There is no question that the “New Normal” for banks in the post-Reg E, post-Durbin, post-CFPB world presents daunting challenges for generating fee income growth.
While most banks have reacted by eliminating universal free checking in lieu of free checking “with stipulations,” others are also taking a hard look at expanding ancillary services that can help fortress relationships and build new sources of income. There is a resurgence of interest among banks and credit unions in offering insurance products for their customers or reviewing and expanding their existing insurance programs.
In BSG’s experience, banks that have robust programs to sell insurance products have materially higher net income than banks that don’t. Moreover, given most Americans are under insured, every US bank has significant sales potential for insurance products residing in its customer base.
BSG consultants have extensive domestic and international experience in establishing and improving the performance of bank insurance programs.
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