Our biggest challenge was bucking the notion that all checking accounts are the same, don’t offer worthwhile benefits, and charge annoying maintenance fees. What’s more, we found that even if you can show consumers that a new checking account is better than their current one, they will still be reluctant to move from one financial institution to another.
We dreamed up a new name for the account, then created a rollout campaign. We positioned the “Core Account” as a companion or supplementary account rather than the only account someone would need. This eased the anxiety people had when thinking about moving multiple accounts all to one credit union. In other words, the Core Account didn’t have to be your only account—just your favorite account.