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Bottom Line Benefits
It Sets You Apart. Our clients will have a distinct marketing advantage by being able to offer a head turning checking product that can’t easily be matched by competitors – even the largest competitors. Reward Checking, pure and simple, enables financial institutions to acquire more accounts and increase deposits.
Reward Checking increases online banking. Reward Checking more than triples the amount of online users, meaning less in-branch services. And you have more opportunities to cross-sell other services online at little or no cost.
Increases Direct Deposit. Direct Deposit and other ACH transactions increase dramatically. Your overall processing costs drop significantly.
Increases Debit Card Transactions. The average free checking customer uses a debit card only 6 to 8 times a month. More than 80% of Reward Checking customers are active debit card users; averaging 20 to 25 uses per month, which boosts fee income per account.
Increases Average Daily Balances. Reward Checking customers move their deposits from other financial institutions. And, those balances are historically much higher. The typical free checking balance runs from $800 to $1600 and corresponding Reward Checking balances average $8000 to $13,000.
Tracks Data. The program’s software provides profitability analytics so management can monitor the success of the program monthly.
Increases Overdraft Revenue. Without exception, every financial institution that has introduced Reward Checking has seen a significant increase in overdraft related revenue.
Increases Customer Retention. Most financial institutions spend 80% of their marketing dollars to acquire new customers. The life expectancy of a typical free checking customer is 4.3 to 5.4 years. With Reward Checking the life expectancy is 8.3 to 9.2 years.
Improves Customer Profile. Reward Checking customers keep higher balances, generate greater fee income and use more electronic services than the average checking account client.
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Compare for Yourself!
It's All In The Numbers!
Operational and Marketing Support Package
Each Strunk Reward Checking client will be provided a customized operational and marketing support package to assist their efforts in managing and promoting their Reward Checking program.
A Geographic Customer Plot that maps out your particular area of opportunity or customer range will be developed specifically for your institution. Your organization will be given assistance on your communications tactics, beginning with e-marketing. An e-marketing “how-to guide” is included that will help you efficiently and economically promote your program electronically. Strunk clients are also provided with a Traditional Marketing Instruction Guide as well as a Best Practices for Traditional Marketing Guide.
Within the Reward Checking marketing package is information to assist your financial institution address all aspects of content and creative for billboard design, press releases, newspaper ads, lobby and branch banner design, flip books for CSR desks, and web site support.
Software
In addition to consulting with your organization to create and design the appropriate Reward Checking operational and marketing package, a comprehensive software support system is provided to provide your institution with unmatched solutions for managing and improving your Reward Checking program.Powered by Data Warehouse software, the system features daily and monthly reporting that incorporates check card transaction data, online banking, telebanking, bill pay data, and future e-banking and marketing systems.
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