My Almost FI Fairy Godmother
You know it’s a good day when someone tells you that your wish has almost been granted.
After pining away for more applicable coupons from my banking partner last December, Bank Innovation member Thomas O’Rourke assumed the role of my personal FI fairy godmother this month. O’Rourke alerted me that he’s working on bippity boppity booing me with what I want, which is essentially getting better deals when using my bank card. That means coupons for deals on local skiing to an indy coffeehouse, to say, Whole Foods.
Indeed, O’Rourke, a former Wells Fargo employee, is finalizing a revitalized rewards program website that he first introduced years ago with the lender. He hopes to offer a new version that meets my needs to banks and credit unions soon. (I’m starting to pretend that he is revamping the service just for me!)
His vision, in short, is this: Like daily deal sites, his program will give consumers discounts for both small businesses and national ones. Unlike the daily deal sites, however, to “get” the discount, consumers will have to use a particular plastic, which will make them fonder of their FI. To put it another way, O’Rourke says the rewards program aims to give institutions a value proposition to its customers other than “I’m physically nearby.”
Early research gleaned from working on the rewards program during his time at Wells Fargo & Co. a few years back already showed O’Rourke three key consumer wants in carving out such a program:
- Deals must be instant;
- Offers should be a mix of local and national business; and
- The discount from the retailer has to be exclusive and the best one available in the market.
His yet-to-be-born program will do all three. Meanwhile, the length of time a coupon runs is up to the retailer. Perhaps it’s a day, perhaps it’s a month. “You should change offers based on business needs,” O’Rourke says.
The deals running are hosted on a website, and managed by O’Rourke’s partner banks.
Currently, O’Rourke is finalizing his rewards site, while also seeking out business partners and funding sources. His to-do functionality list includes adding the ability to alert consumers on their phones, rather than just emails, on what deals are running, as well as incorporating social media elements into his rewards program.
O’Rouke’s company has a tentative title for now, LinkUp, but we’re still taking votes. (And “Mary’s Reward Program” is an acceptable suggestion.)
