Benefit Statements and Overcoming Objections

1.  Create Differentiation for Your Checking Account Line Up: Stand out from the competition with a suite of valuable services that your customers will love, such as cell phone protection, identity theft monitoring, integrated credit scores, no-copay telehealth services, cash discounts for everyday items, and more.

2.  Increased Non-Interest Income: Monetize checking accounts more effectively while maintaining market share and earn $0.50 to $1.00 or more in additional non-interest income per checking account. We can show you how we have done the same for hundreds of [banks/credit unions] like yours.

3.  Improve Customer Retention: Keep your checking account customers by offering an improved value proposition with our line-up of real-world benefits for account holders, delivered by tech-savvy solutions.

4.  Fight Against Online Fin-Techs and other Disruptors: Stay ahead of new competitors for your checking account customers, blending modern innovation and traditional stability for an unbeatable banking experience.” 

(WIFM: What’s in it for me?)

Overcoming Objections - Script for Sales Reps:

Client Objection 1 

“I don't have any capacity to take on any new technology integration.”

“Thank you for sharing your concern. We completely understand that technology integration can be a daunting prospect. The beauty of our program, however, is that we're here to make it as seamless and hassle-free as possible. We've handled complex integrations for institutions with similar concerns, with minimal impact to the institution’s staff. Plus, our modularized program means that you can choose the level of integration that you want. If needed, we can even provide a completely stand alone solution that requires zero reporting or integration.

Whatever level you choose, we have a dedicated team of experts who will manage the entire implementation process for you. Our goal is to minimize the impact on your resources, allowing you to focus on what you do best—serving your customers.

Let me schedule a quick online meeting with our experts and we can discuss your specific capacity constraints so we can tailor our approach to best suit your institution's needs.”

Client Objection 2

“I have already seen a presentation of checking account solutions in the past.”

“I appreciate your time and consideration in the past. It's not uncommon to have explored various options before making a decision. However, the landscape is continually evolving, and our partnership with Econocheck brings a fresh perspective, and a host of additional benefits and technology solutions to the table.

We would love the opportunity to provide you with updated insights and showcase how our program distinguishes itself from previous presentations you may have seen. It might surprise you how much the industry has changed, and our approach aligns perfectly with current market trends.”

Objection 3 

“I have a program offered by one of your competitors.”

“Thank you for sharing that you're already working with a competitor. It's crucial to evaluate your options from time-to-time. We believe our program, backed by Econocheck's 50 years of industry experience, offers unique advantages that can complement or even surpass your current solution.

Would you be open to a comparison to see how we stack up against your existing program? It's a valuable exercise to ensure you're getting the best possible solution for your institution and account holders. Even if it's not time for a contract conversion now, it’s never too soon to start planning for the future.”

Objection 4 

“I don't want to add a fee to my checking account; I might lose market share.”

“I understand your concern about maintaining your competitive edge in the market and your concern about adding fees to your checking accounts. I can assure you our program is designed to enhance profitability without necessarily increasing fees for your account holders.

Our team can work closely with you to explore strategies that balance profitability with maintaining an attractive offering for your account holders. We've successfully assisted other institutions in similar situations and would be delighted to discuss customized approaches tailored to your specific goals.”

Objection 5 

“I don't have the staff to manage another project.”

“Managing additional projects can be a challenge, especially with limited staff resources. However, our commitment is to make this process as smooth and manageable as possible for you.

We have a dedicated project management team that specializes in overseeing the implementation of our program. They will work closely with your institution, minimizing the burden on your existing staff.

Would you be open to a discussion where we can outline the support and resources we provide to ensure a hassle-free experience for your team during the implementation process?”

Objection 6 

“We are doing just fine. We don't want to make any changes at this time.”

“I appreciate your confidence in your current situation, and it's great to hear that things are going well for you. Stability and consistency are valuable in the financial industry.

However, the world of banking is ever-evolving, and sometimes even small changes can lead to significant improvements. Our program, powered by Econocheck's 50 years of industry experience, is not just about change for the sake of change. It's about optimizing your existing strengths and taking advantage of opportunities that may not be visible today.

At a minimum let me offer you our in-depth analysis of your current checking account portfolio at no cost. We analyze various aspects like balances, fees, NSF charges, and product retention, setting a solid profitability baseline. We go further by utilizing data from opened and closed accounts, providing insights into past performance and future trends. We even benchmark your performance against industry averages. Even if a program enhancement is not in the cards today, this exercise can confirm those strategies that are currently working well for you and provide valuable insight for your planning sessions in the future.”