It has been almost five years since the retail banking landscape underwent a dramatic shift brought about by changes to Reg E., the Dodd-Frank financial reform legislation and increased scrutiny on fee structures by various regulators.

Yet today, financial institution executives still live with uncertainty of what the future holds in terms of new guidance and regulations that could further reduce fee income from deposit accounts.

Financial institutions continue to struggle with the loss of overdraft and interchange revenue resulting from regulations passed in 2010.

Now that regulatory agencies are again scrutinizing overdraft practices and fees, financial institution executives must “redesign” their business and leverage every opportunity to:

  • Reprice checking accounts by introducing new fees consumers will pay for services they want.
  • Recover lost interchange and overdraft revenue by introducing new revenue streams.
  • Reposition product offerings to meet account holders’ needs.
  • Rebrand products and services to differentiate their offerings.
  • Retain their account holder base by driving consumer loyalty.