Five Star Bank is launching a new consumer checking account product line and is seeking marketing strategies. The bank operates in Western and Central New York and aims to become the premier community bank in the region. It faces competition from large national banks and smaller regional banks. Most competitors offer checking accounts with monthly fees that can be waived by maintaining a minimum balance. Five Star wants to enhance the customer experience by offering banking services through multiple convenient access channels.
Investments in Customer Centricity Are Seeing Dividends for Financial Service...1to1 Media
A look at how Retail Banks and Insurance Companies are evolving their product-focused missions into customer-centric strategies for financial gains. www.1to1media.com
The document summarizes that while customer satisfaction with banks remains high in most regions, customers also express low levels of trust, confidence, and loyalty toward banks. This creates contradictory sentiments. Positive customer experiences are needed to strengthen relationships and improve loyalty, but currently less than half of customers are having positive experiences through most channels. The mobile channel saw the largest increase in positive experiences and could accelerate adoption more quickly than internet banking, despite some concerns regarding mobile banking.
Bank of America is one of the world's largest financial institutions, serving 57 million consumers and businesses globally. It has a long history dating back to 1764 and has grown significantly through mergers and acquisitions. The company monitors key economic indicators to predict trends and maximize revenues. It offers a range of banking products both domestically and internationally through its presence in over 140 countries. Bank of America continues investing in new technologies like mobile and online banking to better serve customers globally.
Canadian banks have achieved high levels of customer satisfaction and loyalty, with 70% of customers very satisfied with their primary bank and 71% having been with their bank for over a decade. However, some customers have switched banks in recent years, particularly younger customers. To maintain loyalty and reduce switching, the survey identifies three key areas banks should focus on:
1. Get the basics right - Customers expect their personal information to be secure and issues to be resolved promptly. Failure in these areas makes customers much more likely to switch banks.
2. Put the personal in personal banking - Customers want more personalized service and rewards for loyalty through product bundling.
3. Change channels with the customer - Banks need
Arizona small businesses want loans, but are baffled why they are still so difficult to obtain even after the recession is over. When it comes to Arizona’s banking landscape and how it directly impacts local small businesses, an eBook released today by Horizon Community Bank outlines a few key challenges that are top-of-mind in the industry and why they are happening.
In my Advertising and Promotions class we worked with Wells Fargo to create a marketing campaign for the opening of a new branch. Our tasks were to create a unique campaign that would raise awareness and draw in new households to the branch. By combining our marketing knowledge and previous experiences, we created a few noteworthy strategies allowing us to meet our objectives.
Bank innovation - PwC Study on When the Growing Gets Tough: How Retail Banks ...Jeff Grill
As the United States emerges from the financial crisis, retail banks are striving to outperform their competitors while grappling with unprecedented regulatory challenges and shifts in consumer behavior. For more information see http://www.pwc.com/us/en/financial-services/publications/viewpoints/viewpoint-when-the-growing-gets-tough.jhtml
This document discusses customer perceptions of banks and restoring trust in the banking sector. It summarizes that banks have struggled in recent years due to issues like mis-selling scandals and the financial crisis. Banks lost sight of prioritizing customers and took their trust for granted. The document recommends that banks look to Mahatma Gandhi's teachings that customers are the most important part of the business. Banks need to strengthen customer relationships by demonstrating they understand customer needs and have their best interests at heart to regain trust and compete with new entrants.
Investments in Customer Centricity Are Seeing Dividends for Financial Service...1to1 Media
A look at how Retail Banks and Insurance Companies are evolving their product-focused missions into customer-centric strategies for financial gains. www.1to1media.com
The document summarizes that while customer satisfaction with banks remains high in most regions, customers also express low levels of trust, confidence, and loyalty toward banks. This creates contradictory sentiments. Positive customer experiences are needed to strengthen relationships and improve loyalty, but currently less than half of customers are having positive experiences through most channels. The mobile channel saw the largest increase in positive experiences and could accelerate adoption more quickly than internet banking, despite some concerns regarding mobile banking.
Bank of America is one of the world's largest financial institutions, serving 57 million consumers and businesses globally. It has a long history dating back to 1764 and has grown significantly through mergers and acquisitions. The company monitors key economic indicators to predict trends and maximize revenues. It offers a range of banking products both domestically and internationally through its presence in over 140 countries. Bank of America continues investing in new technologies like mobile and online banking to better serve customers globally.
Canadian banks have achieved high levels of customer satisfaction and loyalty, with 70% of customers very satisfied with their primary bank and 71% having been with their bank for over a decade. However, some customers have switched banks in recent years, particularly younger customers. To maintain loyalty and reduce switching, the survey identifies three key areas banks should focus on:
1. Get the basics right - Customers expect their personal information to be secure and issues to be resolved promptly. Failure in these areas makes customers much more likely to switch banks.
2. Put the personal in personal banking - Customers want more personalized service and rewards for loyalty through product bundling.
3. Change channels with the customer - Banks need
Arizona small businesses want loans, but are baffled why they are still so difficult to obtain even after the recession is over. When it comes to Arizona’s banking landscape and how it directly impacts local small businesses, an eBook released today by Horizon Community Bank outlines a few key challenges that are top-of-mind in the industry and why they are happening.
In my Advertising and Promotions class we worked with Wells Fargo to create a marketing campaign for the opening of a new branch. Our tasks were to create a unique campaign that would raise awareness and draw in new households to the branch. By combining our marketing knowledge and previous experiences, we created a few noteworthy strategies allowing us to meet our objectives.
Bank innovation - PwC Study on When the Growing Gets Tough: How Retail Banks ...Jeff Grill
As the United States emerges from the financial crisis, retail banks are striving to outperform their competitors while grappling with unprecedented regulatory challenges and shifts in consumer behavior. For more information see http://www.pwc.com/us/en/financial-services/publications/viewpoints/viewpoint-when-the-growing-gets-tough.jhtml
This document discusses customer perceptions of banks and restoring trust in the banking sector. It summarizes that banks have struggled in recent years due to issues like mis-selling scandals and the financial crisis. Banks lost sight of prioritizing customers and took their trust for granted. The document recommends that banks look to Mahatma Gandhi's teachings that customers are the most important part of the business. Banks need to strengthen customer relationships by demonstrating they understand customer needs and have their best interests at heart to regain trust and compete with new entrants.
Eyes wide shut: Global insights and actions for banks in the digital ageIgnasi Martín Morales
We know what banks want to achieve.
We know how they can achieve it. What we
want to explore further is how close banks
are to achieving their digital goals, both
now and over the next few years. So we
asked 157 senior IT executives, CIOs, CTOs
and other heads of technology spanning
14 primary markets for their thoughts on
digital banking’s potential for today – and
tomorrow. This paper presents the findings
of our study and examines the implications
of our findings for banking technology
executives.
Bank of America acquired MBNA for $35 billion, making it the largest issuer of credit cards in the US, surpassing JPMorgan Chase. The strategic plan aims to increase market share, customer base, and profitability by maintaining strong customer loyalty through effective communication, internet banking education, and constant customer service monitoring.
Retail banks around the world are facing intense margin pressure, slow
balance sheet growth, an uncertain economic outlook and a growing
threat from new entrants, especially in the payments arena. Banks are
also confronted with growing regulatory costs and increasing demands
for greater fairness and clarity in their interactions with customers.
Banks are facing disruption from new digital entrants and changing customer behaviors. A survey of 4,000 banking customers found that over a quarter would consider a branchless digital bank, and nearly half would bank with non-financial companies they do business with like Amazon or Apple. Younger customers especially want banking services that are seamlessly integrated across digital and in-person channels, and expect their bank to proactively recommend products and help manage their finances. To respond, banks need to become truly omnichannel, extend their ecosystem of services, and offer digital personalized financial advice to stay relevant and build loyalty among changing customer demands.
201407 Digital Disruption in Banking - Accenture Consumer Digital Banking Sur...Francisco Calzado
Banks are facing disruption from new digital entrants and changing customer behaviors. A survey of 4,000 banking customers found that over a quarter would consider a branchless digital bank, and nearly half would bank with non-financial companies they do business with like Amazon or Apple. Younger customers especially want banking services that are convenient and integrated across digital and traditional channels. To respond, banks need to become truly omnichannel, extend their ecosystem of services, and offer digital personalized financial advice to stay relevant and build loyalty as customer needs evolve.
Whitepaper_E_Customer centricity the survival strategy for Japanese lendersArup Das
1. The Japanese consumer lending industry has traditionally been dominated by banks lending to large firms, leaving the consumer and small business segments underserved. Non-bank institutions grew rapidly from 1994-2003 by serving these segments but then faced regulatory crackdowns.
2. Now with low interest rates and high competition, Japanese lenders must differentiate themselves through customer centricity. The whitepaper discusses how improving the customer experience during loan origination, such as through faster approvals and online self-service, can help lenders gain an advantage.
3. Key aspects of a customer centric origination process include product innovation, convenience, relevance, quick approvals, self-service capabilities, and an omni-channel experience. Technology
Bank of America is one of the largest banks in the world with over $2 trillion in assets. It provides banking services to 47 million consumers and small businesses through its large branch and ATM network. The bank acknowledged the growing importance of mobile banking and has over 17 million active mobile users. Bank of America faces regulatory risks and has paid large fines in the past for issues like poor mortgage lending practices. It is committed to helping customers and stakeholders in a responsible manner through experienced leadership.
This document provides an overview of technology spending by U.S. bankers in 2012. It discusses key themes in the banking industry like channel shift, disintermediation, customer engagement, and improving customer experience. The document also summarizes the state of the banking industry in 2011, noting continued challenges from the mortgage crisis but signs of recovery. Technology spending growth is projected to be modest at 1.8% in 2012 due to uncertainties. The rest of the document breaks down projected spending areas and provides expert opinions on trends in mobile banking, analytics, compliance, security and other technologies.
- The document discusses research conducted on UK mid-market corporates and non-bank lenders to understand their perspectives and experiences with non-bank lending.
- The research found that mid-market corporates are aware of various non-bank lending options and have positive perceptions of non-bank lenders. 61% of corporates had used a non-bank lender before, most commonly credit funds, private equity funds, and junior debt funds.
- The research also examined non-bank lenders and found gaps in understanding between lenders and corporates regarding deal terms, conditions, and ownership expectations that can cause deals to fall through. Non-bank lenders indicated direct lending to corporates as their preferred
Federal regulations have significantly impacted bank profits from credit cards by limiting interest income and fees. As consumers pay down debt, balance transfers represent a profitable opportunity for banks, with an estimated $35-40 billion transferred annually. However, banks face challenges in attracting balance transfers, including identifying profitable customers versus unprofitable "rate surfers", targeting customers with high propensity to transfer, and preventing transfers from their own customers. Propensity models can help banks segment customers and maximize effective balance transfer offers.
Bank of America announces its acquisition of LaSalle Bank. The $21 billion all-cash deal will make Bank of America the leader in the Chicago and Detroit markets, gaining immediate access to 1.3 million retail households and 17,000 commercial clients. The acquisition is expected to be accretive to Bank of America's earnings per share and generate an internal rate of return of 17%. The combined company will have over $1.6 trillion in total managed assets and provide better capabilities and products to customers across both companies.
World Retail Banking Report 2015 from Capgemini and EfmaCapgemini
The document provides an overview of the 2015 World Retail Banking Report, which analyzes customer experience levels and behaviors based on a survey of over 16,000 banking customers in 32 countries. The following key points are made:
1) The overall Customer Experience Index (CEI) for retail banks stagnated at 72.7 in 2015, down slightly from 2014, indicating banks' efforts to improve customer experience are falling short.
2) While most regions saw an increase in positive customer experiences, Western Europe saw a significant rise in negative experiences, with the percentage of unhappy customers doubling from 2014.
3) Younger generations (Gen Y) reported lower customer satisfaction levels across all regions compared to older customers,
How Banks Can Close the 'Value Gap' and Regain Customer TrustJoseph M Bradley
Across the globe, banks have faced a wide array of challenges in recent years. At a time of rapidly changing consumer expectations, upstarts from outside
the traditional banking industry have used technology to disrupt incumbents.
How Generation Y millennials are driving financial industry changeHarland Clarke
Financial marketers are being put to the test as fairly predictable generations of customers give way to the less familiar and less predictable. Pre-Baby Boom generations have been in retirement for years, and their pattern of drawing down assets continues. Now, Baby Boomers themselves are busy liquidating assets to fund college educations, weddings and their own retirements. Generation Xers have well-established careers and saving/investing habits to match.
Specialty lending has grown significantly due to new regulations tightening bank lending standards. This has led banks to pull back from high-risk lending, driving clients to digital alternative lenders. These lenders utilize technology like big data and automation to efficiently match borrowers and lenders. Though still small compared to traditional banks, the specialty lending market has grown exponentially and has considerable room for further expansion, representing an opportunity for investors.
Mercer Capital's Bank Watch | February 2020 | Issues for Banks Executing a Ho...Mercer Capital
The document discusses issues facing banks that are pursuing a "hold" strategy in 2020, such as remaining independent. It notes demographic headwinds like slow population growth that impact loan growth. Banks need to focus on succession planning, employee retention, and providing liquidity to shareholders. Regulatory changes may allow banks to broaden partnerships and raise capital from new sources. Overall, banks should focus on growing noninterest income and improving efficiency while still managing credit risks prudently.
Mercer Capital's Bank Watch | April 2017 | Is FinTech a Threat or Opportunity?Mercer Capital
Brought to you by the Financial Institutions Team of Mercer Capital, this monthly newsletter is focused on bank activity in five U.S. regions. Bank Watch highlights various banking metrics, including public market indicators, M&A market indicators, and key indices of the top financial institutions, providing insight into financial institution valuation issues.
Future of Financial Services - Banking on Innovation - Final PaperJohn Fearn
This document discusses the political barriers to innovative financial services. It argues that while radical change in any sector poses challenges for politicians and regulators, the pace of financial innovation is leaving policymakers behind. It analyzes the political reputations of alternative finance providers, payments services, and high street banks to identify the challenges these firms face in influencing regulation. The document predicts that in the near future, most transactions will be digital, mobile payments will increase, and banking services will fragment across new providers, with 20% of lending from alternative sources. It argues that widespread mobile adoption and the 2007-2009 financial crisis have enabled this radical change by shifting consumer habits and eroding trust in large banks.
This document summarizes a financial advisory platform called Finny that aims to help those without prior knowledge of finance. Approximately 16.7 million adults in the US were unbanked in 2013. Finny provides a one-stop platform to compare financial services and make recommendations tailored to each user's basic demographic information and needs. The target market includes the unbanked, underbanked, and those seeking to improve their financial health. The business model involves collecting commissions from financial institutions after expanding the customer base initially through promotional offers.
Input dan output dalam Java ditangani oleh paket java.io yang berisi kelas dan interface untuk menangani aliran data masuk dan keluar ke berbagai sumber seperti file, memori, dan disk. Kelas OutputStream dan Reader digunakan untuk output sedangkan InputStream dan Writer digunakan untuk input. Program contoh membaca isi file teks dengan memilih file terlebih dahulu dan membaca isinya baris demi baris.
Eyes wide shut: Global insights and actions for banks in the digital ageIgnasi Martín Morales
We know what banks want to achieve.
We know how they can achieve it. What we
want to explore further is how close banks
are to achieving their digital goals, both
now and over the next few years. So we
asked 157 senior IT executives, CIOs, CTOs
and other heads of technology spanning
14 primary markets for their thoughts on
digital banking’s potential for today – and
tomorrow. This paper presents the findings
of our study and examines the implications
of our findings for banking technology
executives.
Bank of America acquired MBNA for $35 billion, making it the largest issuer of credit cards in the US, surpassing JPMorgan Chase. The strategic plan aims to increase market share, customer base, and profitability by maintaining strong customer loyalty through effective communication, internet banking education, and constant customer service monitoring.
Retail banks around the world are facing intense margin pressure, slow
balance sheet growth, an uncertain economic outlook and a growing
threat from new entrants, especially in the payments arena. Banks are
also confronted with growing regulatory costs and increasing demands
for greater fairness and clarity in their interactions with customers.
Banks are facing disruption from new digital entrants and changing customer behaviors. A survey of 4,000 banking customers found that over a quarter would consider a branchless digital bank, and nearly half would bank with non-financial companies they do business with like Amazon or Apple. Younger customers especially want banking services that are seamlessly integrated across digital and in-person channels, and expect their bank to proactively recommend products and help manage their finances. To respond, banks need to become truly omnichannel, extend their ecosystem of services, and offer digital personalized financial advice to stay relevant and build loyalty among changing customer demands.
201407 Digital Disruption in Banking - Accenture Consumer Digital Banking Sur...Francisco Calzado
Banks are facing disruption from new digital entrants and changing customer behaviors. A survey of 4,000 banking customers found that over a quarter would consider a branchless digital bank, and nearly half would bank with non-financial companies they do business with like Amazon or Apple. Younger customers especially want banking services that are convenient and integrated across digital and traditional channels. To respond, banks need to become truly omnichannel, extend their ecosystem of services, and offer digital personalized financial advice to stay relevant and build loyalty as customer needs evolve.
Whitepaper_E_Customer centricity the survival strategy for Japanese lendersArup Das
1. The Japanese consumer lending industry has traditionally been dominated by banks lending to large firms, leaving the consumer and small business segments underserved. Non-bank institutions grew rapidly from 1994-2003 by serving these segments but then faced regulatory crackdowns.
2. Now with low interest rates and high competition, Japanese lenders must differentiate themselves through customer centricity. The whitepaper discusses how improving the customer experience during loan origination, such as through faster approvals and online self-service, can help lenders gain an advantage.
3. Key aspects of a customer centric origination process include product innovation, convenience, relevance, quick approvals, self-service capabilities, and an omni-channel experience. Technology
Bank of America is one of the largest banks in the world with over $2 trillion in assets. It provides banking services to 47 million consumers and small businesses through its large branch and ATM network. The bank acknowledged the growing importance of mobile banking and has over 17 million active mobile users. Bank of America faces regulatory risks and has paid large fines in the past for issues like poor mortgage lending practices. It is committed to helping customers and stakeholders in a responsible manner through experienced leadership.
This document provides an overview of technology spending by U.S. bankers in 2012. It discusses key themes in the banking industry like channel shift, disintermediation, customer engagement, and improving customer experience. The document also summarizes the state of the banking industry in 2011, noting continued challenges from the mortgage crisis but signs of recovery. Technology spending growth is projected to be modest at 1.8% in 2012 due to uncertainties. The rest of the document breaks down projected spending areas and provides expert opinions on trends in mobile banking, analytics, compliance, security and other technologies.
- The document discusses research conducted on UK mid-market corporates and non-bank lenders to understand their perspectives and experiences with non-bank lending.
- The research found that mid-market corporates are aware of various non-bank lending options and have positive perceptions of non-bank lenders. 61% of corporates had used a non-bank lender before, most commonly credit funds, private equity funds, and junior debt funds.
- The research also examined non-bank lenders and found gaps in understanding between lenders and corporates regarding deal terms, conditions, and ownership expectations that can cause deals to fall through. Non-bank lenders indicated direct lending to corporates as their preferred
Federal regulations have significantly impacted bank profits from credit cards by limiting interest income and fees. As consumers pay down debt, balance transfers represent a profitable opportunity for banks, with an estimated $35-40 billion transferred annually. However, banks face challenges in attracting balance transfers, including identifying profitable customers versus unprofitable "rate surfers", targeting customers with high propensity to transfer, and preventing transfers from their own customers. Propensity models can help banks segment customers and maximize effective balance transfer offers.
Bank of America announces its acquisition of LaSalle Bank. The $21 billion all-cash deal will make Bank of America the leader in the Chicago and Detroit markets, gaining immediate access to 1.3 million retail households and 17,000 commercial clients. The acquisition is expected to be accretive to Bank of America's earnings per share and generate an internal rate of return of 17%. The combined company will have over $1.6 trillion in total managed assets and provide better capabilities and products to customers across both companies.
World Retail Banking Report 2015 from Capgemini and EfmaCapgemini
The document provides an overview of the 2015 World Retail Banking Report, which analyzes customer experience levels and behaviors based on a survey of over 16,000 banking customers in 32 countries. The following key points are made:
1) The overall Customer Experience Index (CEI) for retail banks stagnated at 72.7 in 2015, down slightly from 2014, indicating banks' efforts to improve customer experience are falling short.
2) While most regions saw an increase in positive customer experiences, Western Europe saw a significant rise in negative experiences, with the percentage of unhappy customers doubling from 2014.
3) Younger generations (Gen Y) reported lower customer satisfaction levels across all regions compared to older customers,
How Banks Can Close the 'Value Gap' and Regain Customer TrustJoseph M Bradley
Across the globe, banks have faced a wide array of challenges in recent years. At a time of rapidly changing consumer expectations, upstarts from outside
the traditional banking industry have used technology to disrupt incumbents.
How Generation Y millennials are driving financial industry changeHarland Clarke
Financial marketers are being put to the test as fairly predictable generations of customers give way to the less familiar and less predictable. Pre-Baby Boom generations have been in retirement for years, and their pattern of drawing down assets continues. Now, Baby Boomers themselves are busy liquidating assets to fund college educations, weddings and their own retirements. Generation Xers have well-established careers and saving/investing habits to match.
Specialty lending has grown significantly due to new regulations tightening bank lending standards. This has led banks to pull back from high-risk lending, driving clients to digital alternative lenders. These lenders utilize technology like big data and automation to efficiently match borrowers and lenders. Though still small compared to traditional banks, the specialty lending market has grown exponentially and has considerable room for further expansion, representing an opportunity for investors.
Mercer Capital's Bank Watch | February 2020 | Issues for Banks Executing a Ho...Mercer Capital
The document discusses issues facing banks that are pursuing a "hold" strategy in 2020, such as remaining independent. It notes demographic headwinds like slow population growth that impact loan growth. Banks need to focus on succession planning, employee retention, and providing liquidity to shareholders. Regulatory changes may allow banks to broaden partnerships and raise capital from new sources. Overall, banks should focus on growing noninterest income and improving efficiency while still managing credit risks prudently.
Mercer Capital's Bank Watch | April 2017 | Is FinTech a Threat or Opportunity?Mercer Capital
Brought to you by the Financial Institutions Team of Mercer Capital, this monthly newsletter is focused on bank activity in five U.S. regions. Bank Watch highlights various banking metrics, including public market indicators, M&A market indicators, and key indices of the top financial institutions, providing insight into financial institution valuation issues.
Future of Financial Services - Banking on Innovation - Final PaperJohn Fearn
This document discusses the political barriers to innovative financial services. It argues that while radical change in any sector poses challenges for politicians and regulators, the pace of financial innovation is leaving policymakers behind. It analyzes the political reputations of alternative finance providers, payments services, and high street banks to identify the challenges these firms face in influencing regulation. The document predicts that in the near future, most transactions will be digital, mobile payments will increase, and banking services will fragment across new providers, with 20% of lending from alternative sources. It argues that widespread mobile adoption and the 2007-2009 financial crisis have enabled this radical change by shifting consumer habits and eroding trust in large banks.
This document summarizes a financial advisory platform called Finny that aims to help those without prior knowledge of finance. Approximately 16.7 million adults in the US were unbanked in 2013. Finny provides a one-stop platform to compare financial services and make recommendations tailored to each user's basic demographic information and needs. The target market includes the unbanked, underbanked, and those seeking to improve their financial health. The business model involves collecting commissions from financial institutions after expanding the customer base initially through promotional offers.
Input dan output dalam Java ditangani oleh paket java.io yang berisi kelas dan interface untuk menangani aliran data masuk dan keluar ke berbagai sumber seperti file, memori, dan disk. Kelas OutputStream dan Reader digunakan untuk output sedangkan InputStream dan Writer digunakan untuk input. Program contoh membaca isi file teks dengan memilih file terlebih dahulu dan membaca isinya baris demi baris.
This document outlines a customer marketing program for a supplier company. The program includes an e-zine, customer portal microsite, quarterly promotions, recipes, and sales training to promote the supplier's products and services. It aims to become a trusted information source for customers, foster close relationships, help customers increase sales and consumer engagement, and position the supplier as a leader in technology and social media utilization.
This document provides an overview of interactive marketing and discusses several digital marketing strategies and tactics. It covers web design and development, analytics and conversion tracking, search engine marketing, display advertising, social media marketing, email marketing, and mobile marketing. Specific techniques mentioned include search engine optimization, paid search/contextual advertising, banner ads, behavioral targeting, and user generated content. Statistics provided relate to internet usage and how consumers conduct online searches. The document concludes with tips for small businesses starting in digital marketing.
VISIT DENVER Marketing Advisory Council - Interactive / Web Trends in TourismTroy Thompson
A presentation for the VISIT DENVER Marketing Advisory Council on interactive trends within the tourism market. The presentation covers starting a social media strategy, contextual conversations and email campaigns.
Credits:
Convince and Convert
http://www.convinceandconvert.com/email-marketing-advice/15-email-statistics-that-are-shaping-the-future/
US Retail Banks have enjoyed several years of strong profitability and positive revenue growth. However, we see numerous headwinds to growth due to demographic, competitive, and consumer trends. While many of these trends will persist well into the future, 2019 will be a pivotal year. The attached white paper provides insights into the growth challenge and creative solutions for banks can act to accelerate their growth.
Our 2012 World Retail Banking Report offers a mechanism for better understanding customers,
as well as a prescription for navigating the current terrain. Our Customer Experience Index
proved to be an effective indicator of customer loyalty, which is an essential element of retaining and
attracting customers.
Underbanked and Unbanked Consumers in the U.S.: Successfully Targeting Consum...MarketResearch.com
This document provides an in-depth analysis of underbanked and unbanked consumers in the U.S. It finds that 26% of U.S. households are underbanked or unbanked, relying heavily on alternative financial services like check cashing, payday loans, and money orders. The economic downturn since 2007 increased financial insecurity and pushed more households to these alternative services. The report examines how banks and alternative financial service providers are targeting this growing demographic through expanded products, locations, and new technologies.
Ft partners research the rise of challenger banksChris Skinner
Challenger banks are gaining traction as alternatives to traditional banks. Traditional banks face issues like high fees, outdated technology, and lack of trust following the financial crisis. Challenger banks offer better rates, fewer fees, and more user-friendly mobile apps. While challenger banks are still small, increased funding and consumer dissatisfaction with traditional banks has created opportunities for their growth. Traditional banks are also launching their own fintech brands in response to the threat from challenger banks.
This document discusses banking in emerging markets and identifies three key stages of financial maturity for these markets - frontier, transitional, and established. It summarizes the findings of surveys of banks and customers in 11 emerging markets representing these three stages. The main points are:
1) Emerging markets face growth opportunities but also volatility due to political and economic factors. Banks must cope with this volatility to succeed.
2) Banks face challenges including tougher regulation, intensifying competition, and increasing costs. They must address these "headwinds" to profit from emerging market growth.
3) Successful banks will identify lessons from peers in similar markets to adapt strategies locally and maximize profits from their most lucrative customers.
1) The document discusses opportunities and challenges for banks operating in emerging markets, focusing on 10 rapid-growth markets identified as the next wave beyond the BRICs.
2) Banks in these markets face common challenges around serving unbanked customers without developed infrastructure and meeting growing demand for lending with constrained balance sheets.
3) To achieve profitable growth, banks must balance rapid expansion with efficiency gains, through initiatives like low-cost retail products, strong corporate and investment banking capabilities, advisory services, and new wealth management products.
Customers are becoming less loyal and increasingly likely to use multiple banks. The proportion of customers planning to switch banks has risen from 7% to 12% globally since 2011. Dissatisfaction with high fees is the primary driver of increased attrition rates in several major markets. Additionally, customers are intensifying their search for the best rates and products by using more banks - the number with only one bank has dropped from 41% to 31%, while those with three or more banks has increased from 21% to 32%. This trend towards "multi-banking" is being seen in mature markets and is even higher in emerging markets.
- Banks still hold advantages over fintechs in terms of existing customers, compliance experience, and low cost of capital. However, banks must improve their user experience to retain customers.
- Regional regulatory trends are diverging, with US banks most worried about potential deregulation under Trump while European rules on disclosure are tightening.
- Fears of disruption from fintech competitors have receded as banks realize collaboration is necessary, and new entrants face challenges in gaining traction due to customer inertia, compliance costs, and falling margins.
Mantis Funding - Alt Lending Is Touted As The Next Big Thing By Millennials.Mantis Funding LLC
Millennials prefer alternative lending options like Mantis Funding over traditional banks due to their preference for speed and digitization. As the largest generation in the workforce, Millennials make up a significant portion of the entrepreneur class and alternative lenders' target market. Alternative lenders are able to provide cash advances and loans to Millennials more quickly than banks, sometimes in under 24 hours, by using digital records and applications rather than traditional credit scores and balance sheets. This ease and speed has led to alternative lenders surpassing banks in providing financing to small businesses, with close to half of alternative lender loans going to Millennials under 30. As Millennials continue to shift away from traditional lenders, the future
This document is a summer internship project report submitted by Ayushi Jain to complete their Master of Business Administration degree. The report details a study conducted at HDFC Bank on their retail banking operations from June 7th, 2017 to July 22nd, 2017. It includes an acknowledgment, executive summary, table of contents, and introduction on retail banking in India and HDFC Bank. The report provides an overview of the internship project and retail banking industry in India.
Credit unions have struggled over the past decade as their target demographics have changed dramatically. Younger consumers expect to do their banking digitally and demand services like mobile access that many smaller credit unions cannot provide. Additionally, over-regulation has increased compliance costs for credit unions. To adapt, credit unions must modernize their digital offerings, focus on data analytics to better target potential members, and get more creative with their marketing, focusing on member benefits rather than just promoting loans. The pandemic accelerated credit union challenges, causing average shrinkage of 7%, so retention efforts are also critical alongside new member acquisition.
This document discusses challenges facing small community banks and potential strategies for survival. Small banks are getting smaller as their market share of banking assets has declined from 38% to 14% from 1984 to 2011. They are at risk from increasing competition from large banks, evolving consumer preferences for digital banking, growing fintech investments, and new digital-only banks. However, small banks can partner with alternative lenders to address specialty financing needs of clients and improve client retention, while focusing on their core lending strengths like real estate. One company, Coral Capital Solutions, is presented as an ideal alternative lending partner that can provide working capital loans to businesses that small banks cannot serve directly.
The banking sector is experiencing a major shift globally, as Challenger Banks are becoming increasingly formidable competitors to traditional banks and have begun to capture significant market share. Furthermore, the lines between banks and other consumer financial services providers are blurring, with several alternative lenders and robo-advisors beginning to offer banking products to their customers. E-commerce / internet giants are also jumping into the fray with Google and Amazon, among others, beginning to offer banking products. In response to the emergence of Challenger Banks, a number of incumbent banks have launched their own FinTech brands, and traditional financial institutions will likely turn to FinTech solution providers in order to defend their turfs. The report features an overview of trends in the Challenger Banking space as well as the broader banking ecosystem, a detailed landscape of Challenger Banks globally, a proprietary list of financing and M&A transactions, as well as exclusive executive interviews.
The document discusses the future of microfinance in India. It notes that microfinance has expanded rapidly in recent years, with membership in associations growing and loan amounts outstanding increasing significantly from 2001-2004 and 2001-2005 for various microfinance programs and institutions. It also discusses the growing partnership models between banks and MFIs, and innovations in how banks provide funding to MFIs. Going forward, it emphasizes the need for greater financial literacy, product differentiation, and ensuring client empowerment through education on loan terms and conditions.
1) According to a 2012 report, 11% of consumers with a primary banking relationship were likely to switch banks that year, putting an estimated $675 billion in deposits at risk.
2) Large banks like Citi and Bank of America faced the highest risk of losing customers to bank switching due to fees charged.
3) To attract and retain customers, the report recommends that banks leverage mobile banking and bridge online and in-person services, while smaller banks and credit unions emphasize personal relationships.
The document discusses the results of a survey of senior banking executives at large U.S. banks. Key findings include:
- 87% of executives expect revenue growth in the next year, with smaller banks more optimistic about growth over 11-20%.
- Banks are making progress on digital capabilities but need to fully integrate digital and focus on personalized customer experiences.
- While over half of executives view fintech startups positively, they still pose a threat to banks and are engaging in consumer lending.
- Most executives see benefits to real-time payments but over half of large banks plan to wait 1-2 years before participating.
Gen Y consumers will earn 46% of the income in the United States by 2025, but they’re often misunderstood or ignored by financial services providers. This is especially true when it comes to online and mobile behavior and attitudes toward traditional banking.
Understanding this problem and designing to overcome it is critical to our work at Comrade, so we’re pleased to have partnered with Javelin Strategy & Research to publish “The Three Costliest Myths about Gen Y". This report applies consumer data to dispel the myths circulating in financial services today about Gen Y consumers. Beyond exposing pervasive misconceptions, it also explains how to optimize digital and physical touchpoints to attract tomorrow’s most profitable bank customers.
Digital Marketing in Banking: Evolution and RevolutionCognizant
Proving the effectiveness of bank marketing strategies beyond brand-building has always been a challenge. Now, several converging forces may help propel marketing forward as a revenue source rather than a cost center.
The rapid ascent of peer to peer and online direct lending models: the impact...James by CrowdProcess
This document summarizes an article from The Capco Institute Journal of Financial Transformation titled "The Rapid Ascent of Peer-to-Peer and Online Direct Lending Models: The Impact on Banking". It discusses the growth of peer-to-peer and online direct lending as alternatives to traditional banking. Key points include:
- P2P lending platforms like Lending Club and Prosper have grown rapidly and now provide over $250 million in loans per month.
- Institutional investors are increasingly investing in the P2P lending asset class for higher yields.
- Online direct lending is a broader category than P2P lending and has significant potential to further develop the alternative lending industry.
- The growth of crowdf
The rapid ascent of peer to peer and online direct lending models: the impact...
Five star appendix
1. Travers Collins
Creative Brief
Client: Five Star Bank
Job #: 12514 Job Name: Five Star RFP
Date: Nov. 12, 2012 Account Manager: Lisa Lindquist
_____________________________________________________________
1. Situation Analysis/Background:
What product or service are we being asked to sell or promote?
Five Star Bank has asked for a creative approach recommendation and suggested
marketing strategies for the bank and in particular, its new consumer checking
account product line. Five Star is a progressive, energized community bank with
58 branches serving Western and Central New York State.
What are the trends in the market?
The Move Your Money movement launched in late December 2009 urged bank
customers angered by the reckless lending practices of too-big-to-fail national
banks to move their money to a community bank or credit union. Since then,
55% of community banks have seen an increase in deposit accounts from new
customers. Interestingly, as deposits in community banks continue to grow at
double-digit rates, bank executives say it has become increasingly difficult to find
profitable uses for incoming money. As many Americans are hesitant to take on
new loans in the uncertain economy, competition is stiff among institutions to
make what loans are possible – a key source of revenue for banks.
Fewer than one in four Americans trust the financial system overall, but trust in
small community banks increased from 51% to 55% in the most recent quarter
of 2012.
As financial institutions look at 2012 and beyond, they see a sluggish economic
recovery and increased regulation slowing the pace of revenue growth and
margin expansion. Faced with this outlook, retail bank executives are seeking to
drive revenue generation by growing share of wallet from existing customer
relationships. While customer acquisition and loan origination are still important,
greater emphasis is being placed on more accurately targeting current customer
segments. The goal is to identify and capitalize on opportunities for revenue
growth through cross sell and up sell. Meeting this priority requires deep
understanding of what customers need, want, expect and value in a financial
institution.
Overall, consumers are very satisfied and likely to recommend their primary
financial institution. Consumer satisfaction comes in at a strong 62%, with only
4% dissatisfied and 34% neither satisfied or dissatisfied.
Online banking is universally offered by community banks, and customer
penetration is growing. 96% of community banks offer the ability to access
statement history through online banking, and 72% do so via a mobile device.
The mobile banking revolution has begun for community banks. 37% of
community banks said they offer mobile banking in 2012, more than double the
15% that did in 2010. Another 44% plan to offer the service in the next 24
months, while less than 20% said they have no plans to offer it.
2. Is it growing, declining, new?
Banks are shedding U.S. branches at a heightened pace while piling on the
deposits, according to the FDIC. For the third year in a row, banks trimmed their
U.S. branches. The industry cut 867 branches during the year ended June 30,
2012, bringing the total to 97,337. By comparison, branches declined about 316
in the year ended June 30, 2011, and about 1,030 in the year ended June 30,
2010. Meanwhile, U.S. deposits climbed 8.46% to $8.95 trillion in the year to
June 30, 2012, outpacing the roughly 7.47% deposit growth in the prior year.
Industry observers said the increase in deposits reflects continued risk aversion
among depositors and investors, in the face of economic uncertainty arising from
Europe and the fiscal cliff in the U.S.
Community banks across the U.S. face a challenge in that loan growth has
slowed, dropping an average of about 1% in the first quarter of 2012.
Community banks are the primary source of lending for small businesses and
farms. Even though they compose just 21% of the banking industry in terms of
assets, community banks with less than $10 billion in assets made 58% of
outstanding bank loans to small businesses in 2011. Larger banks offer a greater
range of services than community banks can. But, by offering more personal
service, community banks can attract local customers.
What is the competitive situation?
Nationally, large banks have the most customers, but more than a third of
consumers use a community bank or credit union.
Type of Primary Bank
42% Large national bank
21% Regional bank
13% Community bank
21% Credit union
Five Star has two types of competitors: large competitors that are located across
their footprint, and smaller competitors that exist in only a portion of their
footprint. The large competitors are M&T, First Niagara and Key Bank. Regional
competitors include Community Bank, Bank of Castile, Canandaigua National
Bank, Eastman Savings & Loan, Olean Area FCU, Lyons National, Generations
Bank, Steuben Trust and Chemung Canal Trust.
In total, 23 banking institutions in the eight counties of WNY held $36.9 billion in
deposits at the end of June 2012. That’s up from $31.1 billion in June 2011.
Following is the market share of the top 12 banks in WNY:
38.9% M&T 2.5% Five Star
23.9% First Niagara 2.4% Community Bank
8.1% HSBC 1.8% Evans Bank
7.9% KeyBank 1.4% Bank of Castile
4.1% RBS Citizens 1.4% Northwest Savings
3.5% Bank of America 1.1% Lakeshore Savings
Due to limited time, TC has chosen to select a representative sample of Five Star
competitors to include in our preliminary positioning map, including First Niagara,
Community Bank, Bank of Castile and Canandiagua National Bank.
3. What is the company’s current image and position in the market?
Five Star has a 2.5% market share in Western New York. Five Star’s approach to
marketing in recent years has been mainly product-based with a strong focus on
building community banking relationships in the areas served by branch
locations. Five Star has been fairly successful gaining attention and has
increased market share in the majority of serviced markets with little to no
traditional or social advertising.
2. Objectives:
What does the client want to happen as a result of our effort?
Five Star’s Vision is to become the premier community bank in their market area,
and become the “top of mind” provider in their market for banking services.
Five Star’s highest priority goal is loan growth. With the recent branch
acquisitions and the associated deposits, Five Star is looking to convert the
acquired deposits into loans as quickly and responsibly as possible. As a
secondary priority, deposit growth is always important. They plan to attain their
goals by offering products and services that allow their customers to bank in the
manner they find most convenient to them. So, they are looking to develop and
enhance as many access channels as they can (i.e. branches, ATMs, online
banking, mobile banking, etc.) They do not, however, want to overtly drive
customers to one channel over another.
How will we judge our success?
Five Star will measure its success over the next three to five years through
profitable balance sheet growth via loans and deposits. Marketing strategies
should contribute in a measurable way to this overall goal.
What do we want the customer to think, feel, do?
We want the customer to choose to bank with Five Star and look to them first for
an increasing number of financial services as their needs evolve.
What issues or obstacles do we need to address?
Community bank customers tend to be older and nearing retirement. Younger,
tech savvy bank customers tend to choose large national banks due to the
availability of technology-based services, large number of branches and ATMs
and locations nationwide.
3. Target Audiences:
Who are we talking to?
Community bank customers are concentrated in small town/rural and small
metro markets while large bank customers are less than half as likely to live in
small town/rural areas. Large bank customers are concentrated in mid-size/large
metro areas, where growth tends to be faster, job opportunities are more
plentiful and incomes higher.
Another significant demographic difference between large bank and community
bank customers is lifestage. On average, large bank customers are younger than
community bank customers. Lifestages of large bank customers tilt toward Gen
Y (20- and early 30-somethings) and, to a lesser extent, Gen X (mid-30s to late
4. 40s) while community bank customers are older and concentrated in the Mature
lifestage, which is composed of consumers who are more than 65 years old.
Differences in lifestage drive a large part of financial behavior as younger
lifestages are nest-building and accumulating and older lifestages are clearing out
their nests and preparing for retirement, if not already retired.
Community bank customers are more loyal to the financial institutions where
they have their primary checking account relationships, but they are not as
profitable to their institutions as the average bank customer. The affluence gap
between community bank customers and the average bank customer limits
community bank opportunities.
What are the customers’ needs?
Community bank customers are more likely to be retired, less likely to be college
graduates and more likely to be married/living with a partner. Among customers
who have their primary checking account relationships with large banks, they
hold an average of nearly $36,000 in deposits and investments and about
$31,000 in loans and credit card debt with their institutions. Community banks
are able to capture about $32,200 in deposits and investments, but at about
$16,300, fall well short of the amount of loans and credit card debt that large
bank customers have with their institutions.
Because older customers tend to hold higher deposit balances, the older
community bank customer base’s deposit balances are relatively high given their
earning power. But older demographics also have less need for loans. The
biggest difference between large bank and community bank customers in lending
behaviors is found in the category of first mortgages on the primary residence.
Significantly greater amounts in first mortgages are held by large bank
customers, reflective of their younger, more accumulative lifestages as well as
higher real estate costs in the more urban areas where they reside.
According to a KPMG survey of community bank executives, consumers age 50 to
65 and nearing retirement are the greatest growth opportunity for community
banks. Community banks are bolstering their asset and wealth management
capabilities as customers nearing retirement need these services. These
customers are also more likely to visit the branch and meet with a banker to
discuss their portfolio management and investment options.
In a survey of community bank CEOs, expanding online presence dropped from
46% in 2011 to 30% in 2012 as a growth priority. CEOs may be starting to
realize that the track record for growing customers via online delivery channels
remains cloudy at best. Community banks have been justifying improved online
investments with the need to attract younger customers, but the number of new
accounts actually opened online has been disappointing.
Five Star’s own research with their customers showed customers want access to
more service-charge-free ATM locations, cash back on debit card transactions and
enhanced online banking, specifically mobile banking. They did not want to have
to choose between totally free checking and having to maintain a minimum
balance to avoid a monthly fee.
5. 4. Single Most Important Point:
Based on the audience and what we want them to do, what is the
SINGLE most persuasive argument for believing our story? Note: SINGLE
means ONE
With Five Star, your progressive neighborhood bank, you can bank the way you
want. With convenient locations and the latest technology, Five Star is
enhancing the customer experience by offering bank services anywhere, at any
time, the way the customer chooses.
5. Support Points:
What is there about the product or service that will help the audience
believe the single most important point? Preferably fact-based
differentiators that make our product or service better that the
competition’s. However, in the case of many parity products/services,
this section can focus on emotion rather than fact.
Five Star prides itself on providing personal, “hometown” service. The bank is
committed to meeting the needs of individual depositors, businesses and the
communities it services, and its employees must exhibit Core Behaviors in
interactions with co-workers, customers and business partners.
Extensive branch network for a neighborhood bank
We believe freedom from financial worry is much more valuable than a free gift
We’ve truly got your back, helping you avoid errors and oversights that result in
fees
We know you by name
You are not a number
6. Tone & Manner:
What is the personality of the communication? Fun, informative,
youthful, warm, celebratory, etc.
Energized, fresh and modern, without losing the hometown image their
community bank customers have grown to know and love. Also professional and
responsible.
7. Mandatories:
What needs to be included? Is there a creative format that should be
followed? Is there a broader marketing program that this assignment
needs to family with?
Nothing is off the table short of renaming the bank … they are not tied to any
strategy or approach.
8. Budget & Initial Timeline:
When is the project due to be completed? Attach workback schedule if
available. Has a budget been provided?
Presentation November 30
6. 9. Unique Value Proposition
TO OUR: friends and neighbors in Western and Central New York State
WE ARE: a progressive neighborhood bank
THAT: combines the best elements of community banking with the convenience of
21st century technology
7. Five Star
Consumer Checking Account Competitive Review
Reviewed the consumer checking account offerings at Five Star and four key competitors:
First Niagara
5 options
Top 3 waive fees for maintaining minimum balance
One waives fees without minimum balance
e-checking option for $3/mo.
student option free
Community Bank
4 options
Three have no fees or minimum balances
One has an $8 monthly fee that cannot be waived with a minimum balance
Did not disclose ATM fees
Senior option
Make claim about “totally free checking” but may be deceptive, did not feel honest & transparent
Bank of Castile
5 options
Three have fees waived with minimum balances
Two have no fees, no minimum balances
55+ and student options
Canandaigua National
5 options
Four have fees waived for minimum balances
One waives fees without minimum balance
e-checking option
Five Star
4 options
Three have fees waived for minimum balances or a combination of other qualifications
One waives fees without minimum balance
Conclusions
Depending on the type of account, all banks offer accounts with free ATM transactions at their branches
and credits for ATM charges from other banks. Five Star does, however, offer more ways to get fees
waived without maintaining a minimum balance, so I think our UVP can be:
8. To our: friends and neighbors in Western and Central New York State
We are: your best neighborhood option for a personal checking account
That: offers totally free checking without a minimum balance, plus free ATMs and online and
mobile options so you can bank anywhere, any time that’s convenient for you.
9. Bank First Niagara First Niagara First Niagara First Niagara First Community Bank Community Bank Community Bank Community Bank
Niagara
Account Pinnacle Plus Pinnacle Choice eChecking Student Completely Free 50 & Better Interest VIP Free Interest Wall Street Checking
Type Checking Checking First Checking Checking Checking
Checking
Monthly $25, waived $15, waived $9.95, $3.00 none none none none $8
Service w/min balance w/min balance waived
Chg. w/min
balance, or
maintain
direct
deposit,
complete 10
POS
purchase
transactions
per month
Minimum $5,000 or $1,000 or $300 or none none none none none $1,000
Balance $50,000 $25,000 $5,000
combined combined combined
deposits, loans deposits, loans deposits,
(excluding (excluding loans
mortgages), mortgages), (excluding
credit card credit card mortgages
balances & balances & and credit
investments investments card
balances)
ATM Fees Unlimited free Unlimited free No fees at No fees at No fees at Did not disclose Did not disclose Did not disclose Did not disclose
in U.S., in U.S., First Niagara First Niagara First
unlimited unlimited ATMs, two ATMs Niagara
reimbursement reimbursement free non-First ATMs, five
of other banks’ of other banks’ Niagara free non-
fees fees transactions First
per month Niagara
transactions
per month
Opening $500 $50 $50 $25 $50 $50 $50 $50 $50
Deposit
Key Tiered interest Tiered interest Free first Unlimited Free debit FREE Internet FREE Internet and FREE Internet and FREE Internet and
Features rates, free rates, order of check card, and mobile mobile banking, mobile banking, mobile banking,
overdraft discounts on standard writing, monthly banking, competitive competitive higher interest rates
transfers, free loan and line of checks, monthly eStatement unlimited check interest, unlimited interest, unlimited with balances of
cahiers checks, credit rates unlimited eStatement writing, no per check writing, no check writing, no $2,500 or more,
free checks, with autopay, check check charge, per check charge, per check charge, competitive interest if
free annual free checks, writing, customer customer purchases customer balances falls below
financial check- free annual choice of purchases checks, ATM/Debit purchases checks, $2,500, unlimited
up financial check- paper or checks, card available, free ATM/Debit card check writing, no per
up electronic ATM/Debit card gift for opening available, free gift check charge,
statement available, free acct. for opening acct. customer purchases
gift for opening checks, ATM/Debit
acct. card available, free
gift for opening acct.
10. Bank Five Star Five Star Five Star Five Star Bank of Bank of Castile Bank of Castile Bank of Castile Bank of Castile
Castile
Account Type 1 Type 2 Type 3 Basic Welcome Select Checking Priority 55 Student Checking True Advantage
Type Banking Checking Plus
Monthly None if write $8.00, waived $15, waived $3.00, none $5, waived $7, waived w/min none $10, waived w/min
Service less than 5 w/min balance w/min waived if w/min balance balance balance
Chg. checks per OR receive balance OR perform less
month and eStatement receive than 8 debits
receive AND have eStatement per month
Estatement direct deposit, AND have (50¢ for
(50¢ for each OR perform at combined each debit in
check written least 12 Check consumer excess of 8)
in excess of 5) Card deposit
transactions balances of
OR perform 3 $15,000 OR
bill pay have
transactions combined
OR write less consumer
than 5 checks deposit and
loan balances
of $25,000
(with at least
$5000 in
deposits) OR
perform at
least 25
Check Card
transactions
Minimum none $2,000 $5,000 none none $1,000 $100 none $5,000 average
Balance average ledger averge combined deposits or
balance ledger $25,000 outstanding
balance loan balances
ATM Fees No fees at Five No fees at Five No fees at No fees at Foreign Foreign ATM Unlimited free Unlimited free Four free foreign ATM
Star ATMs Star ATMs, four Five Star Five Star ATM transactions not foreign ATM foreign ATM transactions per
free non-Five ATMs, ATMs transactions free transactions transactions month
Star unlimited not free
transactions free non-Five
per month Star
transactions
up to $2.00
Opening Did not Did not Did not Did not Did not Did not disclose Did not disclose Did not disclose Did not disclose
Deposit disclose disclose disclose disclose disclose
Key First order of First order of Interest First order of First order Pays interest, Interest bearing, Free Internet Free checks for life,
Features 25 standard 50 standard bearing acct, 25 standard of 50 first order of 50 free checks for life, banking with bill pays preferred rates
checks free, checks free, free standard checks free, checks free checks free, free free Internet pay, free True on savings and CDs,
free bill pay, 10¢ cash back checks, 10¢ free bill pay, with direct Internet banking banking with bill Rewards Visa debit savings on mortgage
no annual fee for every cash back for no annual deposit or with bill pay, pay, free True card application fee,
for Visa Check Check Card every Check fee for Visa ACH credit, free True Rewards Visa debit discounts on home
Card transaction Card Check Cars free Rewards Visa card equity and personal
over 25, $10 transaction Internet debit card loans, free Internet
credit toward over 25, $20 banking banking with bill pay,
safe deposit credit toward with bill free True Rewards
11. box, up to $5 safe deposit pay, free Visa debit card
credit toward box, up to True
each wire fee, $10 credit Rewards
free bill pay, toward each Visa debit
free money wire fee, card
orders preferred CD
& installment
loan rates,
free bill pay,
free money
orders
12. Bank Canandaigua Canandaigua Canandaigua Canandaigua Canandaigua
National Bank National Bank National National National
Bank Bank Bank
Account Traditional Traditional Plus e-ssentials Advantage Optimum
Type
Monthly No fee for 21 $6 - $8 $3 - $6 $12 $15
Service and younger,
Chg. 55 and older;
no monthly fee
w/min balance
Minimum $500 $1,000 No monthly $3,500 Combined
Balance fee with combined deposit/loan
direct deposit deposit accounts of
and 3 balances $20,000
electronic
debits
ATM Fees Free at CNB Free at CNB Free at CNB Free at CNB Free at CNB
ATMs ATMs, four free ATMs, two ATMs, four ATMs, four
foreign ATM free foreign free foreign free foreign
transactions ATM ATM ATM
per month transactions transactions transactions
per month per month per month
Opening Did not Did not Did not Did not Did not
Deposit disclose disclose disclose disclose disclose
Key Overdraft Interest 50¢ charge Interest Dedicated
Features protection, free bearing, per check bearing, free personal
bill pay, free overdraft over 15 per checks, banker,
voice & online protection, free month, overdraft preferred
banking, free bill pay, free overdraft protection, rates,
debit card, voice & online protection, free bill pay, Interest
unlimited banking, free free bill pay, free voice & bearing, free
check writing debit card, free online online checks,
unlimited banking, free banking, free overdraft
check writing debit card, debit card, protection,
unlimited free bill pay,
check writing free voice &
online
banking,
free debit
card,
unlimited
check
writing