What Checking Account Features Really Matter?

Using MaxDiff and TURF Analysis to Make Smarter Decisions

When it comes to designing a primary checking account, the temptation is to keep adding features. Early direct deposit. Pet insurance. Identity protection. Bundled perks. The list keeps growing.

But the real question is: Which features actually drive preference—and which simply add operational cost without meaningful impact?

Using advanced research techniques like MaxDiff and TURF analysis, we can move beyond guesswork and uncover what truly matters to customers.

Step One: Measuring What Customers Value Most

To understand feature preference, we used MaxDiff (Maximum Difference Scaling).

MaxDiff is a survey-based research method that forces respondents to choose the most and least important features from sets of options. Instead of rating everything “very important,” customers must make trade-offs. This produces much clearer insight into relative importance.

Each feature receives an individual utility score, which quantifies how strongly customers prefer that item compared to others.

This matters because:

• It eliminates “everything is important” bias

• It clarifies which features rise to the top

• It helps prioritize product development and marketing

The result? A true ranking of checking account features based on customer preference.

Step Two: Finding the Right Combination of Features

Knowing which features are individually popular is helpful. But customers don’t choose features one at a time—they choose bundles.

That’s where TURF analysis (Total Unduplicated Reach and Frequency) comes in.

TURF takes MaxDiff results and evaluates combinations of features to determine which bundle reaches the largest share of your audience—with minimal overlap.

In simple terms:

• Reach score = the percentage of customers who find at least one feature in a bundle appealing

• It measures breadth of appeal across your market

When we analyzed checking account feature combinations, the top three bundles achieved reach scores of 97.87%, 96.81%, and 96.81% .

That means nearly your entire target audience finds something compelling within those combinations.

What This Means for Community Banks

The findings are clear—and practical.

1. Make Sure You Get Credit for What You Already Have

Free checking features dominated utility testing . Many banks already offer strong value, but fail to clearly name and market it.

Before investing in new features, ask:

• Are we clearly communicating the value of what we already offer?

• Are we positioning our free checking in a way that highlights what customers actually care about?

Often, the opportunity is in messaging, not new product development.

2. Be Careful with “Novel” Additions

Some features that sound exciting internally—like pet insurance or early direct deposit—made little impact on overall utility .

That’s critical.

If a feature:

• Adds operational complexity

• Requires vendor integration

• Creates compliance or servicing demands

…but doesn’t meaningfully increase customer preference, it may not justify the cost.

Innovation is powerful—but only when it drives measurable value.

3. Bundling and Incentives Strengthen Relationships

One area that did resonate: bundling incentives.

Discounts or incentives for bundled features were attractive to consumers and help deepen retail relationships .

This is especially important for community banks:

• It increases share of wallet

• It builds stickiness

• It strengthens long-term relationships

Smart bundling isn’t just about marketing—it’s about long-term customer lifetime value.

The Bigger Lesson

In today’s competitive environment, community banks can’t afford to build products based on internal assumptions.

Data-driven methods like MaxDiff and TURF analysis help answer critical strategic questions:

• What truly drives primary checking selection?

• Which features create broad market appeal?

• Where should we invest—and where should we not?

The takeaway isn’t “add more.”
It’s “optimize what matters.”

And when you align product design with real customer preference, you don’t just compete—you win smarter.