The Checking Account is Dead ... Long Live the Checking Account!
OK, checking is not "DEAD," but certainly evolving.
I've been seeing several blogs and e-discussion about the death of the checking account because of electronic evolution and I'd like to add my two cents. To me, it's a matter of perspective.
I'm rarely a fan of renaming products and re-educating customers, but it may be time, my friends.
As true customer-centric marketers, think about how your "Checking Account" is used. In the past, the paper check was the primary access tool for the account. Well, we all know, it's not your parent's checking account any more.
People will always have a need for this account -- simply because they will always have a need to access their money. We just need to change the way we look at it.
It is no longer a CHECKING account, it is an ACCESS account.
Think about it! It's a simple idea with enormous ramifications.
This basic change in product name shifts the focus to what the customer really needs the account for. It also controls how our staff sell the products and services that go with it.
Would you ask, "would you like checks with your checking account?" Of course not, it's absurd. Then why do we ask, "Would you like online banking with your checking account?"
As an ACCESS ACCOUNT, our front line team can now focus on, "How would you like to access your account?"
When we increase the utilization, we increase our PFI status and, in turn, increase income.
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