With fewer consumers shopping for checking accounts, you have to earn your seat at the table or settle for whatever scraps fall your way.
Bad experiences, life events and changing needs push Millennials to switch banks and open new checking accounts.
Convenience, price, functionality and reputation are the top reasons why consumers pick a specific checking account when shopping online.
Young financial shoppers don’t think branches are as important as other consumers, and they are more easily influenced by an institution’s brand.
You need to market checking products to consumers that currently have an account differently than those who are new to banking.
70% of consumers now shop for checking accounts online, but financial institutions' product and marketing strategies don't reflect this new reality.
Consumers have countless checking accounts to choose from and they all look alike, so they pick the one that looks the most convenient to them.
The mobile phone is fast becoming the transactional tool of choice for consumers, starting with how they pay their bills.
More than half of consumers shopping for new checking accounts say that they need their new financial institution to provide mobile banking.
Women dislike checking account fees more than men, and are willing to go to greater lengths to avoid them.
40% of those shopping for a new bank or credit union are under 30 years old. So what matters most to Millennials who want to switch?