Eagle Bank and Trust Case Study

 

Eagle bank And trust

13 branches
Based in St. Louis, MO
$900 million in assets

Challenge

  • Large lineup of 16 accounts
  • 50% of customers in free checking, causing low fee income
  • Stale, unordinary products
  • Officer call programs needed a lift
  • Lack of any mobile offering beyond basic mobile banking

Solution

  • Lineup of 16 accounts reduced to 3
  • StrategyCorps' CheckingScore analytics tool used to identity unprofitable accounts
  • Migrated 11,000 accounts into new AmaZing Rewards Checking, powered by BaZing
  • Customized mobile app fitting for AmaZing Rewards branding
  • 50 additional merchants signed up onsite to BaZing discount network by StrategyCorps Merchant Coordinators
  • Another nearly 50 merchants signed up in first quarter after initiative by Eagle Bank and Trust employees
 

Building a bank to its greatest potential requires the hands of people from outside just its own walls. Whether it’s inspiration, feedback or the launch of a product, each new piece can support and enhance an existing strong foundation.

We saw the BaZing mobile app as a differentiator for our customers. It’s brought us opportunities to connect with new age groups and small businesses and restore excitement in our branches.
— Nathan Nelson, CRA Officer at Eagle Bank and Trust

With the launch of the new BaZing product, the bank’s large lineup of 16 account types were reduced to only three, which are all powered by BaZing benefits. Today, 48% customers are in these fee-based BaZing accounts, customized as AmaZing Rewards Checking.

 

BEYOND THE BRANCHES BORDERS

There are now 80 million Millennials in the U.S., and as one of the fastest growing generations and controllers of money, this age group is greatly influencing the way new products are created and marketed. That’s why Eagle Bank and Trust created its Trend Board, an advisory board of young professionals in town who give feedback on products, services, events and other moves made by the bank. 

“They had given us feedback that we needed to be more modern,” said Nelson. “When we presented the BaZing mobile app to them, they absolutely loved it. They were certainly more excited about this than anything else we’d presented.”

 Employees at the bank also gained something to rally around because it was a change from the free checking that had primarily been offered for so long in the past.

“Employees really didn’t have much reason or incentive to sell anything other than that,” said Nelson. “We had some reservations that it would be a little bit of a culture shock here, but it wasn’t — quite the opposite actually. Everyone was coming back from the training really excited. They now had products they could upsell that really had strong benefits for the customers.”

Eagle Bank and Trust is also a differentiator in connecting their employees with the community to expand current business relationships and develop new ones. In fact, this is the sole job of the bank’s team of Market Managers, who serve as ambassadors for the bank. They are representatives and members of the board at chamber and rotary meetings and community volunteers.

Each time a bank launches their new BaZing account, a StrategyCorps Merchant Coordinator also spends a week in the bank’s markets to sign up additional merchants to the program and train bank employees on how to continue to grow the discount network.

“We told her to bring her tennis shoes!” said Debbie Lessor, SVP Relationship Manager at Eagle Bank and Trust. “Our market managers were itching to go out and talk to merchants about BaZing. Every person in that group is a sales person at heart, and it’s an easy yes for them. I’ve had to remind them of their jobs other than BaZing, because that’s how much fun they’re having selling it.”

Of the 100 merchants visited by the Merchant Coordinator, 50 were signed up onsite, and in the first quarter after the initiative, the bankers have signed up almost as many on their own, with goals to continue growing the network. The Merchant Coordinators also continue to follow up with business owners who weren’t available while onsite.

Businesses are thrilled to learn it’s not anything out of pocket other than the offer. Any kind of hesitation is that they’re not sure we’re correct in saying there’s not a cost to be on the app.
— Debbie Lessor, SVP Relationship Manager at Eagle Bank and Trust

“Because BaZing evolves, our account features don’t get stuck in the past,” said Nelson. “We’re able to offer our customers lasting value with modern benefits that stay relevant to what our customers need.”
 

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