Ever wish you had a crystal ball for depositor behavior? You already do…
…I can tell you exactly how your accounts will react to #DepositProfitability
Your accounts will act in one of 3 basic ways:
- CHANGE: This group will change their behaviors to avoid paying fees for transaction usage. They will use less costly delivery channels, do fewer transactions, or some combination of the 2.
- PAY: This group will consider the pros and cons of changing behavior and ultimately decide that they would rather pay a fee to keep on banking the way they prefer. I personally fit in this category.
- RESIST: This group is the smallest group. They don’t want to pay fees and they don’t want to change their banking habits. They like things the way they are…because they are getting a “too good to be true” deal.
Knowing these behaviors in advance helps you be prepared to react when you actually see them.
Keep in mind that improving your bank’s deposit profitability is WAY more important than knowing how your customers will react.
The truth of the matter is that most customers will either not be affected by the change, or will readily accept it.
Don’t let a few “squeaky wheels” ruin your best opportunity to improve bank profitability.