Independent Banker - July 2023 - 60

6. Add value
whenever
possible
Community
banks that
provide online
credit scores are
enhancing the
user experience, says Fiserv's Stewart Russell.
She would like to see more community banks
supplement these scores by suggesting ways to
put credit information to practical use.
" Sometimes I think we rush to put in
content that's not contextual, " says Stewart
Russell. A better option, she says, is providing
" an experience around scores that is advisory. "
If, for instance, a customer's credit score
is low, banks might suggest ways to make
improvements. On the other hand, when a
person in their 20s or 30s receives a high
score, that information could be enhanced by
educational materials on buying a first home
or applying for a mortgage.
" [Customer surveys] completely
reframed how we look at the
client experience. We never
imagined the level of information
we'd get from our clients, and
in many ways, this has changed
who we are as a bank. "
-Mike Parisi, Ledyard National Bank
Give gamification a spin
In 2021, $425 million-asset Chelsea Savings Bank
in Chelsea, Mich., began offering an online savings
and financial education platform through Plinqit
as the higher-tech equivalent to its discontinued
Christmas club accounts, according to president
and CEO Joanne Rau.
Plinqit, she explains, allows customers of the
community bank to save for an array of goals
above and beyond holiday gift-giving.
Currently, more than 100 customers use
Plinquet, with the lion's share doing so on their
phones. The Plinqit app helps them accumulate
wealth by rewarding them for saving in a " fun
and engaging manner, " says Rau. Plinqit also
encourages financial wellness by depositing
small sums into users' accounts after they've read
articles on finance and passed short quizzes.
Employing the same techniques and
enticements as video games to instruct or
reinforce positive behaviors is known as
" gamification. " Kathleen Craig, CEO and founder
of Plinqit, describes gamification as " a secret
weapon " for community banks seeking " to
enhance the digital experience and create
lasting connections with
their customers. "
" Gamification leads to higher
customer engagement, and
research shows that fully
engaged customers are more
loyal and profitable than the
average customer, " says Craig.
Cara Macksoud, CEO of
Money Habitudes, a gamelike
assessment of an individual's
financial attitudes, agrees.
" Right now, there's an
enormous wealth transfer from
baby boomers to the next
generation, and the next generation grew up on
gamification, " she says. " Gamification can make a
bank seem friendlier to its customers. "
60 // ICBA Independent Banker // July 2023

Independent Banker - July 2023

Table of Contents for the Digital Edition of Independent Banker - July 2023

Contents
Independent Banker - July 2023 - Intro
Independent Banker - July 2023 - Cover1
Independent Banker - July 2023 - Cover2
Independent Banker - July 2023 - Contents
Independent Banker - July 2023 - 2
Independent Banker - July 2023 - 3
Independent Banker - July 2023 - 4
Independent Banker - July 2023 - 5
Independent Banker - July 2023 - 6
Independent Banker - July 2023 - 7
Independent Banker - July 2023 - 8
Independent Banker - July 2023 - 9
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Independent Banker - July 2023 - 11
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Independent Banker - July 2023 - 13
Independent Banker - July 2023 - 14
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Independent Banker - July 2023 - Cover3
Independent Banker - July 2023 - Cover4
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