Customer Success Story
BankFirst Maximized Rewards, Increased Debit Card Usage &
Greater ROI
How Relationship 360™ Helped BankFirst Enhance Its Top
Consumer Products For Continued Growth.
Headquarters: Columbus, MS
Branch Locations: 40 + 4 loan production offices
Core: SilverLake System
Managed Assets: $2.8B
BankFirst
Founded in Mississippi, BankFirst has grown steadily through a series of strategic acquisitions and now manages over $2.8 billion in assets. With more than 40 branch locations and 4 loan production offices, the bank continues to serve communities across the region. To meet the evolving needs of its accountholders, BankFirst enhanced its top-performing rewards checking products using Re
The Challenge
Finding a Flexible Solution to Keep Pace With Growing Business
After a few years of acquisitions, BankFirst’s business had been steadily growing. With that growth came the realization that the bank’s third-party marketing solution – responsible for facilitating the bank’s signature rewards checking products – had reach its limits. To encourage more debit card transactions and optimize performance, BankFirst needed the flexibility to customize the transaction and dollar amount criteria behind its rewards checking products. However, its vendor simply couldn’t deliver on those capabilities, and it was time to find a less restrictive option to keep up with the bank’s evolving needs.
The Solution
Relationship 360™ by Jack Henry
Relationship 360™ by Jack Henry™, which employs the data-driven MeridianLink Engage marketing automation solution, allowed for the campaign customization necessary to refine BankFirst’s rewards checking products’ transaction criteria to encourage debit card usage in line with those parameters.
Why FedChoice Selected MeridianLink
Customizable campaign criteria to encourage higher-value debit card transactions & greater accountholder rewards
Campaign reporting on metrics such as transaction volume, helping BankFirst pinpoint & reengage less-active accounts with targeted outreach.
Annual savings of roughly $278k compared with BankFirst’s previous vendor expenses.
The Results
MORE REWARDING EXPERIENCES FOR BOTH BANKFIRST & ITS ACCOUNTHOLDERS
Relationship 360 has helped BankFirst enhance its cash-back and interest rewards checking products by promoting more high-value debit card transactions and maximizing rewards for accountholders.
Taking advantage of the solution’s customizable campaign criteria, the bank set specific reward triggers, transaction minimums, and spending-per-transaction minimums to meet program requirements. This incentivized accountholders to increase debit card transactions and spend more dollars per transaction to meet the reward threshold, generating higher ROI for BankFirst and customers alike.
Campaign reports and segmentation features have helped the bank monitor and maintain these products’ continued success—the cash-back rewards program is BankFirst’s #1 non-interest revenue-generating product—by tracking debit card usage and identifying accounts with waning activity to reengage through tailored outreach.
