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Why this small bank created a separate

first brand

Why this small bank created a separate, digital-first brand

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.

We’ve engaged a group called XpertSavers to help us 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.

The Problem

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.

The Solution

XpertSavers worked with the bank to analyze their market vision for product distribution and their deposit goals. After the evaluation, XpertSavers developed a customized digital transformation plan, outlined the technology and tools required to accomplish those goals. XS 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. XpertSavers developed the marketing campaigns and the analytics required to effciently manage the digital channel, as well as making ongoing improvement recommendations to the bank.

The Result

  • XpertSavers managed the implementation and launched a standalone digital bank into the market in 6 months.
  • Grew the deposits 30% over the original goal.
  • Saved 40% on marketing efficiencies.
  • Attained high levels of customer satisfaction and service.
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