Yes, checking has changed. But checks remain the prevailing form of payment.¹ In the minds of most consumers, the checking account defines their core banking relationship. When it comes to frequency of use and access, the checking account usually trumps savings or any type of loan.
That's why acquiring and keeping checking account holders is so important. Consider the following trends and how they might impact your institution.
Last year, Harland Clarke surveyed financial institutions to determine their preparedness for the October 2015 EMV (Europay®, Mastercard®, Visa®) liability shift. We recently completed a 2014 follow-up to understand the progress made since that time. The 2014 survey covered a varied sample of financial institutions, ranging in asset size and annual card volumes.
Equity lenders who are trying to get a read on potential for the remainder of 2014 should be encouraged by recent economic data. Despite the headwinds of higher interest rates and a geographically uneven recovery, current trends suggest a continuation of the upswing experienced throughout 2012 and 2013.