Marketing Value Added Products

REWARDS CHECKING1

Rewards Checking

UMUC
MBA Fundamentals
Section 9048
Dr. Mona Engvig
February 21, 2010

REWARDS CHECKING2
Introduction
To a bank, the checking account represents the primary financial blood with its
guest. Checking accounts runway to the regular interaction of the bank with its clients. It is a
access to additional descents like loans, direct deposit, certificates of deposits, IRAs,
mortgages, credit 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 recently as 1994, everyplace 70% of Americans used a checking account with their local
participation bank or credit union, with only 30% victimization a large 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 differentiate
themselves from their competitors. One of these differentiating products is Rewards Checking.
J. D.



Power and Associates 2009 Retail 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 operate they desire, for monthly
activities they already perform. This product has the chance to reinvent the concept 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 interest and free services that are...If you want to get a full essay, order it on our website: Orderessay



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