Boston, MA, October 16, 2008 – A new report from Aite Group, LLC identifies the checking-account features
consumers consider the most important, the types of accounts they select, and which banks consumers choose when they research checking accounts online. Based on the results
of more than 4,000 completed searches at FindABetterBank.com (FABB), the report also examines the success a number of brick-and-mortar and Internet banks have achieved in
converting consumers researching checking accounts online.
Many bank marketers believe that a checking account is a springboard to a deeper customer relationship, and, as a result,
expend a great deal of effort and resources in attracting new checking account customers. Despite this, they are often faced with insufficient data to help them
measure their marketplace performance. Even with the emergence of the Internet as a tool for consumers to research and apply for checking accounts, marketers
still do not know how they fared in situations when a prospect researched accounts on their site but didn't apply, nor what other banks prospects considered when
they researched alternatives. This report helps banks' marketers overcome that knowledge gap by identifying which banks consumers chose when they researched checking
accounts online, as well as the types of accounts they selected.
"Interestingly, 'free' checking accounts were not the type of accounts most frequently selected online," says
Ron Shevlin, senior analyst with Aite Group and author of this report.
"Today's savvy customers likely understand that free checking accounts are not necessarily without other hidden costs. Instead, banks would be well advised to
focus attention on other attributes that customers find valuable, such as overdraft protection or offering interest-bearing checking accounts."
This 28-page Impact Report contains 19 figures and 10 tables. It examines the conversion rates of Bank of America, Bank of Internet USA, Bank of
the West, BB&T, Charles Schwab Bank, Chase, Citibank, Citizen's Bank, Colonial Bank, Comerica Bank, Commerce Bank, Compass Bank, E*Trade, Everbank, Fifth Third
Bank, First Bank, First Tennessee Bank, Guaranty Bank, HSBC Direct, Huntington Bank, ING Direct, KeyBank, M&I Bank, M&T Bank, National City, PNC Bank, RBC
Centura Bank, Regions Bank, Sovereign Bank, SunTrust, TCF Bank, TD BankNorth, U.S. Bank, Wachovia, Washington Mutual and Wells Fargo.
Clients of Aite Group's Retail Banking service can download the report by clicking on the icon to the
right.
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