‘Challengers are only interested in direct deposit now’: ClickSwitch’s Cale Johnston on becoming a customer’s primary bank
- Banks are getting more aggressive about onboarding new customers.
- ClickSwitch helps customers of challenger and traditional banks to switch over their direct deposits to their new accounts.
As challenger banks battle over getting new customers, the discussion has shifted from the big headline numbers to the quality of those new customers. More specifically, digital banks — but really, all banks — are being judged on whether these new account openings turn into customers, whether these new users turn to the bank as their primary financial institution.
ClickSwitch helps some of the biggest challenger banks and many traditional banks convert more account openings into new customers. Its technology helps new users easily switch over their direct deposits and bill pay to their new banking relationship.
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The following excerpts were edited for clarity.
Competition over digital banking customers is maturing. The industry has shifted some of its focus off of massive acquisition numbers in favor of onboarding those new signups. Challenger banks are investing in getting a new user to consider her new digital account as her primary account.
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“As customers can easily open checking accounts, banks are kind of forced with this dilemma as to how they recognize a primary account holder,” said Cale Johnston, founder and CEO of ClickSwitch.
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