Case studies

BancorpSouth Bank: FinanceWorks helps customers save in difficult times.

BancorpSouth Bank wanted to increase wallet share, retain and deepen relationships with profitable customers, and win new ones. Empowering customers to achieve their financial goals during difficult economic times was also a priority.

BancorpSouth participated in the FinanceWorks™ beta rollout, using the training and marketing tools available on LaunchSmart. Within six weeks, thousands of customers had adopted FinanceWorks and gave it rave reviews.

“Our customers’ feedback on FinanceWorks has been overwhelmingly positive. Given the desire of Americans to get better control of their finances during tough economic times, we can see how this new capability helps drive even greater customer loyalty for BancorpSouth – because it helps customers solve important financial tasks easily and all in one place.”

— Michael Lindsey, BancorpSouth Senior Vice President

SAFE Credit Union: FinanceWorks helps drive new member acquisition.

SAFE Credit Union sought to drive retention, loyalty and new member growth in the Sacremento area, which had been hit with a record number of foreclosures. Faced with lower demand for lending and slowing growth in deposits, as well as limited marketing resources, SAFE launched FinanceWorks in September 2008, with a robust marketing branch and consumer campaign powered by Intuit Financial Services' LaunchSmart program.

Within six months, one in eight active Internet Banking customers was employing FinanceWorks, and those customers were four times more profitable than SAFE’s average member household. FinanceWorks also helped the credit union appeal to a younger demographic, a group that carries higher loan balances, uses 31% more services, and holds 60% more accounts.

“Our branch personnel report that their customers are wowed when they show them what’s available through FinanceWorks. It makes it easier to sell checking accounts. In fact, our adoption rate is approximately 12% in the first six months of going live.”

— Tarrah Palomino-Prim, SAFE Credit Union Web Services Manager

Byron Bank: FinanceWorks helps to increase retention and loyalty.

Byron Bank wanted to provide customers with a best-in-class financial product to help its customers manage their money in economically hard-hit Michigan. As part of their FinanceWorks launch strategy, Byron Bank created branch staff product evangelists to promote the product. With the help of LaunchSmart, Byron Bank created an internal buzz program to get staff excited and to overcome branch training challenges, such as limited resources and product mindshare.

When the product launched, Byron also utilized LaunchSmart tools to introduce key messaging within Internet banking and as part of an email campaign to its customer base.

Within the first six weeks, 12% of active Internet banking users registered for FinanceWorks. Those users were logging into Internet banking more frequently with an average of 12 sessions per month, helping to create stickier relationships with the bank.

“FinanceWorks has helped us meet the rapidly increasing demand from our customers for ways to help them improve their overall financial well being, at a time when they need it the most. By providing an easy-to-use tool to help customers manage their accounts all in one place, we expect to increase retention, loyalty, and be more competitive against the larger institutions in our area.”

— Robert Powers, First VP, Byron Bank

Learn more about how FinanceWorks can help your bank or credit union drive retention, cross sell, profitability and growth.