It’s safe to say that money is on everyone’s mind these days. Consumers continue to stress about how their finances will be affected due to the recent pandemic. Whether its a pay-cut, loss of hours, or a job loss altogether consumers have a valid concern.
As a financial institution that prides itself on improving your customer’s lives financially, these times are also challenging for you. Now more than ever consumers want to bank somewhere they can trust.
Since the pandemic started JD Power reported that consumers are more concerned with Fee waivers from their bank than digital offerings or branch safety.
It’s a great time to attract consumers looking to get their money out of a costly banking relationship. You can improve your chances by sending a clear marketing message centered around fair pricing also known as fees.
Mega sized financial institutions continue to nickel and dime their customers even in times like these.
According to DepositAccounts only 6 of the 26 largest financial institutions have made waiving overdraft fees an option during the pandemic. In addition only five are waiving ATM fees, and of those that charge monthly account fees, only two have committed to waiving them.
Consumers of all ages are choosing their next bank or credit union based on the level and fairness of fees according to market street research.
One of the fees that is detested most by consumers is the monthly service fee. That’s why it’s crucial to show consumers your institution offers accounts with no minimum balance or monthly fee. It is going to resonate with consumers looking for a new bank or credit union.
There are over 95 million Americans who have never changed their bank, and on top of that the average tenure of a primary bank account is 16 years. Needless to say acquiring new customers is not an easy task.
Give your financial institution the best chance possible by showing the consumer you’re nothing like a mega bank when it comes to fees.