SAYLENT REWARD
Increasing profitability through customizable programs.

SAYLENT REWARD
Increasing profitability through customizable programs.

Established in

1902

Total Assets

$1.35 Billion

Based In

Waco, TX

Established in

1902

Total Assets

$1.35 Billion

Based In

Waco, TX

CHALLENGE

Design a customized checking rewards solution for niche business strategies.

Extraco Banks invested time and research to develop rewards solutions that would be relevant to their niche customer segments, but their legacy system simply didn’t offer the customization that they needed to build the products. In addition, the system required the Bank to convert customers to a new product every time they launched a new rewards enhancement, leading to a less than optimal customer experience.

Solution

Establish a customizable, integrated rewards system platform.

After reviewing a number of competitive solutions, Extraco determined that Relationship 360 had two major advantages over the competition that were necessary for them to reach their business strategies: customization and integration. The ability to build their own programs within their established relationship with Jack Henry Banking and its integrated products and services was priority and not available from other vendors.

The system allowed Extraco to design their first retail checking account rewards program with profitability hardwired into the account itself. Customers didn’t have to choose from a large menu of products, but simply select the featured account they prefer and know they will receive the maximum reward for their banking behaviors. Plus, they did not have to worry that they were in the “wrong” account, because the rewards change as their banking behavior changes.

Results

Following their conversion from free checking to fee-based rewards checking with a cash back option, Extraco saw an impressive 50 percent increase in profits related to their checking account offerings.

Increased Profits

0%

The Bank also found that customers elected to use their debit card over credit card points, as the cash rewards were more meaningful to them. Relationship 360 moved Extraco’s debit card to the top of our customers’ wallets.

“These days it is imperative that banks communicate with customers and design a product that will be meaningful for them. We were empowered to deliver exactly what our customers told us they wanted—and saw an impressive 50 percent increase in profits related to checking account offerings after we launched the programs!”

LINDSAY GREEN, SENIOR VICE PRESIDENT, MANAGING DIRECTOR, EXTRACO CONSULTING

Download the full story.

Get more details on Extraco’s success by downloading the full Success Story.

Download the full story.

Learn more about Extraco’s success by downloading the full Success Story.

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