What US Direct Banks Need To Do To Win Checking Account Customers
New Financial Regulations Give Direct Banks An Unprecedented Opportunity
September 15, 2010
Why Read This Report
Direct banks — banks with few or no branches — have exhibited their dominance over the last five or six years in getting consumers to move billions of dollars of assets into high-yield savings accounts and certificates of deposit (CDs). These same direct banks have been only moderately successful at selling checking accounts and becoming consumers' primary banking provider. The tide may be turning, however, fostered by, of all things, the economic crisis and financial regulations that have further soured consumers' view of traditional banks and are causing those same banks raise fees to replace lost revenues. To win the primary checking account relationship, direct banks will have to change consumers' perception of the need for branches along with delivering second-to-none customer service, low fees, and next-generation online services.
Already a Client?
Log in to read this document.
Become a Forrester Client
Customers are the new market-makers, reshaping industries and changing how businesses compete and win. Success depends on how well and how fast you respond. Forrester Research gives you insights and frameworks aligned to your role to shorten the time between a great idea and a great outcome, helping your teams win in the age of the customer. Contact us to learn more.
This report is available for individual purchase ($499 USD).Purchase
Tools And Templates
Models and Calculators
- Online US Adults Direct Bank Product Ownership
- Online US Adults' Willingness To Consider A Direct Bank
Table of Contents
- The History Of Banking: A Past Built Around Physical Locations
- Consumers Will Still Be Hesitant To Consider A Direct Bank As Primary
- Direct Banking Success With Checking Requires Changing Perceptions
WHAT IT MEANS
- Direct Banking Success Will Drive Traditional Banks To Further Cut Costs
- Supplemental Material
- Related Research Documents
Trends 2013: Five Trends Shaping The Next Generation Of North American Digital Banking
May 1, 2013 | Catherine Graeber
2012 US Bank Digital Sales Rankings
September 6, 2012 | Peter Wannemacher