Research has proven that consumers will pay a fee for benefits and services that are valuable to them. For years, credit card companies have successfully offered card-level perks and benefits, such as bonus rewards, cash back and travel perks, based on the consumer’s desired service level (e.g., gold card, platinum, diamond, etc.). Now, you can implement a fully-automated, tiered rewards checking program linked to the debit card that features services and perks for which consumers are willing to pay. Generate new revenue at no cost to your institution — in fact, Velocity writes you a check!
Chances are that your account holders are already paying fees for services such as roadside assistance, travel discounts, cell phone protection and more, representing revenue that your financial institution should be earning.
- You could offer a debit card with rewards and benefits that parallel those attached to major credit cards?
- You could generate an incremental revenue stream with fees your account holders willingly pay?
- You could implement such a program without requiring additional resources from your team?
New Revenue Stream
Generate an incremental revenue source by charging fees for value-added benefits and increasing transactional activity and usage.
Increase Account Holder Loyalty
Retain account holders longer when you provide value-added benefits and services for which they are likely paying other providers at a higher cost.
Does not require any changes to your institution’s existing account types or account opening and basic debit card procedures. Velocity integrates seamlessly with your core.
Velocity’s experts provide training, guidance and analysis throughout the life of the program, with no additional resources required from your team.
You pay Velocity nothing for the cost of the turnkey program. We will write you a check!
Communication & Marketing
MRPC leverages multiple methods to spread the word: account holder emails, branded FI and rewards websites, social media and in-branch marketing collateral.
Premium Benefits and Rewards
My Rewards® Premium Debit Card holders enjoy a long list of benefits such as points for everyday purchases, cash back, bonus points, roadside assistance, cell phone protection, discounts on prescriptions, travel and dining and much more!
Your account holders can upgrade their debit card in branch, on the phone or on your customized rewards website. They can track and redeem their points, find local discounts and research Rx savings information using your branded mobile-responsive website.
What should financial institutions be doing in this environment to boost their most important retail KPIs and keep deposits flowing? Download our free white paper!
See how Velocity’s Retail Performance Engine can help your financial institution boost your most critical retail KPIs and drive low-cost core deposits!
In order for community financial institutions to grow, they need to consistently monitor and measure critical account data points and modify their procedures accordingly.