Pub. 7 2019 Issue 4

ISSUE 4. 2019 9 2 Let’s face it … when it comes to help with managing money, there’s a lot of competition out there. Consumers have plenty of choices. They can turn to any of more than 12,000 U.S. banks and credit unions. 1 Unfortunately, many financial institutions rely on serendipity when it comes to customer acquisition. They think if they have a branch location somewhere along consumers’ work or Saturday errand routes, then new customers will come. However, you shouldn’t take a “maybe” approach to customer acquisition. Instead, be strategic and aggressive when it comes to growing your customer portfolio by using one (or all) of the four methods below. 1 FDIC Source: Synergistics Research Corporation #1 – Promote Checking Accounts Above All Else When acquiring new customers, you should always promote new checking accounts. Surprised? Everyone needs a checking account to manage finances. Checking accounts will likely appeal to those who are new in their careers or have recently moved into the area because of a job. They may also appeal to consumers who are generally dissatisfied with their current financial institution and are seeking a new banking relationship. Reasons for Opening a New Checking Account at Time of Most Recent Opening 5% 6% 10% 10% 10% 15% 15% 18% 18% 20% 20% Moved to new area Received beKer offer Access to more advanced features Dissa8sfied with previous ins8tu8on Wanted variety in accounts/services Life-­‐changing event Opened when obtained other account Opened account for child Spouse wanted own account First 8me opening account Previous account closed