We encourage you to consider whether a product redesign belongs on your organization’s “to-do” list. If you are willing to accept the challenge and avoid these pitfalls, the end result could be an extremely valuable solution that achieves your business goals and also makes your customers happy.
Let me guess – you compete on service. The majority of community banks say they do. It makes perfect sense when 94% of customers cite excellent service as the #1 consideration in choosing their banking provider, according to our most recent Community Bank Customer Commitment and Loyalty Survey.
But do you know what comprises “Excellent customer service” in the minds of your customers?
For a few years now, we’ve believed that “Free-and-a-Gift” checking acquisition programs actually cost community banks in the long run.
We’ve worked with a number of banks to deliver a different approach that engages more new customers and in a way that’s representative of the community bank brand. And it works!
Off-the-shelf checking acquisition programs have been a staple in the industry for nearly 20 years. For some banks, they’ve proven successful in generating new accounts and driving fee income. But increasingly, their performance has left a lot to be desired.
A new approach tested by Galapagos clients has delivered results far superior to those free-and-a-gift programs, with higher response rates and generating new customer relationships beyond just free checking.