Bank of America has been losing 18% of its checking accounts annually according to CEO Moynihan. Other large banks are in the same position.
If your bank is not growing the number of net checking accounts by 15% a year there might be a problem. If you answer no to any of these questions there might be a problem…
- Are your phone shop scores above 100% every time?
- Is your branch utilizing a branch or team calendar?
- Have you implemented the Non-Negotiables?
- Are you conducting weekly team meetings?
- Are you having daily, one-on-one conversations with each of your direct reports?
Checking account and deposit growth doesn’t happen by accident. There is a reason some grow by 25% and greater annually while some (even in the same market) struggle to maintain no growth.
Read the article at the link below about the fading free checking account and the opportunity for community banks.