Independent Banker - December 2017 - 17

offers from local businesses that
wanted to participate. The result is
a robust and rotating collection of
coupons for products and services
in town and across the country, from
restaurants and coffee shops to gas
stations, hotels, hair salons and more.
" We're part of the StrategyCorps
network, so our customers who travel
can still fi nd these deals. It's like an
ATM but for coupons, " Speer says.
How it works
The app tracks savings from each
coupon and adds them together so
users can see their total savings.
One-third of the rewards customers
have the app downloaded and about
66 percent of those customers use it
on a regular basis. Marketing director
Erin Reichle says many have saved
upwards of $90.
In addition to coupons, the app
offers users several free insurance
services, including identity theft
aid. Should a customer fall victim to
personal identity theft, the app would
provide $2,500 and a personal fraud
specialist to help her recover losses
and restore her identity security. Customers
who pay their cellphone bill
using their checking account get free
cellphone insurance, which replaces
their cellphone free of charge if it
breaks or is stolen. All users also have
access to free roadside assistance up to
$80 should they have car trouble.
Local businesses, too, are reaping
benefi ts. Because the bank does not
charge merchants to participate,
there is no cost to them apart from
the deal they present, making it an
effective and free form of advertisement.
" Our business customers really
like it because we're giving them
access to our highest-balance customers, "
Speer says. " It's important for
small-town businesses to do business
with others in their small towns. This
is another way for us to advocate for
that for them, which also encourages
them to continue to do business with
their bank. "
And for American State Bank of
Iowa, serving as the connection
point between local residents and
local businesses is another way
it walks the walk when it comes
to supporting an economically
vibrant community.
" It adds more value than just
bumping our interest rate fi ve or
10 basis points, " Speer says. " The
cost is less than if we would bump
it 10 basis points, to be honest with
" We wanted to do
something to jump
ahead again. Instead of
fi ghting over interest
rates, we decided that
we can provide services,
products and access
to people that would be
harder to compete with. "
-T.J. SPEER, AMERICAN
STATE BANK OF IOWA
you, but the value to the customer is
signifi cantly higher. "
Next on American State Bank of
Iowa's stay-one-jump-ahead agenda:
instant issuance, a service Speer says
the bank will roll out in January.
" We want people to be able to walk
out of the bank with their own debit
card that's a full debit card, " he says.
" We have Apple Pay, Samsung Pay,
Android Pay, so they'll be able to
instantly put it on their phone. We
want the customer to have access to
their money the minute they leave. "
Andrea Lahouze is deputy editor of
Independent Banker.
SNAPSHOT:
LOYALTY
REWARDS
81%
Bank customers who
expect to receive an incentive
from their banks for
typical banking activities1
54%
US consumers who are
members of fi nancial services
loyalty programs and feel
they are rewarded2
16%
Community banks that
have a formal customer
experience plan3
45%
Consumers who say the top
reason they would stay loyal
to a bank is if it off ered
discounts on purchases
that interest them.4
Sources: 1
CGI; 2
3DBR Research; 4
The Collinson Group;
Accenture LLP
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Independent Banker - December 2017

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