Retail
Checking Acquisition:
Big Banks Gain Advantage
When:
June 10th, 2004 Register
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Speakers:
Bob
O'Meara
Vice President - Director of Research
Raddon Financial Group
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Session
Description:
For
several years medium and small financial institutions benefited
from the consolidation trend among large financial institutions, Each merger would bring
a host of “up-rooted” customers flocking to the doors of community
institutions and credit unions.
After
years of cost cutting and branch trimming, the country’s largest
financial institutions have regrouped and have become even
stronger competitors.
New branch initiatives, free checking and free bill payment
have changed the competitive landscape. One bank reported net
new checking account growth for 2003 of 1.24 million accounts.
That along with a total of seven million online households
and over three million bill payment households.
This
presentation will use on-going consumer research to look at
consumer trends in delivery channel behavior, the growth on
online banking and bill payment. The steady growth in
free checking use by consumers and the continued dependence
on the branch as a service delivery essential will be quantified.
Within
these changes we have witnessed slight but fundamental changes
in the consumer’s value equation. We will show trend data
that shows a rise in the importance of fast and efficient
service in selecting a primary financial institution, That along with a steady
rise in the importance of online banking and bill pay have
shifted the competitive landscape.
This
program is appropriate for senior financial executives with
responsibility for Retail Marketing, Online Banking, Product
Development, Bill Payment, BrandBuilding,
Market Research and Marketing Strategy Teams.
Attendance
Fee:
$275 per institution plus $50 per telephone line used
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