For community financial institutions looking to grow sustainably, focusing on checking account acquisition isn’t just smart—it’s essential. At Haberfeld, we leverage a deep well of data gathered from our extensive client portfolio and the broader banking industry to identify key trends that are shaping the future of financial institutions. Time and again, this data reinforces a central truth: the checking account is the cornerstone of long-term customer/member relationships.
Through our High Performance Growth™ (HPG™) strategy, we’ve helped hundreds of institutions realize that true growth doesn’t begin with loan volume or deposits alone—it starts with securing the primary relationship. And, in over 74% of new household relationships, that starting point is a checking account.
The Data Speaks
Our analysis of over 2.8 million account openings across 110 community banks and credit unions reveals a clear winner when it comes to the first product households choose. Checking accounts dominate this space, with 64.7% of new relationships beginning with a retail checking account and an additional 9.4% starting with business checking.
Compare that to just 9.7% who start with loans and 8.3% who begin with savings accounts. The takeaway? Loans and deposits do bring revenue, but they rarely bring new relationships that withstand the test of time. It’s the checking account that unlocks long-term value.
Why It Matters
A checking account isn’t just a product—it’s a gateway. It’s often the first significant interaction someone has with your institution, and it sets the tone for what follows. From personal loans and credit cards to mortgages, savings products, and small business banking services, nearly every other product stems from the foundation of an active, engaged checking account.
This insight is what drives our entire approach. At Haberfeld, we focus on the goal of acquiring new checking relationships through:
- Marketing strategies – Utilize the power of data and omnichannel marketing to get the right message in front of the right people at the right time.
- Product development – Listen to the market and give your customers/members the accounts they want. Basic checking should be free and simple to use, while products like Benefits Checking can provide protections people need with the discounts they want along with a checking experience only your FI can deliver.
- Frontline training efforts – Haberfeld’s Cultivate™ program combines coaching and training to develop your team leaders while utilizing a digital platform to track and ensure accountability. This powerful process accelerates growth in your organization by empowering people and building an unbeatable culture.
Why focus on these three key pillars? Because they fuel everything else. They deepen customer/member engagement, improve retention, and increase lifetime value.
A Call to Action for Community FIs
If your institution prioritizes growth, the data’s message couldn’t be clearer: start with checking. Community financial institutions have a unique advantage—proximity to their customers, trust within their communities, and the ability to act quickly on strategic insights. By putting a structured plan in place to acquire checking accounts, you lay the groundwork for a stronger and more resilient customer/member base.
Now is the time to align your marketing, product offerings, and training strategies with the goal of checking account growth. Let the data guide you—and let checking accounts lead the way to lasting relationships and sustainable growth.
To learn more about what HPG™ can do for your community FI, send us a message or call 402.475.1191.