In 2015, nearly 300,000 consumers shopping for checking accounts participated in the largest on-going study of active checking shoppers. These shoppers all took a survey about their checking feature preferences, banking behavior and which bank that best fulfilled their needs.
Overwhelmingly, banks that are selected the most within their footprints have migrated away from traditional, branch-centric sales models to omni-channel marketing strategies that include significant investments in advertising, direct marketing, sponsorships and “always-on” checking acquisition campaigns. For example, analysis of respondents nearby BBVA Compass Bank branches indicates that their NBA sponsorship has lifted shoppers’ willingness to consider the bank – especially during the height of the NBA season.
Another key formula for winning banks is offering very competitive entry-level products. A community bank on the west coast, Banner Bank, offers a free checking account with unlimited ATM fee rebates that provides all the table stakes features consumers expect. Coupling this product with marketing investments outside of their branches has enabled them to win more than their fair share in markets where they’re a small player like Portland OR, and dominate in markets where they’re the big bank like Spokane WA.