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05.24.10 How To Improve Your Customer Relationships  By Mike MoranYou might not have thought much about how your bank treats you. In a world of drive-through windows and automated teller machines, you might not even think about what kind of relationship you have with your bank You take for granted that its policies are more important than who you are, but does it have to be that way? Ben Cooper says no. Ben is the Vice President of Marketing for Think Finance, responsible for marketing for all of their products, including online marketing, offline marketing and brand development. I recently met Ben at the Search Insider Summit conference in Florida and thought you'd be interested in his take on what some traditional businesses are doing wrong in their customer relationships--in this case, banks. Me: For readers who don't know about Think Finance, how would you describe it? BC: Think Finance develops next generation financial products that help people manage life's everyday expenses. Consumers choose our products because they provide more convenience, speed, ease of use, and transparency. We operate three brands today • PayDay One. A traditional, online payday lender. However, unlike most online lenders, we?e state licensed and offer a great rate guarantee. • ThinkCash. Provides a new way to pay bills, avoid bounced checks, and catch up on life's expenses. ThinkCash provides access to short-term loans from $250 up to $2500. Customers choose payment terms that fit their lifestyle, with easy installment payments and no penalties for early payoff. • Elastic. Gives consumers more flexibility with two products that work together to help them gain more control over their money. The Elastic Card is a Visa Prepaid Debit Card that can be used to pay bills and make purchases anywhere Visa debit is accepted (which is just about everywhere). There are no overdraft fees and if a customer sets up direct deposit, there are no monthly fees. For a millions of people, the Elastic Card is better than a traditional bank account. The second product, the Elastic Line of Credit, gives customers even more flexibility with access of up to $500 in emergency cash to cover unexpected bills, car repair, and other urgent financial needs. The fees are simple and affordable, and customers choose how they want to pay us back--we're flexible! Me: Why do you think traditional banks haven't taken on this role in the industry? BC: Over 60 million adults--one-quarterof U.S. households--use alternative financial services, such as check cashing, payday loans, and pre-paid debit cards. These people aren't on the fringe of our economy--they're the bus drivers that take our kids to school, the teachers that teach them, and the nurses that mend their bumps and bruises. They've seen years of flat wages coupled with a rising cost of living, and many of them have fallen out of mainstream credit. And they've been told no too many times by traditional financial services institutions. Most banks have become addicted to overdraft fees--they collected almost $42 billion in overdraft fees last year alone. As a result, they've had little incentive to innovate and create new products that meet the needs of today's consumers. It's our goal to say "yes" to these consumers and create innovative products that help them deal with the everyday expenses of life. Our latest product, Elastic, provides customers with access to an affordable emergency cash line of credit and a lower-cost alternative to a traditional bank account. Think of it as "banking for the rest of us." Me: What's your favorite Think Finance client success story? Continue reading this article.
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