December 23, 2005

Mission Improbable: Selling Checking Accounts To Brokerage Clients

by Ron Shevlin

with Catherine Graeber, Peter Hult

Executive Summary (This is a document excerpt)

Faced with growth challenges in their core business, brokerages are diversifying by selling banking products. It won't be an easy sell — few investors plan to consider their brokerage for deposit products, credit cards, or mortgages. To dislodge investors from their existing banking relationships, brokerages must overcome steep hurdles including lack of a physical presence, lack of superior products, and inferior Web sites. Brokerages truly committed to diversifying shouldn't strive to be their customers' checking account provider, but instead, emulate ING Direct and gather deposit balances by offering superior rates for FDIC-insured savings products.

Buy Risk-Free

Download and print PDF immediately. Price: US $499

Our Money-Back Guarantee: If you are not completely satisfied, return it for a full refund within three weeks of your online purchase.

Already a Forrester Client?
Log in to read this document.