One of the last sessions I had the chance to sit in on at AOBA13 was “Local. Mobile. Social. Profitable. Checking.” This particular session featured Mike Branton and Dave DeFazio from Strategy Corps. Strategy Corps provides consumer checking solutions that generate customer-friendly fee income by building better banking relationships with individual and local small business customers, and incorporates innovative mobile phone delivery of services and focused social media messaging that really connects with customers. I personally thought this session was great! They introduced their product BaZing, and talked about the three main areas they try to touch
Through the use of mobile devices, the consumer is able to do many things that can help them out with purchase decisions. They can benefit from the use of coupons, compare shopping prices and find location based offers. Banks can really take advantage of the whole mobile phone trend, not only by providing a mobile banking app, but also by offering these services to their customers.
Through social media, you are able to reach out to an unlimited amount of people relatively easily. Unlike many other businesses, people don’t bank because they want to, they bank because they have too. To make the customer experience memorable it is important to generate unexpected and unselfish communication.
During the session, it was revealed through a survey that 51% of bankers did not have a Facebook, while 49% did. Also, what I thought was surprising was that only 22% had an active email marketing plan, while 82% did not.
For community banks, it is important to remember the word COMMUNITY. More often than not, these banks are the ones who support local businesses. Because of this, it is critical that they push their customers to support local retail businesses. This can be accomplished by rewarding people for buying locally. Mike Branton said, “It is important to be a community connector. Get local retail customers connected with local retail businesses.”
Through their innovative checking account, Strategy Corps offers benefits that people want to pay for. Not only is it an additional way to generate fee income, but it is a way to be better engaged with customers. It is safe to say that BaZing, and the entire concept behind it sure passes the test from this Generation-Y’er.