Consumer Banking Beyond Payments, 1

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Consumer Banking Verticals

There are a number of verticals within the consumer banking space. These verticals range from offering standard checking and savings accounts, to long-term savings products, and multiple lending options including various loans and credit cards. Both traditional banks and credit unions appear to offer these verticals across the industry.

List of Verticals in Consumer Banking

Mortgage Lending

  • Mortgage lending includes helping customers make informed decisions about qualifications required to receive a mortgage. Banks help customers through the entire mortgage process, including: providing basic mortgage information, financial planning, submitting documentation, approving the loan, finalizing the loan, and servicing the loan payments. Mortgage lending can also include refinancing the loan at a later date.
  • Mortgage loans are offered by banks such as U.S. Bank, USAA, Chase, Bank of America, and Credit Union One.

Credit Card Lending

Standard Banking

  • Standard banking options include offering checking and savings accounts. Some banks offer these separately, while others combine them to offer more value to customers.
  • Depending on the bank, there may be fees associated with standard banking services, which can be waived if specific criteria are met, such as with Chase or Citi.
  • Credit Unions, such as Community Financial Credit Union, often offer basic checking and savings accounts for free with no special criteria necessary to waive fees.

Offering High End Savings Products