Boston-based Eastern Bank recently introduced Professionals Select, a package of products specifically geared to the needs of legal and accounting firms. Other banks are offering similar deals.

In recent weeks, some larger banks in Massachusetts have begun offering banking products packaged to meet a consumer’s specific needs. While the practice has long been used in the banking industry, some say banks are targeting programs for smaller segments of the population as part of their relationship banking strategy.

Boston-based Eastern Bank recently introduced Professionals Select, which includes free business checking, free online banking, discounted payroll service and prime minus 1 percent on business lines of credit. The package is specifically geared to the needs of legal and accounting firms.

“We have long felt we needed to package our products for small businesses,” said Joseph Riley, senior vice president for small-business banking and corporate sales. “We wanted to look at a couple of select industries.”

Riley said attorneys and certified public accountants have a “natural” partnership, which can be profitable for banks.

“The growth potential for those businesses and the financial institutions that handle the accounts is tremendous,” Riley said.

Zeroing in on certain consumer groups has become a popular strategy for banks, according to bank consultants.

“Banks are increasingly aware that there are certain segments of the population that have banking needs that are profitable,” said Bob Powers, president of Compass Consulting Group in Providence, R.I.

Pennsylvania-based Sovereign Bank also has recently introduced a new product line called Milestone Banking. The suite of services consists of an array of checking and savings products, loans, investments, insurance and trust and wealth management services. It is designed to meet customers’ current and changing financial needs at different stages of their lives.

“We started looking at their lifestyles,” Ronald Walker, executive vice president and market manager for consumer banking at Sovereign, said of the strategy.

While acquiring new customers is key, Walker said retention and growth are what will yield the most profitability for the bank.

“We strongly feel with personalized customer solutions, we feel we really can stay with the customer throughout their life cycle,” Walker said.

Powers said the Milestone Banking provides customers with multiple services as their needs change, which tends to increase loyalty. He also said the product line condenses many services under one umbrella.

“Sovereign’s approach is interesting because it simplifies the marketing of an extensive product line,” Powers said.

But Powers said he believes the banks’ ability to build relationship banking is the key strategy with the new product lines from both Eastern and Sovereign.

“Those professionals [legal and accounting firms] can refer a lot of clients to Eastern Bank,” Powers said.

Because a CPA or attorney has a relationship with Eastern, the likelihood increases that the firm might refer its customer to Eastern, Powers said. He added the banks’ primary motivation is to develop relationships.

Riley said that is part of Eastern’s strategy. He explained that a small-business owner works constantly with the bank’s CPA.

“It’s the trusted advisor thing,” said Riley. “CPAs become very intimate with businesses.”

That could spell out referrals for the bank, he added.

‘Perceived Value’

Powers said relationship banking originally was effective when BayBank used the strategy. Today, all the larger banks and most community banks utilize some type of relationship banking strategy, Powers said.

As a bank consultant, Powers said he first looks at whether a bank has relationship banking products. In the future, Powers said he expects there will be more targeted relationship banking products introduced.

Larry Thompson, chief operating officer of Sovereign Bank, said after conducting research, the bank determined “relationship packages” were necessary.

“It’s a new way of looking at banking,” Thompson said.

Determining which segment of the population is in need of banking products requires market research, secondary research that discusses banking needs and patterns, and product recommendations from consultants.

“Bigger banks do a lot of research to understand what particular features of the package … have more perceived value,” Powers said.

In the past, banks would introduce a product and not heavily market it for a frame of time. But Powers said banks have more sophisticated ways of analyzing bank patterns. He said he is noticing that banks are targeting smaller and smaller segments of the population. He explains that basic bank products are being tailored and likely will be “tweaked” more frequently.

Introducing products specifically tailored to a consumer’s needs also has been a strategy to lure away customers from Bank of America. Riley said it wasn’t the sole reason Professionals Select was introduced, but the bank is marketing the product line to firms with 25 or fewer employees, particularly those dissatisfied with the attention and service they receive from larger banks.

“Many small and mid-size firms would prefer to work with a commercial bank that is headquartered in Boston and has a reputation for taking care of every customer, not just its largest customers,” Riley said in a statement introducing the product. “With recent bank mergers, we believe these firms are reevaluating their banking relationships. We believe our offer will give them reason to consider banking with Eastern.”

Riley said in a later interview that Bank of America is formidable competition for Eastern, and the Professionals Select package fits into Eastern’s strategy to beat out the North Carolina-based bank.

Powers said he doesn’t believe the new product lines are associated with Bank of America’s arrival into New England. He said the banks simply are identifying a market and offering services as part of their competitive strategy.

Thompson said the timing of Milestone Banking was coincidental to Bank of America’s arrival in Massachusetts. He said the strategy behind Milestone Banking was to offer a better product than Sovereign’s competition, including community banks that may not have the ability to offer relationship banking.

Powers admitted that banks in the past have done things to steal away customers from each other, but said these latest offerings are simply an evolution of a good product.

Jennifer Jope may be reached at jjope@thewarrengroup.com.