We are hearing the same thing from our clients: that bringing in sticky, long-term checking relationships and increasing deposits to help fund loans is a top priority — and a major challenge. One financial institution shared that they only closed 13% of the auto loan applications they received in January due to the additional cost of borrowing funds. Their rates were no longer competitive, forcing consumers to go elsewhere.
If capturing a larger share of deposit money to help boost loan capabilities is also top of mind for your financial institution, now is a good time to evaluate your checking account acquisition goals and determine the best approach to exceeding them.
Consumers are ready to make the change
A 2023 study revealed that 79% of consumers are likely to switch banks if they find one that better meets their priorities. This is a 27% leap from 2020. In terms of demographics, Millennials and Gen Z show even more willingness to switch, at 85% and 82%, respectively.
When they are ready to make the switch, will consumers seek out the major players? Or will they simply choose the financial institution with the best introductory offer? One thing is for certain — with millions of consumer checking accounts up for grabs, the opportunity is there for community banks and credit unions to earn a portion of the new relationships each year.
With convenient location(s), a community orientation, excellent service, the most-desired digital banking tools and appealing introductory offers, your bank or credit union is well-positioned to sway consumers in your area to make a change for the better.
Now, the only question is how do you do so?
Expertise is essential
Some banks and credit unions often lack the in-house resources to develop and execute strategic, data-driven, results-oriented marketing campaigns. This is where specialized external expertise can make a significant impact and can prove to be a wise investment.
Checking AcquiredTM offers tailored and comprehensive support to banks and credit unions looking to increase checking accounts and achieve the coveted Primary Financial Institution (PFI) status among their account holders. With our turnkey approach, we take the lead and provide an array of services culminating in a fully customized marketing campaign. It includes:
- A detailed market analysis
- Consultation on targeting prospects and developing compelling offers
- Expertly crafted and executed direct mail and digital campaigns
- Program communication and sales training for frontline staff
- Ongoing data analysis and campaign optimization for ultimate success
In today’s unpredictable banking landscape, achieving measurable results that positively impact your bottom line is a challenge, especially when you’re on your own. By partnering with JMFA, you can leverage our expertise and resources to accomplish this feat.
Our turnkey services and data-focused approach to marketing can help you increase checking account acquisitions and deposits, while mitigating the industry’s instability.
Don’t let market uncertainties hold your financial institution back. To learn more about your market potential, request your free assessment.
JMFA is one of the most trusted names in the industry for creating effective growth strategies for community banks and credit unions. For a competitive assessment of your market and growth opportunities, please contact your local representative or call us at (800) 809-2307.