Wow! A bank subscription that just keeps on giving

Photo: Shutterstock

In addition to banking services, First Financial Bank customers also get phone insurance, roadside assistance, and even a groceries discount.

Remember your last visit to the bank? Did you by any chance go on the first of the month, and get engulfed in the queue of pensioners creeping across the bank, its length practically unchanged, even after 20-minutes of shuffling? If your answer is yes, you’re not among the younger readers of this portal, because you will never see those standing in line to get a few minutes of attention from the bank’s cashier.

Photo: Shutterstock

For an increasing number of clients, banking is an activity that requires little more than a smartphone with an internet connection. According to an analysis by PricewaterhouseCoopers, their share grew by a half in over a year, reaching 15 percent of all users of banking services. Their advice to banks is »when creating your banking strategy, first think of mobile services.« 

There are many who took that to heart. Modern consumers can access an increasingly large selection of banking applications offering a seamless user experience and the comfort to conclude financial transactions from their armchair at home or in those few free minutes between meetings. Need to transfer funds to your friend? Want to secure a loan to buy a car? Trying to open a savings account? Just need to quickly pay some bills? The best modern banks will have an answer to each of those questions, for a mere few euros a month.

First Financial Bank is trying to inspire their customers to subscribe to their monthly service, mainly through their wide range of »non-banking« benefits.

In that regard, First Financial Bank, a bank with a tradition of over 120 years, from the heart of the state of Texas, is not much different. But they took their business model a step closer to their clients. 

While most banks entered the world of the subscription economy by offering monthly plans that include current account maintenance, transfers, certain payment services, and annual credit card memberships, First Financial Bank showed a lot more creativity. We can’t really say that about the name of their plan – Wow! – but it holds true for what it has to offer.

Photo: Shutterstock

First Financial Bank’s clients who pick Wow! get more than just a free debit card and access to online and mobile banking. They can also count on insurance in case of identity theft, roadside assistance if their car breaks down, insurance of their mobile phone, and 10,000-dollar insurance in the case of accidental death while travelling. 

Additionally, the bank offers its clients coupons to buy groceries, discounts for restaurants, travel agencies, and even medical institutions. It’s all available for just six dollars a month, and this sum will go down 10 cents every time a client pays with their Wow! debit card. If they use the card about twice a day, their subscription becomes practically free of charge.

Banks are paying more and more attention to how to approach their users in the digital world, and how to get them to commit long-term with the right set of services.

For their Wow! plan, First Financial Bank won the FinXTech prize, awarded by the online magazine Bank Director. For a mere six dollars, its clients have access to a whole bundle of services they would otherwise have to pay for. Since the subscription plan was first introduced by First Financial Bank, it has gained the support of over a third of its clients, who care about being able to count on the premium services with savings over the long term. 

This is exactly what Amazon, Netflix, and numerous other champions of the subscription business model offer their clients.