Marketing Value Added Products

REWARDS CHECKING1 Rewards Checking UMUC MBA Fundamentals Section 9048 Dr. Mona Engvig February 21, 2010 REWARDS CHECKING2 Introduction To a bound, the checking method of accounting represents the radical financial blood with its guest. Checking accounts runway to the regular interaction of the bank with its lymph nodes. It is a access to tot upitional descents ilk loans, direct deposit, certificates of deposits, IRAs, mortgages, belief cards and investments. With a product that carries such importance to the client relationship it is absolute that a financial institution add innovative and benevolent features to attract new business. As latterly as 1994, everyplace 70% of Americans used a checking account with their local participation bank or credit union, with sole(prenominal) 30% victimization a crowing national bank. By 2009 these numbers had transposed with 70% now using the large national banks (Morrison, 2009). This has lead community banks and credit unions to look for innovative and unique slipway to specify themselves from their competitors. One of these differentiating products is Rewards Checking. J. D.

Power and Associates 2009 sell Banking Satisfaction ponder found that 67% of Americans are dissatisfied with their current checking relationship and would not hesitate to switch banks (Morrison, 2009). This presents a valuable hazard for banks to introduce a product like Rewards Checking. This product puts the customer in control of the banking relationship by rewarding them with a high return and the free drop d ead they desire, for monthly activities th! ey already perform. This product has the chance to reinvent the imagination of checking and enhance the cheer of the banking consumer. Rewards Checking Description Rewards Checking allows a bank to differentiate itself from others in the market. This is an opportunity for the world(a) public to be offered the high pursuit and free services that are...If you want to get a expert essay, order it on our website: BestEssayCheap.com

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