Customer Acquisition solution for Community Banks and Credit Unions - Optirate.com

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OptiRate believes that

Community FIs (Community Banks, Regional Banks and Credit Unions) should be just as, or even more, successful than mega-banks
Community FIs provide superior services & products that should be accessible by consumers everywhere
Community FIs should be able to compete with mega-banks on a more even-footing
Consumers want and should have access to great Community FIs, instead of settling for mega-banks

Challenges facing Community Banks, Regional Banks and Credit Unions include:

Intense competition
FIs compete in an ultra-competitive environment with 40 FIs in an average region, while some regions have more than 200 competitors.
Commodity offering
Commodity-like nature of the Retail Banking makes it virtually impossible to differentiate for the 15,000 Banks and Credit Unions, thereby stifling growth while the mega-banks continue to grow (organically and through acquisitions).
Weak Profitability
Mega-and particularly, internet-only banks, have been stealing market share from Community FIs resulting in low or negative returns for many banks.
Relationship vs Product opportunity
Most bank customers purchase just one or maybe two products, but have relationships with 3 –5 other FIs.Bankers desire, but in large part, have been challenged to achieve more than one-product relationships with their bank customers.
Increasing Regulatory Pressures
New regulatory implications create additional challenges for the Banker putting additional pressure on profitability and ability to compete with the mega-banks. Scale will be required to achieve going-concern status.

OptiRate Solution is an incremental boost to FI’s existing marketing efforts –at a fraction of the current cost

OptiRate increases the number of High Net-Worth retail customers —the 15% -20% of the customer base that generates 80%+ of the bank’s profits.

OptiRate extracts value from online and social-media marketing without the high fixed costs required to implement these programs in-house.

OptiRate markets, pre-qualities, validates and delivers High Net-Worth consumers to FIs.

OptiRate solution is a true partnership based on a pay-for-performance basis.

OptiRate works within each Bank’s defined parameters –the Bank call the shots,OptiRate delivers.

The OptiRate solution gives small, well capitalized banks a great funding option that allows them to compete with large banks in the very challenging arena of deposit and customer acquisition.

Bryce Miller, Senior Bank Executive

Although we've seen hundreds of banking innovations during the past 10 years, very few of them are applicable to deposit gathering for community banks and credit unions. We are excited to see Optirate innovating in this important area and look forward to its debut on the Finovate stage.

Jim Bruene, Editor & Founder, Online Banking Report

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