New York, NY —
On February 11, 2016, over 100 executives from 42 banks and credit unions learned which institutions were winning new checking customers and why based on the banking industry’s only source of data generated from live online shopping experiences. This ongoing study captures over 30,000 live shoppers a month and is produced by Novantas’ BankChoice Monitor® program.
“Today’s presentation was about the winners,” says Rob Rubin, Director of Novantas and Manager of BankChoice Monitor®. “Understanding — directly from people who are shopping — why they chose one bank or checking product over another brings new clarity to the evolving and multi-faceted challenges of acquiring checking customers.”
Attendees saw how Banner Bank wins more than their fair share of new checking customers in most of their markets with a very competitive entry-level product. Another example was how BBVA Compass Bank converts sales from their sponsorship
of the NBA. “We’re able to measure an uptick of interest in their products — particularly ‘NBA Checking’ during the height of the NBA season,” says Rubin.
As a follow up to these sessions, Novantas will be producing a report on the Millennial customer segment for its clients. The report will provide insights on the ways institutions can tailor their offerings and marketing to best capture this fast growing and increasingly higher value segment. Novantas will also hold similar workshops throughout the year as checking
customer acquisition is expected to stay top-of-mind for all retail executives in the coming months.
ABOUT BANKCHOICE MONITOR®
BankChoice Monitor reports inform bank and credit union marketing and product executives why they win and lose the checking acquisition game. Rob Rubin explains: “It’s important to understand why you win. But more importantly, BankChoice Monitor tells you why you lose — at a market-level. If you know why you lose, you’ll lose less.” To find out how your bank compares to competitors in your markets, please contact Rob Rubin at email@example.com.
Novantas is the industry leader in analytic advisory services and technology solutions for banks. We create superior value for our clients through deep and insightful analysis of the information that drives the financial services industry — across pricing, product development, treasury and risk management, distribution, marketing, and sales management. For more information, visit www.novantas.com.
Marketing Communications Manager