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December 23, 2005 Mission Improbable: Selling Checking Accounts To Brokerage Clientsby Ron Shevlin with Catherine Graeber, Peter Hult |
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This is an excerpt
Executive Summary
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.
TABLE OF CONTENTS
- Brokerages In Banking: A Tough Row To Hoe
- Identifying The Best Prospects For Banking Products
- Brokerages Should Revise Their Banking Product Diversification Strategy
- Related Research Documents
This is an excerpt
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