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Are High-Rate Deposit Products Direct Banks’ Only Play to Win Customers?

Novantas Webinar Series

Rob Rubin, Director, Novantas

Checking accounts are more important than ever as banks of all sizes battle for low cost, stable funding sources. And while direct banks have been able to rely on the rate lever to win deposits, they’ll need to win primary checking relationships to balance their portfolios with lower cost deposits. To win new checking customers, direct banks will need to carve-out value propositions beyond high-rates and refine marketing plans to target likely prospects.

In Q3, Novantas will deliver a study specifically for Direct Banks based on survey responses from over 2,000 consumers who are actively shopping online for new checking relationships. The study will answer the following questions:

  • Who are the best target checking shoppers segments for a direct bank to target? Why?
  • What markets provide the best hunting ground for direct banks to win checking shoppers?
  • Which banks are most at-risk of losing checking customers to direct banks?
  • Which direct banks are shoppers aware of and willing to consider?
  • What qualities are most important to shoppers willing to consider direct bank for checking relationships?
  • What are the biggest roadblocks keeping checking shoppers from considering direct banks?

For more information, contact Novantas Marketing

+1 (212) 953-4444