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At Last: Checking for Boomers
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Business New Haven
4/14/2003
By: BNH
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WATERBURY - North American Bank this month began running advertising to promote its new "40+ Interest Checking" product targeted at baby-boomers who want a feature-rich, interest-bearing checking account. "The personal banking marketplace is highly competitive," says bank President Fielding Moore. "Free checking, no matter how it's positioned, is no longer a compelling enough reason for customers to change their banking habits." Moore says his bank's sights are set on people in their 40s because this demographic group typically has greater cross-selling potential.
Ken Gronbach, an expert on consumer demographics and president of KGC Direct, agrees. "Baby Boomers (ages 38-55) are very savvy consumers," he says. "They also like to keep their money accessible, which means that they often park large sums of cash in non-interest bearing accounts."
The North American Bank 40+ Interest Checking program is being promoted in print, on television and through the distribution of collateral materials both in the bank's branches and by mail, in a branding campaign developed by Donaldson Makoski Inc. in Avon.
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