prep time decreased from 30 minutes to less than five, and
approval turnarounds now take seconds, as opposed to
hours using the previous method. This dramatic increase in
time savings has allowed First Interstate’s front-line staff to
shift their focus to customer service and sales.
Through instant prescreen technology, the bank is now
able to tap into its existing customer base to determine
appropriate credit products to offer, rather than waiting for
customers to come into the bank. In addition, the bank now
has the ability to refine its decisioning logic to be more in
tune with the local economic conditions of its branches. This
allows the bank to adjust credit policy in real time to respond
to market changes, further insulating itself from potential
Wachovia Wins Award for Promotion of Its
Automatic Savings Program
Wachovia Corp. has won an award in the category of “new product
launch” from the Promotion Marketing Association for a campaign
centered on the bank’s Way2Save automatic savings product.
When launching the product last year, Wachovia organized a Way2Save Challenge Tour that visited 12 cities. The
tour consisted of a series of booths and pavilions featuring
free, interactive educational and entertainment activities.
When set up, the booths took up an area of approximately
60 by 80 feet.
The centerpiece of the set was “The World’s Largest
Money Machine,” a three-story-high structure that housed
eight individual money machines. Each money machine was
equipped with a custom-made, proprietary system to swirl the
money around the chamber.
At designated times during each tour stop, qualifying contestants entered the money machine with the opportunity to
win cash prizes. $10,000 was given away at each tour stop.
The set-up also included a photo area where consumers could have their picture taken and then retrieve it via the
Way2Save Web site; a golf area where consumers putted for
prizes; and a “savings oasis” massage area.
(Above) An aerial view of the Wachovia “Way2Save
Challenge Tour” set up in Miami.
risk, says Lindeen.
Since the implementation of instant prescreen, the bank’s
annual credit card growth has increased from under 10 percent to an average of 15-20 percent over the past six years.
In 2007, the net income from First Interstate’s credit card
division had increased 900 percent, or from $200,000 to $2
million, since the initial implementation in 2002. More than
4,000 credit cards were issued in 2007, bringing the bank’s
total to more than 70,000.
“Consumers have a much greater propensity to accept
offers that are specifically tailored to their needs and presented to them in real time by an institution they know and
trust,” says Lindeen.
Under the terms of the Way2Save account, the bank automatically would transfer $1 from the customer’s checking to
saving account when the consumer made certain transactions,
such as the use of a check card to make purchases. In addition, the bank would match up to $300 in the account at the
end of the first year.
The bank estimated that the tour
generated 658 million
By the end of 2008,
Wachovia had opened
more than 1.3 million
(Left) A view of the
Money Machine,” in
were challenged to
grab paper money
(Above) Shown here is a contestant collecting money inside
the money machine during the tour’s stop in Los Angeles.