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Event Name:Bank Fees and Service Charges: The Customer’s Viewpoint
Date:Tuesday, December 11, 2018 11:00am CST
Presented By:BankersHub
Panelist(s) Info: Michael Beird  (Bio)

Michael Beird has been involved in Financial Services for four decades, most recently as Co-Founder and Managing Director for Financial Services at BankersHub since 2010. In addition to BankersHub, Michael most recently served as Director of Banking and Credit Card Practices for J.D. Power and Associates where he helped oversee the annual customer satisfaction surveys in addition to consulting on improving customer experience at banks across the country.

Michael’s experience began with Bank of America as Branch Manager, Auditor and Operations Specialist for one of the bank’s largest branches. He was VP of Workforce Management for Shawmut Bank Boston where he also conducted due diligence for numerous M&A engagements. He has worked at numerous management consulting firms for 15 years, advising Retail Executives at banks in the U.S., Europe, Australia and Japan. Michael also serves on the faculty of the GSB Wisconsin

He has an MBA in Finance and Accounting from Cornell University and his BA in Psychology from University California Irvine.

Credits:1.0 CPE Credits

While banks continue to work hard to identify new sources of bottom-line revenue for 2017 and beyond, few topics have dominated the financial services industry over the last decade as much as fee income has. From monthly maintenance fees to ATM charges, consumers continue to be an important source of revenue for almost all institutions. To illustrate this, it can be argued that no type of fee income has generated as much discussion, research and regulation as Overdraft Fees have. American Banker recently wrote,

“We need to acknowledge that the banks have a real revenue problem which is stopping many of them from doing the right thing on overdraft [programs]. The name of that problem is the Durbin amendment. One of the key reasons that many banks have kept bad overdraft practices, despite public criticism, is that they have been trying to make up for the dramatic loss of revenue caused by the ill-advised provision added to the Dodd-Frank Act, by Sen. Dick Durbin, that caps debit interchange fees. Banks need fee income to continue to serve low-balance, lower-income customers who don’t buy other services, particularly in a low interest rate environment where the financial value of deposits is low. It’s a sad fact that, without adequate fee income, the banks lose money on most of their mass market and lower-income customers.” (How to Solve the Bank Fee Conundrum Hurting Consumers, American Banker, Feb 17, 2017)

Using primary research from surveys of over 80,000 consumers annually, former J D Power Banking Practice Director, Michael Beird, looks at changes in consumer sentiment around various fees and services charges from 2012 to 2016*. Beyond just the nationwide data findings, Mr. Beird will also delve into actionable recommendations, best practices and significant challenges that financial institutions need to consider for maximizing fee income while not alienating their customers.

Attendees to this insightful and educational banking webinar will leave knowing:

  • How overall consumer sentiment towards fees and service charges has changed over the last five years
  • Which fees have the greatest impact on customer satisfaction, customer attrition, advocacy (it’s probably NOT the ones you think of first!)
  • Which of your customers are most likely to completely understand your fee structure and why that is the most critical metric for satisfaction and retention
  • Why certain fees negatively impact customer satisfaction more than others
  • How fee satisfaction differs by demographics, income groups, geography, size of institution and more
  • What banks can do to mitigate customer dissatisfaction around fees and strengthen their relationship with your institution

*Source: J.D. Power 2012/2016 Retail Banking Satisfaction Study. Used with permission and all rights reserved.

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