Better Together (Part 1 of 3)

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428 Reasons Digitally Engaged Customers Matter

Hint: Each reason is a percent

If an average 428 percent increase in fee income is small potatoes to your bank, you can skip this article and my breakout session at next month’s ABA Marketing and Retail Conference. I won’t be offended. After all, the other breakout sessions look good. I’d attend them myself, but—I’m sure you understand—I’m kind of obligated to attend mine.

Back to that average 428 percent. That figure comes from Fiserv’s proprietary research. It represents the average of how much more fee income digital banks generate than non-digital banks.

The numbers behind the average are more surprising and quite telling. At the low end are customers aged 61-70, where the average increase comes in at a not-paltry 242 percent. At the other extreme is the 0-18 age group, which comes in at 1,137 percent.

In real dollars, the 61-70-year-olds account for almost twice the fee income as the 0-18-year-olds. No surprise there. Older folks have more money to throw around. That is, they have more money right now. I seem to recall that an issue weighing heavily on bankers is that our not-too-distant future depends on winning over the young’uns. If the young’uns want digital banking and don’t mind paying for it—and the numbers suggest they don’t mind at all—it takes little vision to realize that a winning bank will not just offer but champion digital services.

This article is the first of three before the conference. In the next article I’ll share some best practices, and in the final one I’ll share a few important points to remember. For the whole story, I hope you’ll join me for my session, “Better Together: Marketing Mobile and Tablet Banking with the Help of IT.” It’s on Sunday, September 7, at 3:45.

I hope to see you in Orlando.

 

 

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