In 2010, when Reg E came into effect as part of Dodd-Frank, banks scrambled to implement new systems to manage the overdraft opt-in requirements. This bank wanted to make certain that customers who really needed overdraft protection were safeguarded, as well as protect the non-interest fees that this valuable service generated. Already a FI Works client, this high-performance community bank asked if there was anything the platform could do to help.
FI Works was able to define a specialized campaign to manage the opt-in process and meet the Reg E requirements. The Reg E opt-in campaign was set up in just a couple of days and was executed over just two weeks. A key to the success of this effort was using the FI Works platform to first target customers that use overdraft protection, and then to target customers that would benefit from the service.
FI Works performed analysis to generate a list of priority customers for the frontline bankers to call. The system generated online task lists and tracked the bankers’ calling activities against the opt-in rates for the customers they contacted. The details of the campaign are outlined below: