What tricks is your financial institution using to optimize the profitability of its consumer and business check programs? If you’re smart, you’re building online capabilities into account offerings, allowing customers to pay bills, deposit and transfer funds, and monitor balances all without ever having to touch a single piece of paper. Online banking is dominating the industry, and this reflects the preferences of a growing number of consumers.
But it pays to pursue every route when optimizing check program profitability [click the link to download the 6 Best Practices that Increase Check Program Profitability white paper]. Here are some tips to implement at your financial institution:
Online check ordering
Paperless checking is now a reality of the marketplace, but things aren’t all over yet for paper checks. A GoBankingRates survey found nearly half (42%) of consumers still write paper checks on a monthly basis. Still, nearly as many — 38% — say they never write checks, and we can presume that many of them are using online channels for their payment needs. Even among check writers, online banking use is growing, so it makes sense to integrate online check ordering functionality into your banking website.continue reading »