Banks expected to make major changes in 2010
2010-02-10
New government regulation and customer fears have banks wondering how to prevent customer attrition and promote customer retention. Analysis by marketing intelligence company Mintel Comperemedia predicts that banks will make some major changes in 2010 to deal with the changing climate.

"Banks seem poised to make 2010 a year of innovations," says Susan Wolfe, vice president of financial services at Mintel Comperemedia. "The biggest challenge will be finding new opportunities for revenue."

Mintel predicts that "totally free" checking will continue to fade, and may disappear. With new regulations on overdraft fees, checking fees are one way to maintain income. Programs may also be implemented to encourage deposits, while debit card marketing will increase.

However, maintaining revenue is not the only concern - banks are equally concerned with customer loyalty. Solutions to decreasing business may take the form of rewards programs, both for current customers and new applicants. Mintel reports seeing cash incentives as high as $200.

With recent Forrester data showing a slight increase in trust in banks generally, but trust in larger banks taking a hit, all banks may find it necessary to evaluate customer relations.

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