The latest in the battle for “share of wallet”
On Monday, The Boston Globe ran a story on Fidelity Investments’ new high-interest checking account. Launched largely as a reaction to efforts by banks like BofA to woo brokerage house customers with offers of free or discounted online equity trades, the account has a number of attractive features. This news continues what The Globe has called the, “push and pull within the financial services industry as banks and brokerage houses try to top each other’s services….” Yet, the big banks and brokerage houses aren’t the only players in this field. What The Globe didn’t report on are the number of community banks who will also need to react to broadening offers of convenient, sophisticated high-interest checking accounts. Which is not to say that local, communty banks can’t compete. By doing what many do so well — interacting with their customers and responding to what they want, the saavy will continue earning new accounts and keeping customers happy. The trick is to always remind customers and prospects about what sets them apart, while staying on the leading edge of service and convenience.
Posted by Kelly on August 29th, 2007
Filed under Banking, Marketing | No Comments »
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