Grew the deposits over all the original goal.
Saved on marketing efficiencies.
Attained high levels of customer satisfaction and service.
When Midwest BankCentre, a community bank in St. Louis, launched the digital-first Rising Bank in February, it joined the ranks of other financial companies generally large players such as JPMorgan Chase, Wells Fargo and MUFG Union Bank that have created separate, digital-only brands. Unlike them, the $1.9 billion-asset Midwest hopes to keep a community bank feel at the internet-only unit. ITWox helps organize our thoughts about this and deliver this package that provides optimal customer experience; that’s our goal and minimize our costs over the long term.
This 100 year old Bank was determining how it was going to stay relevant in the next 5 to 10 years. In addition, the bank wanted to improve operating processes, technology, and marketing efficiencies. In the current market it was getting harder to acquire and serve the younger population without technology.
ITWox worked with the bank to analyze their market vision for product distribution and their deposit goals. After the evaluation, ITWox developed a customized digital transformation plan, outlined the technology and tools required to accomplish those goals. ITWox introduced various Fintech companies to augment the strategy and worked with the bank to get stakeholder approvals. With Board approval, they designed the digital bank workflow, managed the website development, and recommended the best products for the new customer experience. ITWox developed the marketing campaigns and the analytics required to efficiently manage the digital channel, as well as making ongoing improvement recommendations to the bank.
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