Collecting Opt-in and Overdraft Data from the Cores

The FI Works software platform was already in place, so the process of consolidating customer data from the bank’s core systems was already happening on a daily basis. This made the overdraft and debit card information needed to run a targeted opt-in campaign available from the get go.

Prioritize Customers Who Use Overdraft Protection

Using its analytics engine, FI Works found all the people that were previously using overdraft protection on debit card transactions. For the first phase of the opt-in campaign, a task list of these individuals was generated for each banker to call. The bankers explained the value that overdraft protection on their account would provide, the fees involved, and described the opt-in process required by regulators. 

Target Customers Likely to Need Overdraft Protection

Next, the campaign targeted debit card customers that were previously overdrafting on their accounts. Bankers received a task list to contact these people and explain how this service would help protect them and what they needed to do to opt-in.

Dashboards Prove Campaign Attribution

The bank’s FI Works account representative set up a dashboard to track the opt-in campaign activity, opt-in rates that could be contributed to the banker’s outreach efforts, and how these results translated in the real dollar value for the bank.

Avoiding Lost Revenues & Generating New Revenues

Based on the customers that opted in over the two week campaign, the bank was able to quantify (in the millions of dollars) the service fee revenue that would be lost if these customers had not been contacted. The ability to act fast and feed bankers with the customers that would want to hear from them about the opt-in requirements paid off for the bank and its customers. The bank was also able to attribute $362,000 in new annual revenues from this campaign.

Fast, No-cost Solution to Reg E

While other banks were running around implementing new systems – some costing hundreds of thousands of dollars – this bank was able to use FI Works at no additional cost to solve the problem in just a couple weeks. This type of opt-in campaign is also repeatable – the bank can periodically assess debit card customers to look for indications that overdraft is something that they should be using.