite its proven popularity, few bank are marketing and many customers don’t know that the functionality is available to them. The same banks that complain and worry about competition from fintech disruptors are slow to adopt and market ACH.

Marketing Same-Day ACH for Fun, Profit, and Deposits

Same Day ACH

Since September of 2016, bank customers have had access to same-day ACH credits. When same-day ACH was expanded to include debit transactions four months ago, no surprise, the functionality took off. Same-day ACH grew 138% from Q3 to Q4. The funny part is that, despite its proven popularity, few bank are marketing and many customers don’t know that the functionality is available to them. The same banks that complain and worry about competition from fintech disruptors are slow to adopt and market ACH.

The Data on Odd Digit Account Pricing

Bank Account Pricing Syntax

In a prior article where we tested “odd digit” account pricing, we showed that conversion rates were almost twice as high when we used a $1.99 price point for a product compared to $2.00 (HERE).  We previously also showed the importance for banks to show their pricing easily on their website. We received many comments on these blogs about our use of $12.95 per month pricing versus $12.99 or $13.00.

Banks – We Bore Our Customers

Make Bank Products Exciting

When it comes to describing banking or banking products, the problem is that most bankers think like a banker. Just take a look at any bank’s website or marketing materials and you will see what we mean. If you do, you will find that most banks fail to describe their accounts and when they do, it is a list of attributes such as “Free checks” and “Online Statements.” What is missing in the marketplace is a description of banking products and services that reach our customer’s emotions and imagination.

 

BankUnited’s New Checking Account Is Sending A Message

High interest checking

BankUnited recently released their Vertical Rewards Checking Account and in doing so has sent a message to other bankers that the war for deposits will be fought not with certificates of deposit (CDs) or money market accounts, but with checking. Bankers should take notice because while you may not compete with BankUnited like we do, this product may be coming to your market. Even if it doesn’t make it to your footprint, it is important to understand how this product works and performs as it will likely shift the strategy of raising deposits going forward.

BBVA Compass Just Started “Concierge Banking” – Should You?

Concierge Banking

In case you missed it, BBVA Compass, one of the most impressive banks over the last year, just introduced a concierge banking service (HERE). What is fascinating about the strategy is that they are one of the first regional or national banks to introduce this high-touch treatment for – everyone.

10 Cash Management Products Your Bank Needs Now (2015 Edition)

Bank Cash Management

The war of corporate banking is being fought over cash management. Unfortunately, many community banks are at a disadvantage because they're under-armed. Most of the deficiency stems from strategy as it is rare we hear of a bank where building out their cash management offerings is a priority. That is a mistake, as dollar-for-dollar expanding your corporate cash management suite is one of the best investments you can make given its high return.

Why Commerce Bank’s New Toggle Card Is Interesting

Innovative Bank Products

Given the rise in digital payments, one thing that makes less sense for consumers is having them carry both a credit card and a debit card. For banks, the situation is equally absurd, since both cards not only increase issuing and maintenance cost, but making debit more convenient would not only increase interchange revenue, but reduce check processing costs as well and help with overdraft compliance.

3 Things Banks Should Do About Walmart Offering Checking

Walmart Checking Competition GoBank

Yesterday, Walmart, under the brand “GoBank” announced that they will offer checking accounts to anyone over 18 that can pass an identification check. The giant retailer will leverage its partnership with Green Dot Bank and offer a debit card-linked, mobile checking account starting in late October that will cost $8.95 per month for accounts under $500 with a direct deposit (free if over) and $2.95 to set up. The move strikes right at the heart of bank’s most profitable products taking away future needed balances. So what shall we do about it?

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