Elevate™ checking gives financial institutions the ability to design and support account relationships that are mutually rewarding.
Account holders enjoy a customer centric checking platform that incentivizes key behaviors such as direct deposit, bill pay, e-statement, debit swipe and minimum average balance. Financial institutions are able to convert existing, unprofitable legacy checking accounts into high value, fee income producing accounts with an industry leading 95% average retention rate.
With the regulatory landscape set to significantly reduce revenue associated with overdraft income, financial institutions are faced with difficult choices on how to replace that revenue stream. Industry analysts project a 56% - 90% decline in OD fee income for financial institutions beginning January 2016. Core processing systems offer little help in the way of designing intelligent, flexible checking account fees. In fact, most institutions are forced to settle with a single qualification hurdle for determining whether or not a monthly service charge is applied.
With the Fee Alert app, customers can track progress on activities that reduce monthly account fees.
Fee Alert is the industry’s only proactive approach to promoting transparency in account fees along with enhanced customer engagement.
Push notifications and alerts keep customers up to date on their fee status and coach them to achieve lower fees through optimized account relationships.
Elevate checking is the only turn-key program that enables dynamic fee modeling at the account level. This allows financial institutions to maintain their current checking account lineup while optimizing service charge income. With Elevate, your institution can design a checking account fee waiver matrix based on any combination of account service requirements including the number and dollar value of individual transactions. Services are priced individually, and credits for a single or combination of requirements reduce monthly account fees, ultimately producing a no-fee account for qualified account holders.
Elevate checking features a no-cost fee income analysis for financial institutions interested in uncovering the fee income gaps of their current checking account lineup. The average increase to monthly service charge income ranges from 50% to 200%. Isn’t it time your institution looked to Elevate?
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