Zoot and Strategic Software Systems Launch Actionable Data Solution for Banks

Checking Account Profitability: Turning a Threat into a Promise

November 7, 2011

WHO: Zoot Enterprises’ Vice President of Product & Business Development, Tom Johnson and TowerGroup Research Director Nicole Sturgill

WHAT: A one hour educational Webinar, “Checking Account Profitability: Turning a Threat into a Promise”

WHY: The financial crisis has matured into a new normal for banks, defined by reduced fee income and increased compliance costs.  Many financial institutions have come to the unsettling realization that the checking account in its current form is not profitable. Although banks can generate revenue through products, services, and fees outside of retail banking, it is not a practical long-term business plan to run the retail demand deposit account (DDA) product as a loss leader.

Institutions have been reviewing the DDA product set to determine what benefits should be eliminated and what fees could be added to reduce the losses facing the retail bank. The TowerGroup argues that financial institutions must look beyond the development of a new or changed product set and instead consider a new way of doing business.

This event promises:

• Expert perspectives on the industry trends that support the need for change and how to turn insight into action.
• Best practices on making checking account origination profitable again.
• Strategies to design a flexible account origination process that allows for tailored interactions to meet the needs of each consumer while promoting a profitable relationship with the bank.

WHEN: Thursday, November 17, 10:00-11:00 a.m. ET

REGISTER: Complimentary for qualified participants. Attendees will receive a recording of the Webinar and a copy of the TowerGroup white paper “The Way Forward: Making Checking Account Origination Profitable Again”.

About Zoot
Bozeman, Mont.-based Zoot Enterprises, Inc. provides comprehensive credit decisioning, loan origination and credit risk management solutions to enable clients’ unique business objectives, leading to long-term relationships with top U.S. and international financial institutions. Zoot’s rapid, high-volume processing environment has the capacity to process billions of transactions per year. Visit http://www.zootweb.com or call 406.556.7555 for more information. Zoot thought leaders are now featured on http://www.zootweb.com/blog/.