The bank has had significant loan growth and has been struggling to increase deposits and attract millennials in new territories. It’s time for something new.
After a variety of meetings with the executive team at the bank and their partner FIS, Ben and his team decide to launch a direct bank channel independent of their current retail bank. As a fully outsourced direct bank model, they go live in seven months.
The direct bank is up and running. All the technology and services are provided by FIS, and the deposit intake is far greater than expected.
The bank offers CDs with a great rate. Customers apply for an account in under five minutes and gain instant access to their online banking.
The bank decides to offer high-yield saving accounts. After a successful marketing campaign, the clients start to pour in.
Since launching the bank, there has been a large influx of calls from new clients and from people looking for more information. Live call center personnel address all inquiries.
Ben’s clients have been enjoying the convenience of depositing checks into their new savings accounts by taking pictures with their phone.
To keep costs low, the bank decides to work with FIS to process and reconcile the mobile deposits.
Ben and the other executives just met with their regulators. They were thrilled that the bank’s systems were available 24/7 and that processes were smooth with integrated Business Process Management.