Taking a Page From Amazon’s Playbook

What if banks and credit unions applied Amazon’s customer obsession to checking accounts? Banks could transform a low-margin commodity product into a powerful value-based acquisition and loyalty engine. More importantly, it would answer a question keeping your leadership team up at night: How do we protect consumer primacy when competitors are redesigning the checking experience?

For your CEO, this represents a 12-month strategic window. First movers will set market expectations and own consumer primacy for the next three to five years. The data is compelling. Thirty-seven percent of young millennials and 46% of older millennials would open an Amazon-style bundled account, with nearly a quarter willing to close their current checking relationship to do it, according to research from Cornerstone Advisors.

Here’s the good news: The playbook already exists.

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