Reasons to Love Go. Bank. Go. Bank does so many things well, it’s hard to keep track of them all.
Here are seven reasons consumers will love them. Go. Bank is undoubtedly a challenger brand that’s going to shake up the banking industry. By Jim Marous, SVP/Corporate Development at New Control.
A few weeks back, I wrote an article commending Go. Bank on their excellent new customer onboarding communication. Using the informal tone that is consistent with the Go.
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Bank brand, they made it clear how I could best use my account and what I could expect from them. I have been using my Go. Bank account quite a bit over the past several weeks, and I continue to be impressed with the way the they excel at nearly everything they do. Like most of the better mobile banking applications, I can easily make a deposit by taking a picture of a check.
If I’m paying another person, I can instantly send money using their email address, phone number or even Facebook account and they will be notified immediately by email or text message. Since I didn’t receive any physical checks with my Go.
Bank account (it is truly a mobile banking account), I can pay many bills like phone or cable electronically. If I need to pay a business that doesn’t accept e- payments, or I just need to give someone a check (yuck) then I can send it through Go. Bank easily as well.
I simply enter the information and Go. Bank will mail a paper check . I can also set these analog payments up to send out regularly if I need to. But that’s just the beginning.
Here are seven other reasons I really like Go. Bank and how the brand is fulfilling its commitment to . Customized Debit Card. While Go. Bank is mostly a mobile banking account, they do provide a debit card. As part of my onboarding process, they allowed me to customize my Go. Bank debit card with any picture I wanted.
While this is available at many online and traditional banks, Go. Bank didn’t position the feature as an afterthought but rather as a way to personalize my new account for a $9 fee if I didn’t want the standard card. I opted for the personalized card and it appears I was not alone.
Lewis Goodwin, CEO of Go. Bank, said they wanted customers to start off with something fun. Balance Bar. With most mobile banking apps, I need to sign into my mobile banking application just to see an account balance.
Even if someone did manage to steal my phone and see my balance, they couldn’t get funds from my account. Go. Bank makes the primary task of getting a balance inquiry immediate with their Balance Bar. On the Go. Bank login screen, I have the option to peek at my balance without logging in. I simply authorize the capability as part of my initial security settings and I am ready to go. When the Go. Bank login page appears, I simply slide the bar at the bottom of the page for my balance. This capability alone has moved them forward in my assortment of mobile banking partners.
Custom Alerts. Rather than having a preset array of notifications that are automatically attached to my mobile banking relationship, Go. Bank allows me to customize a wide assortment of alerts both by type of alert and the way I’d like to receive those alerts — mobile notification and/or by email. The following are the alerts currently available: The options for alerts will undoubtedly change and expand over time based on customer input. What is nice is that all of the alerts can be set in a very simple, easy to understand way — just like with everything associated with Go. Bank. 4. Negotiable Monthly Fee. The most revolutionary part of Go.
Bank is the ability to specify a monthly “membership fee” at any level you want from $0 – $9 (again using a sliding bar). If someone isn’t sure what to pay for their monthly membership, Go.
Bank provides industry factoids using several sources. Sample insight includes: Most Americans pay $1.
Pew Charitable Trust)In 2. Americans paid $3. Go. Bank has no overdraft or penalty fees. Go. Bank has 4. 2,0. ATMs — more than twice as many free ATMs as Bof.
A or Chase. I’m sure I’m not the only customer to actually accept a fee for my new account — despite the fact that almost all of my banking relationships are free. I set my fee at $3 since that is what I am used to paying for a withdrawal at ATMs outside of my current network. Go. Bank also notes that my fee will be deducted every 3. I can change my membership fee at any time up until midnight on the day prior to the charge. And by the way, I love the term “membership fee.”( Read More: Should Credit Unions Charge Membership Dues?
Go. Bank Fortune Teller. Go. Bank avoids overcomplicating the budgeting process. Simply input the payment reminder (rent, cable, electricity, gym), provide an amount and indicate the frequency.
The same is true for deposit reminders. Once a budget is set, the power of the Go. Bank Fortune Teller.
I simply tell the Fortune Teller how much it costs, and Go. Bank gives me a quick yay or nay based on the budget I’ve set. And since mobile deposits and payments post immediately, my Fortune Teller update represents a real time balance. There are no fancy graphs, charts or analysis of my budget as part of the Go.
Bank PFM proces — just the basics, and done very well. Go. Bank Communication Style. Not surprisingly, Go. Bank is not keen on bank speak. In fact, I have yet to receive any communication from Go. Bank that was not generally informal; it’s a minimalist’s dream. While many customers of Go.
Bank will find this refreshing, many bankers I’ve spoken with think the communication is not “professional enough”For me, the style is perfect. In fact, instead of burying me in the account’s terms and conditions (which I’ve never read once in my life), they simply make their formal documents available online if I want to view them. This video gives a good example of the tone Go. Bank uses. The video gives an overview of Go.
Bank’s main features: the Balance Bar, Fortune Teller, membership fee, budgeting tools and ATM network access. Go. Bank Referral Program.
While not exactly innovative from a strategy perspective, Go. Bank definitely has developed a very simple and powerful referral program for their mobile banking application. Because Go. Bank is still technically in beta (until the July 4th holiday), there is a virtual line of people waiting to open an account. To help a friend move to the front of the line, Go. Bank allowed current customers to invite friends simply by sending them $1 using the person- to- person payment feature. For the recipient, redeeming the $1 they get couldn’t be easier, taking as little as 1. What is cool about this strategy is that I am actually using the payment app to refer a friend, which familiarizes users like me with the simplicity of their mobile P2.
P payments tool. On the recipient side of the equation, they are being given money from a friend to try Go. Bank leveraging the power of word- of- mouth marketing. What’s Next? Rollout of Go. Bank. According to the Go. Bank presentation at Finovate. Spring a few weeks ago in San Francisco (see 7 minute presentation below), the rollout of the Go. Bank app will occur on July 4.
Go. Bank will be using social media such as Facebook and Twitter to create buzz around the Go. Bank offering. There will also be targeted digital media used as well as partnerships with key financial and technology insiders and several web properties according to Steve Streit, President, CEO and Chairman of Green Dot (the banking holding company for Go. Bank). Many of these partnerships will focus on households who may be underbanked at this time. Partnerships with large national retailers are expected, where displays and informational brochures will be utilized promoting trials of the service. Rite Aid has already been announced as a retail partner for the introduction, with Kmart and other retailers expected to follow. Finally, product placements on national television are also planned, with the first announced partnership being with Project Runway. From my perspective, Go.
Bank will do well in the marketplace following their KISS strategy that does not overcomplicate mobile banking. While there will definitely be offerings in the marketplace that will have more .
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