Pub. 7 2019 Issue 4

www.uba.org 10 It isn’t just first-time account holders in search of new checking accounts; consumers are now more likely to have multiple checking accounts than ever before. Sixty-six percent of those shopping for a checking account are looking for a second or additional account. 2 A checking account provides approximately $268 a year in revenue to a bank. 3 In addition to driving revenue for the institution, a checking account also opens the door to that new account holder acquiring more products and services as they grow in their relationship with the primary financial institution. #2 – Make Doing Business Convenient Branch locations still play a large role in the banking relationship. Be sure to include messaging about the ease of banking with your institution — a consistent, multichannel approach works best when marketing to prospective customers. Nearly a third of prospects cite direct mail and digital ads as the strongest vehicles a financial institution can use in order to make them aware of a product opportunity. In the digital age, the concept of banking convenience is about offering more than just the closest branch locations. Mobile banking capabilities and multiple ATM locations now rank among the highest priority “must haves” for account holders. 12% 13% 14% 15% 16% 16% 24% 28% 36% 39% 0% 10% 20% 30% 40% 50% Reward for opening account Open evening and weekend hours Overdraft protection for checks Large ATM network Clear and easy-to-understand account/options Mobile banking services Reputation Convenient ATM locations Online banking through a website Convenient branch locations 2 Synergistics Research Corporation 3 Moebs Services, 2011 Source: Synergistics Research Corporation Source: Synergistics Research Corporation 3 “This is why I went to the financial institution to open a checking account …” Position of New Checking Accounts In addition to current checking account(s) 66% Replace ment for current checking account(s) 28% Don’t Know 6%