Tag: New Product Design

How Banks Can Create Better Premium Products

Creating a luxury banking product

Banks that roll out a premium product should give some thought about what makes the product “premium.” We all have platinum or elite level checking accounts, and some banks go farther and have a premium fee and loan product. Bankers tend to think of a premium bank product as one that has more bells and whistles than your standard product offering. However, as can be seen below in the latest survey on the topic, more attributes is just a small piece of the puzzle.

Pricing Strategies And Product Introduction

Bank Fee Line Pricing Tactics

Introducing a new product is always a head scratcher for bankers. How to price and how to create a promotional incentive are just two of the many difficult questions that bankers have to solve. For example, do you price a new service with annual fees or monthly fees? Do you introduce the product and offer a money back guarantee so there is no risk to try the new product or do you offer it free on a trial basis?

 

Case Study

 

Why Your Average Bank Customer Could Lead Innovation Astray

Bank Innovation

There is a common fallacy when designing bank products that you want to design for the “average” target customer. If you are designing a product to attract a Millennial, for example, you draw up a customer persona for your down-the-middle 29-year old, college educated, city dweller and try to figure out what he or she wants in a bank product. The problem is that statistically speaking, most people born between the early 80’s and late 90’s, aren’t living in a city, didn’t graduate from college and hate being called a Millennial.

10 Takeaways From The OCC Conference On Responsible Innovation

OCC on Responsible Innovation

We attended a full day session at the OCC in Washington D.C. last week about responsible innovation. It was essentially a 300+ person discussion around the March white paper the OCC produced (HERE). We give the OCC props for organizing this first class workshop that brought lawyers, fintech, banks, community activists, consultants and regulators together to exchange ideas.

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