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The Time to Get Involved is Now

There's no better time to start the Rec-Chek program than the present. Why let the competition continue to take away valuable market share? Listen to what your customers want and provide the services that they need. Then watch your fee income increase quickly, and dramatically, right along with your ROA.

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What Customers Want

An important part of the community bank's job when trying to increase their service offerings is to understand what their current customers want, and what kinds of services will attract new accounts, as well. “So often, we as bankers, think first about what's in this for the bank, and then about how the customers will respond,” says Rec-Chek Chairman David Anderson. “When a bank thinks first about what the customers want, and then about how they can make money by providing those services, that’s where the real win for the customer can turn in to tremendous profit for the bank.”

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Tried and True Marketing Programs

Big banks are now targeting small business accounts, and they have some tried-and- true marketing programs. For example, Wells Fargo has determined that each small business has 16 financial relationships. The typical community bank has an average of 2.5 of those, and Wells Fargo now has 5.3. Their goal is 8! Once they reach that goal. it will be impossible to get that small business to switch to your financial institution. The cross-selling of additional services is the key to meeting their goal. Wells Fargo is very good at this. Rec-Chek Inc., creator of the Rec-Chek Expense Coding service, also has tried and true marketing programs that will help the community bank compete with the likes of Wells Fargo.

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Rec-Chek Reports

Rec-Chek's patented expense coding program is a wonderful way for your community bank to offer a service that will keep your customers from moving to the “big banks.” Rec-Chek Expense Coding is an easy-to-use, affordable, and valuable service. Clients create a Chart of Accounts, code their checks and deposits, and the Rec-Chek Service Bureau does the rest. The client is provided with an  easy-to-read monthly reports that provides the customer with a very clear picture of their financial  status each and every month of the year. It is a time-saving service for the customer that is very valuable at tax time. All the bank has to do is get the customers' DDA statements to the Rec-Chek Service Bureau, and in return, the bank will see their non-interest income as well as their ROA, increase dramatically.

Another important benefit to the community bank from this service is the added customer retention.“Can you think of any other bank service that customers have kept for 25 years or  more? We have clients who have stayed with their bank in order to keep this service, or have changed  banks to get this service. The increase in customer loyalty with this service is more than worth the cost,” says Chairman David Anderson. Rec-Chek is continuously improving the technology of the program. The program has evolved to include internet capabilities, CD ROMs, and can be downloaded into other programs, such as Quicken™ or Microsoft Money™. The company also has security in place to ensure confidentiality, and to keep the information protected from outside parties.

Click on each report for larger print-ready versions in PDF.

 
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