By Laura Bruck
The FDIC released impressive figures in their Q1 report of U.S. bank performance.
Aggregated net income for financial institutions was $44 billion in the first quarter of 2017. This is a 12.7 percent increase from the year prior. Community banks shared this growth with a 10 percent increase. Collectively, more than half of all financial institutions reported year-over-year growth in Q1 earnings.
The report cited an increase in both interest and non-interest income as the primary drivers for revenue growth. The $2.1 billion in non-interest revenue growth is reflective of the drive to diversify products and grow revenue streams.
Forging New Non-Interest Revenue
When looking to diversify product portfolios, many banks and credit unions are turning to identity theft protection products for non-interest revenue growth. It offers a cohesive fit with existing products, plus with the rise in data breaches, fraud and identity theft — demand has hit a historic high.
After all, there were 35.2 million victims of identity crimes in 2016. That’s a new victim every second.
When banks and credit unions take a more proactive approach to these crimes, it fosters a unique account holder bond. And with the right tools, knowledge of account holder expectations, and a true understanding of organizational goals success with these in-demand initiatives can create unexpected sources of revenue and engagement. That’s what you can expect from a partner in identity protection.
The Partner Difference
Identity protection is far more than a one-and-done initiative. It requires strategy and expert guidance to both streamline and monetize.
Fraud and identity protection partnerships have been EZShield’s specialty since our inception in 2001. We work to understand your goals and have developed proven systems to help you achieve them. With driving revenue being one of the top goals today, let’s break down the partner difference to find where the make or break moments lie in an identity protection program rollout.
Understand Your Goals
Your goals lead the way. Whether you’re looking to drive revenue, encourage account holder engagement or reach a new demographic — the processes behind certain goals are very different.
There are two vital aspects to consider when solidifying your goals: your organization and your account holders.
Your brand, culture and current initiatives play a major role in reaching your goals. Identify how your account holders view your organization and how identity protection can work as a cohesive element of your existing products is key. Equally important, is taking time to understand your current account holder base. Their demographics play a vital role in the type of identity protection they’re seeking.
Reaching your goals is rarely cut and dry. By bringing on a team of experts, you can more effectively achieve them — but it sometimes means getting a little out of the box.
Choose the Right Program
Stand alone, enhancement or incentive — your program strategy plays a vital role in overall success.
One partner we worked with was challenged with the high costs associated with paper bank statements. They used EZShield’s low-cost, high-value products as an incentive to drive account holders to e-statements. The migration to paperless drastically cut overhead and ultimately boosted revenue.
While their goal was to drive revenue, it was in a far-from-standard approach. With EZShield’s expert guidance they achieved greater success than with a traditional rollout.
Find the Right Products
To drive revenue with identity theft protection, selecting the right product is key. At EZShield we offer award-winning identity protection products for consumers and small businesses. From proactive security tools, advanced monitoring to world-class restoration services — our products can be tailored to create a comprehensive protection program that fits your needs and budget.
Consumers favor identity protection products from financial institutions far more than any other source. Financial institutions have the highest rate of long-term identity protection users. They far outpace the abysmal 8 percent renewal rate of complimentary post-breach services.
This appeal is driven by consumers wanting to have a one-stop shop for all of their financial wellbeing needs and the pre-existing level of trust account holders have with their bank or credit union.
At EZShield, we act as an extension of your brand and ensure your account holders are taken care of with world-class support and robust products that safeguard their good name.
Support Shouldn’t End After Rollout
Our Client Services team continuously supports each EZShield partnership. They manage partner programs and offer complete transparency through regular analytics and analysis of user engagement. If a question or need arises, you’ll always have a trusted expert by your side.
We’ll also help you promote your program by supporting your marketing efforts including digital and print collateral as well as a dedicated webpage.
Your goals and performance are periodically reviewed to ensure long-term success and identity new opportunities — it’s a refreshing change from stand-alone identity protection.
Discover What a Real Partnership Delivers
See what the partner difference is all about by scheduling a demo. Deluxe can help your financial institution gain access to EZShield’s awarding winning services today through our Deluxe Provent solution. Our team will take the time to walk through your goals and lay out strategy and program options that can help you reach them.