With interest rates remaining low and traditional fee income such as debit card and overdraft fees impacted by recent government regulations, banks and credit unions are increasingly looking for new ways to increase revenue. While banks will look to cost cutting measure, another way to make up for falling fee income may be to have customers pay for services that were previously ‘free’. Unfortunately, continued pressure from consumers and the precedent of online and mobile banking options being provided for free make this option difficult. Another option is to promote customer loyalty and generate new non-interest sources of income through new value-added services the customer is willing to pay for. Join Brett King and his guests Jim Marous of New Control Direct and Digital and Bank Marketing Strategy Blog, and Dr. Dan Geller, Executive Vice President Market Rates Insight(MRI) as they discuss new opportunities to generate fee income from non-traditional services.
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