By : Shelagh Munday
March 10, 2015 09:00 AM
TD Bank's Checking Experience Index 2014 found that banking experience is improving, but consumers are missing easy savings opportunities. It reported that, despite having a checking account, many consumers are turning to alternative financial providers, such as check cashing services, money transfer agents and payday loans. "One in five consumers with a bank account are using alternative banking products, which could add needless cost to their monthly budget," said Ryan Bailey, executive vice president, head of retail deposit and payment products for TD Bank. However, what this means to the bank is that it is missing out on incremental sales from existing customers. Banks need to be initiating the conversation by harnessing better consumer data and targeting those that may be drifting away. It was clear from this research that the consumers still rely on telephone calls or branch visits to have questions answered about their account. TD Bank notes that “a personal connection remains important to consumers.” TD highlighted that the bank location is a key contact point, although perhaps more could be done to drive consumers through other channels for basic questions and services.