A.G. Newcomb helped a large trade association of 60,000 members representing eight million employees identify, negotiate and implement an advantaged banking services program benefiting its members’ employees. This association began exploring benefits to attract and retain employees of member organizations. An advantaged banking services program could help their members’ employees build credit and take charge of their financial futures. A.G. Newcomb researched and negotiated a banking partnership that would enable advantaged retail banking services with a partner whose commitment and resources would fit a grand scale.
A.G. Newcomb understood that the perfect partner must be a sophisticated banking organization that had an entrepreneurial attitude, a strong sales culture, a menu of high-quality products, strong online banking capabilities and the ability to facilitate banking anytime, anywhere. A.G. Newcomb’s industry network was tapped and dozens of financial services companies were contacted. After a thorough screening, discussions on the design of the banking services program, and potential marketing and sales strategies, the association entered into strategic partnerships with two large national banks that together serviced 80% of the U.S. with branches, ATMs and online banking. A.G. Newcomb negotiated the initial agreement, the terms of the banking services package and the fee arrangement for the association and worked with the implementation team to develop the platform and the sales and marketing strategies for this initiative.
There was keen interest particularly by the larger members of the association with a critical mass of employees. The banking services program was considered an excellent benefit for employees that they would not otherwise be able to obtain themselves.