Both these forward-leaning partners recognize the importance today for financial institutions to OFFER MORE–especially for their digital native customers.
As they integrate new offerings for their customers, they help their business in two ways. First, the offers generate a new revenue stream from their existing users, and, second, the offers expand their brand equity to cover financial resilience, a term resonant with American consumers today.
With each pilot, our team focuses on three critical steps to get into market:
1. Get to know the partner brand, service and users.
Every financial institution has a particular audience, especially neobanks. We work with our partners to understand the needs and wants of their audience, and then match the industry-leading IaaS product offering that will be most compelling to each segment.
For example, one partner indexes high with users who are young and physically fit. We are working with a leading national carrier to offer a special supplemental insurance product to cover costs associated with physical injuries. Accident is particularly relevant to young, active people with high deductible core medical policies.
We do similar exercises for our other product categories, selecting the appropriate Life Insurance, Home & Auto Insurance and Health Insurance policies to market for age, health, income and other key behavioral characteristics.
2. Tailor the IaaS offers to the look and feel of the partner.
We designed our core user flow to appear as an extension of our Partner’s services. To do this we integrate the partner’s look and feel to our embeddable experiences. This maintains the brand’s trust and continuity in the new offerings.
We also stay up-to-date and do all the hard work in compliance. We know how to build around the requirements of our insurance carriers as well as requirements by each state.
Below is an example of how we tailor the embeddable offer to match our partner. (For the purposes of this post, we are using our hypothetical partner Monk Trust Neobank.)
3. Execute and iterate on impactful, integrated marketing programs
Next, we work with the partner to design impactful campaigns. Campaigns can start with an email offer or can be integrated into relevant points in the user flow of the core product experience.
In all cases our user flows are integrated with a simple link.
We can support data-sharing with an API, but this is not required to launch. Some partners opt to launch without this engineering work–and opt into it later for extra data and analytics!
We also work with the partner to understand and analyze user flows across their service. With that perspective, we’re able to recommend relevant points of upsell for these offers, when they will be considered additive and truly effective, and where and how they will best lead to conversion.
And, then we test, analyze, iterate. Rinse and repeat.
Below are some examples of how our $10k complimentary AD&D policy can be integrated as a retention and engagement incentive for a bank. Again, with the same hypothetical partner, Monk Trust.
We look forward to helping businesses play a part in their customer’s financial resilience.