Accountholder acquisition at financial institutions often depends on major life-changing events such as a new job, marriage or moving; however, the unique circumstance surrounding college students makes them a prime target demographic for new accountholder acquisition. Financial institutions can capitalize on this opportunity by providing students with tools to succeed on their own financially. Most college students are looking for three things before they head off to school: a new bank, an accessible checking account and financial education.
High school graduation signifies a right-of-passage when many teens become independent from their parents. As college students prepare to leave their parents’ home, they also prepare to leave their parents' bank accounts. As students leave the nest, their new independence creates a market for new accountholder acquisition for financial institutions. These first-time accountholders are looking for a bank that can travel with them to their new college and help them achieve the financial independence they desire.
College students need checking accounts that meet their specific requirements, and to many teens today, that means mobile. Offering products and services that go beyond an ordinary mobile banking app to a full mobile checking account provides college students with a product they’ll use and appreciate. With a mobile checking account, students will be able to pay bills, deposit checks and manage their account whether you have a branch in their new college town or not. Along with a fully mobile checking account, students need an easy to understand, consumer-friendly overdraft privilege program that helps first-time accountholders by protecting credit scores, covering unexpected needs for funds, and saving embarrassment over returned items.
While nowBANKING provides a fully mobile checking account with an affordable overdraft privilege program, it’s important to the overall independence of college students to provide them with the financial education necessary to make wise choices. Our Checking Navigator financial education solution enables you to provide students with information about money terms and effectively managing a checking account. By guiding your new accountholders through the ins and outs of managing their checking account, you can help them fulfill their aspirations toward financial independence.
While larger financial institutions have access to funds to develop cutting-edge products to reach the millennial market, smaller community banks and credit unions aren’t out of options. Turnkey programs like Pinnacle's nowBANKING and Checking Navigator help community banks and credit unions reach this target demographic and increase new accountholder acquisition.