Massachusetts Bankers Association Partners with StrategyCorps to Modernize Engagement for Retail Checking Products
Massachusetts Bankers Association (MBA) is excited to announce its new relationship with StrategyCorps as a Preferred Provider.
Since its founding in 1905, MBA has served the state's financial services industry by promoting the strength and success of Massachusetts banks and bankers, as well as the communities and individuals those financial institutions serve.
MBA represents the 130 Banks operating in the state, which collectively manage $2.3 trillion in assets. Today, the focus of the MBA is as much on the consumer as it is on the banker. As the world changes, the MBA and member banks seek to advise, educate and inform customers on how best to manage their financial lives.
The new partnership with StrategyCorps is focused on this mission of creating better engagement and value for customers in the new era of digital banking.
“Massachusetts Bankers is partnering with StrategyCorps to provide our banks with a checking account product that will provide much welcomed non-interest fee income to the bank as well as a deposit product that will solidify relationships with your customers in an innovative and unique way,” observes MBA Vice-President of Member Engagement Annie Coldstream. “The results of their work can be staggering, and their case studies validate their proposal. What’s more, StrategyCorps is already working with and endorsed by a number of our peer state banking associations across the country. I encourage our bankers to set up a time to talk with our friends at StrategyCorps.”
"We at StrategyCorps are so excited about our partnership with the Massachusetts Bankers Association,” says StrategyCorps’ Regional Director Sukhi Bahal. “We look forward to helping their member banks create a more financially productive retail strategy which will generate valuable repeat revenue, boost appeal to more consumers, deepens customer relationships, and lessens the dependence on increasingly scrutinized overdraft fees."
StrategyCorps has two retail-checking related solutions - CheckingScore and BaZing. CheckingScore, a proprietary analytical solution, determines the total relationship status of each checking customer and household at your bank.
The result is a clear understanding of which customers consider your bank their primary banking institution and which ones don't. Also provided are actionable insights and recommendations on product design, pricing strategies, and account line-up simplification.
Using the CheckingScore insights, StrategyCorps designs and builds a specific product plan to incorporate BaZing, its customizable mobile rewards app. BaZing is a modern engagement tool that connects a bank with today's customers by delivering “financial first responder-like” benefits such as cell phone protection, roadside assistance, and identity protection.
BaZing also provides banks with a unique small business strategy with its local merchant network, BaZing Local. It’s a great tool for connecting SMB clients with retail customers for the benefit of both.
Also, BaZing allows banks to introduce a subscription pricing model (like Amazon Prime, Netflix, and Spotify) to retail checking to generate recurring revenue while delivering unique values to customers. This recurring revenue helps banks offset some of the challenges brought on by the erosion of fee revenue.
To learn more, contact MBA’s Kim Hutchens firstname.lastname@example.org, visit StrategyCorps.com, or contact Sukhi Bahal email@example.com directly to take advantage of this member benefit.