Community Banks' and Credit Unions' Keys to Unlocking Increased Profitability

Posted on Thu, Jan 29, 2015

The time has come for community banks and credit unions to win accountholders back from big banks. You can unlock success and profitability at your financial institution by providing accountholders with the right product mix that fits their needs. Effective rewards checking programs, mobile checking accounts and stronger accountholder relationships will lead to increased accountholder acquisition and retention. 

Implementing Effective Rewards Checking Programs

A successful rewards checking program begins with a simple to implement, easy to understand, demonstrably valuable reward program. Reward programs are a highly effective way to attract and retain profitable accountholder relationships. Most financial institutions offer debit cards to accountholders, and by linking an effective rewards checking program to debit card usage, institutions will no longer leave money on the table. The most successful rewards checking programs are those that are simple to understand, provide ongoing incentives and are geared toward accountholders who can benefit the most from participating. Properly structured, rewards checking programs retain accountholders and deliver significant increases in debit card usage and associated interchange fees.

pinnacle rewards checking mobile resized 600

Providing Mobile Checking Accounts

According to a recent Ovum study, more than 1 million people access the Internet solely through a mobile device. Many financial institutions have mobile adaptive websites or apps, but tech-savvy accountholders are looking for more from their financial institutions. With a truly mobile checking account, your accountholders can deposit checks, pay bills and even manage identity theft with their smartphones.

Developing the software for a mobile checking account may not be in every financial institution's budget or skill set, but community banks and credit unions can provide accountholders with mobile checking accounts using products like nowBANKING. The nowBANKING mobile checking account from Pinnacle can differentiate your institution for next-generation customers and increase non-interest income for your financial institution. 

Developing Stronger Accountholder Relationships

Retaining accountholders is key to increasing profitability at any financial institution. By providing accountholders with the personalized customer service that the big banks can't offer, your financial institution can hold onto valuable relationships and provide a satisfying reason for new accountholders to switch to your financial institution.

You can build a trusting relationship through financial education services that benefit accountholders, like Pinnacle's Checking Navigator. The Checking Navigator provides accountholders with a resource they can use to understand financial terminology, learn how to track their spending and improve their financial stability.

You can unlock profitability at your financial institution by providing accountholders with rewards checking programs, mobile checking accounts and stronger relationships. Contact us at to schedule a free consultation and find out how you can start strengthening the bottom line at your financial institution.

Tags: what counts reward checking, Pinnacle Financial Strategies, Debit Card Programs, accountholder acquisition, rewards checking program, mobile checking accounts, accountholder retention