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Reg E and Overdrafts: How Financial Institutions Can Use Mobile to Increase Profits Post Reg E
Javelin Strategy & Research, July 2010, Pages: 31
Current and looming future regulations are threatening banking practices and existing fee revenue structures, making alerts and customer-controlled bank offerings increasingly important. Javelin recommends that financial institutions (FIs) use the mobile channel by developing and implementing alerts that are of value to consumers — alerts that are timely (in real time), actionable (two way), and relevant (providing information and solutions for a financial matter when it is important to the customer). In response to Regulation E (Reg E), banks and credit unions must continue to be transparent about fees, educate customers and members and give them the necessary tools to effectively manage their accounts.
Primary Questions
- How do banks and credit unions revamp their business models to recoup lost fee revenue due to Reg E?
- How should FIs position themselves to successfully overcome the challenges of following current regulations?
- Who is overdrafting, what do overdraft violators look like, and how should they be targeted?
- What are other banks and credit unions doing in response to new legislation?
- How can mobile be used as a solution for both the bank and the customer?
- How will consumers’ lives change post Reg E, and what are consumers’ options?
Methodology
This report is based on consumer data that Javelin collected online from 5,211 respondents in March 2010. Overall margin of sampling error is
±1.36 percentage points at the 95% confidence level.
The survey targeted respondents based on representative proportions of gender, age, income and ethnicity compared to the overall U.S.
online population.
Rounding (in the underlying numbers) in charts accounts for the slight differences in percentages.
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