What do credit unions have that mobile-first fintechs don’t? As many users, for one.
More Millennials and Gen Y use app-based banking products than primary checking accounts at every credit union…combined.
It seems the only path is to better compete on price. Free-er checking, scratch that…free-est checking! Forget the toaster, our credit union will fill the account every time you make a withdrawal! Now that’s adding value!
Or, we could go about it in a better way. With real Value-Added Checking.
Learn how one credit union made the change to subscription and the gains they saw following. Could you duplicate with your members? Get the data and honest insights needed in the Client Story.
Why Not Just Free Checking?
Free checking is boring. Over the years, free checking brought in members otherwise stuck with fee-laden bank accounts or check-cashing services. That’s an important legacy. Today, credit union members expect more, and other companies are delivering. It’s not just us saying that.
A fintech is going to out-tech anything at your credit union. It’s not an insult, just the reality. Remember, they put all their investor resources into creating simple and engaging mobile apps. Because they’re not banks, that gets more attention than almost any credit union could.
However! Your credit union knows members just want to live better financial lives. Finding ways to not spend is important, and free checking covers some of them. But what if there were more value…and savings, in a different approach?
Your checking program is where loyalty, engagement, and onboarding really begin. So what are you doing to ensure it’s firing on all cylinders? This Cheat Sheet will give you 4 quick, actionable steps to make the most of your checking program.
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Value-Added Checking for Likes
People pay for HBO Max because it provides value beyond the monthly rate. Same with Disney+, Apple Music, Blue Apron, Stitch Fix, and any other media, food, body care, or clothing service. If customers keep these month after month, it’s because they like them.
When a credit union member incurs a fee, they don’t pay because they’re so delighted with the service (no matter what they say). They’re paying because that’s the cost. What if you flipped the table? Instead of making money on punitive fees, grow income with members happy to subscribe to a value-imbued checking program!
Value-Added Checking is the monthly subscription service for your credit union member’s financial wellness.
Let’s look at what Value-Added Checking offers and how it can benefit your credit union, account holders, and their families.
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Saving With Value-Added Checking
If members are paying every month for a subscription service, how can they save money? Because you’re providing value! From protection against cell phone mishaps to discounts at businesses, the savings quickly add up. Here are a couple components:
Cell Phone Damage Protection
At some point, everyone drops their phone. If that big glass screen happens to break, no one looks forward to paying for a replacement. Many struggle to use it around the cracks. With Value-Added Checking, your members get coverage to replace those screens.
And not just them, but every phone in their household! At hundreds of dollars per repair, one claim alone can negate the cost of a Value-Added Checking account for the year.
Dining & Entertainment Discounts
Whether it’s a 2-for-1 ice cream or 15% off your dinner, savings grow quickly with a range of digital coupons. Typical discounts are around the monthly cost of a Value-Added Checking account. Once again, an easy way to save while living life (and using your debit/credit cards).
ID Theft Protection
Protecting our identities is important. Even more essential today is having the ability to check your credit report and recover from identity theft. Value-Added Checking includes everything necessary, from automatic monitoring to a dedicated team to help restore your digital identity.
Wallet Share Growth
Credit unions pride themselves on always standing up for their members. Value-Added Checking can be another piece of that strategy, while building loyalty, keeping your accounts top-of-wallet, and establishing the credit union as an important part of members’ financial lives.
Discover how Value-Added Checking might work at your credit union with our due-diligence focused article series. Then be sure to Subscribe to the Learning Library. Those fintechs aren’t going to stop innovating. And we’ll be here to help you continue supporting your members!
Blogger. Speaker. Futurist. Part-time Jedi.
Dedicated to helping your credit union, large or small, deliver mission-focused financial empowerment to your members. And make a positive impact on your community while you’re at it.