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What US Direct Banks Need To Do To Win Checking Account Customers

New Financial Regulations Give Direct Banks An Unprecedented Opportunity

September 15, 2010

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  • By Brad Strothkamp
  • with Benjamin Ensor,
  • Benjamin Zeidler

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.

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  • 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

  • Direct Banking Success Will Drive Traditional Banks To Further Cut Costs
  • Supplemental Material
  • Related Research Documents