Credit unions face challenges finding replacement fee income with retail checking accounts as related net interest income, interchange income, and overdraft revenue are all trending down. Megabanks and super-regionals also continue to accumulate more than their fair share of retail checking growth at the expense of smaller financial institutions. How can credit unions bravely face these market challenges and successfully win the battle for checking relationships?
Corporate One and our CUSO, Sherpa Technologies, have been rethinking the checking account for our credit unions’ members to reduce your reliance on overdrafts and increase your dependence on more member-friendly sources of fee income. We know that a rewards-based checking solution, using the subscription-buying model, is a better checking-account product that will help increase the financial productivity of retail checking by generating recurring, member-friendly fee income. For example, one of the leading rewards-based mobile apps reports that, typically, 36% of existing accounts generate an annual subscription revenue of $72.
You’re invited to learn more about this solution, along with what’s going on in the marketplace right now and how the financial industry is being impacted and reshaped in a way that cannot be ignored, in the on-demand version of a recent webinar, “Regaining your Financial Mojo.” Hosted by Keith Riddle, Sherpa Technologies President/CEO, and Dave DeFazio, StrategyCorps Partner, session topics include:
Watch the webinar: Regaining Your Financial Mojo
Webinar registration includes a complimentary download of the whitepaper “Competing with Google Plex and Digital Banks: How Community-Based Financial Institutions Can Regain Their Mojo.”