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Table of Contents

Competitive and Positioning Analysis---------------------------------------------1

Opportunity Analysis-------------------------------------------------------------------6

Customer Analysis-----------------------------------------------------------------------7

Market Segmentation Strategy-------------------------------------------------------8

Campaign Objectives--------------------------------------------------------------------9

Strategy------------------------------------------------------------------------------------10

Implementation-------------------------------------------------------------------------15

Public Relations-------------------------------------------------------------------------19

Budget (Simple Version)--------------------------------------------------------------20

Allocation of Spending---------------------------------------------------------21

Creative Samples------------------------------------------------------------------------22

References--------------------------------------------------------------------------------28

Appendix A: Competitive Analysis-------------------------------------------------36

Appendix B: Expanded Budget------------------------------------------------------48

0

Executive Summary

Extensive research has proven that the college-aged market is being missed. This is a unique and easily-accessible market which will prove very profitable since its population is on the verge of making the most important financial decisions of their lives. During this delicate age, college students and recent graduates form important loyalties with financial institutions that, if handled correctly, lead to mutually beneficial, lifelong partnerships.

Though easily accessible, this target (Generation Y) is unique in several ways and doesn’t usually respond well to traditional advertising. For this reason, Wells Fargo should implement a scratch ticket promotion. This promotion will specifically cater to the target market’s tastes. Furthermore, it will be low-cost but very effective. The bread and butter of the entire promotion is the scratch ticket, but it will be supported by guerilla marketing on Facebook and Twitter, as well as banners, posters, ads on the Wells Fargo website, a press release, and partnerships with local restaurants.

To save money and increase effectiveness, “Street Teams” will distribute scratch tickets on college campuses and hang posters. This personal touch will be more impactful and actually less expensive than mailers. For recent graduates, the tickets will be mailed. Finally, existing customers within the target market will receive their tickets with their monthly bill/statement. Wells Fargo will partner with local restaurants to have them help distribute the tickets. This will give Wells Fargo additional credibility as a bank with personal touch and will give the restaurants advertising. Finally, the remaining marketing will draw customers to the branches, where they can pick up a scratch ticket.

The real genius of the scratch ticket program is that it must be scratched by a teller, which will bring many new customers into the branches. Furthermore, the prizes that can be won all relate to Wells Fargo products: reward points, ATM Fee Waivers, and Overdraft Forgiveness. The first encourages use of a rewards-capable account (or the opening of one if the winner doesn’t already have one) and the second two reduce resistance to banking in general and make Wells Fargo appear more affordable or more generous. Also, to redeem the second two, the winner must bring the card into a branch, giving Wells Fargo an additional selling opportunity. Finally, if any participant opens 2 new accounts, they will be entered into the Grand Prize drawing, which has much better prizes, including a Toyota Prius (a “green car” will appeal most to Gen. Y)

Using these strategies, Wells Fargo will spend $250,000 but will gain 24,760 responses and an estimated 3068% ROI. (Equal to $7,673,180)

1

Competitive and Positioning Analysis

Wells Fargo

Image

o Wells Fargo is a powerful bank that exudes security and permanence. Wells

Fargo has over $540 billion in assets, over 80 businesses, over 6,600 retail

branches, over 160,000 employees, and over 23 million customers. It is ranked

sixth in market value and fifth in assets. The market value of Wells Fargo’s stock

is $119 billion. Wells Fargo is number one nationally in number of mortgage

stores (2,400 stores) and also total number of stores (5,915 stores). Wells Fargo

is the United States' 25th largest employer. It has maintained consistent,

conservative positioning by using the stagecoach and horses as its logo and not

attempting to conform to cutting-edge media trends. This has given Wells Fargo

a classic, yet unique image. Wells Fargo is also notable because the bank has

long prided itself on conservative lending standards, portraying an image of

stability. Wells Fargo holds the powerhouse position in the market by offering

the most financial services and the farthest-reaching network of branches. Wells

Fargo gives the customer something they can always count on. It always looks

the same: strong, unwavering, and professional.

Bank of the West

Image

o Bank of the West is a small bank that looks to serve low and moderate income communities. Through personal service, teamwork, fair pricing, and building economically healthy communities, Bank of the West considers itself a high performance organization.

o Consumers of Bank of the West view it as a smaller and more local community banking system with a more personalized store atmosphere.

2

1st Bank

Image

o 1st Bank started as a small local bank and has fought hard to maintain that image. Still only present in three states, 1st Bank is the smallest on the list of Wells Fargo’s top 5 competitors along the Front Range. However, it is now Colorado’s second-largest depository and is Colorado’s largest locally owned bank. 1st Bank focuses on providing “a high level of service for our customers and in the community.” It has been positioned against Wells Fargo as the anti-big bank, basically insisting that it knows the customer much better than Wells Fargo ever could.

Chase

Image

o Execute superbly

Demand and maintain strong financial discipline, building for good times and bad

Create and maintain a “fortress balance sheet”

Design and maintain the best systems and operations

Eliminate waste and bureaucracy

Maintain a strong system of internal governance and control

Measure performance through a complete and balanced scorecard

o Aspire to be the best

Develop a world-class franchise in every business it operates

Be field- and client-driven, consistently delivering the best products and services in a cost-effective way

Innovate, test and learn

Create powerful brands that carry a commitment of quality and integrity

o Build a great team and a winning culture

Operate with the highest standards of integrity

3

0

5

OverallSatisfaction

Convenience Account Initiation/Product

Offerings

Fees Account Statements

Transactions

Competition Ratings: Mountain Region J.D. Power

Bank of the West

Chase

U.S. Bank

Wells Fargo

Train and retain great managers

Be open and honest with self, colleagues, shareholders and communities

Get incentives right

Foster an environment of respect and inclusiveness

Give back to communities

U.S. Bank

Image

o U.S. Bank is trying to be a local, “big brother” type bank. By heavily investing in local projects while focusing on high ethical standards and business excellence, U.S. Bank has secured its place in the market as the bank that is big enough to offer virtually everything a customer needs but small enough to invest in and care about local interests. U.S. Bank also focuses on staying up-to-date with technology, but doesn’t want customers to th ink it is sacrificing security or service quality by doing so.

Scoring Legend: 5: Among the best 4: Better than most 3: About average 2. The rest

4

5

For more competitive analysis, please see Appendix A.

6

Opportunity Analysis

Customers

The market of college students is largely being abandoned. Partly due to the recession, many

banks are ceasing to offer loans or aid to college students. According to the St. Petersburg

Times, Citibank has begun to deny students from smaller institutions and US Bank is refusing to

offer private student loans. College is a critical time in a person’s life because they will soon be

making the most significant financial decisions of their lives, forging important loyalties. Wells

Fargo needs to be that bank. Similarly, recent graduates are currently making those critical

decisions and forming life-long ties to financial institutions. What better time to market to

them? Finally, it is common knowledge that current customers are the least expensive to

connect with on a marketing level. Plus, they will have a much lower resistance to new

solutions.

Current Marketing

Because of Wells Fargo’s current image of security and stability, their place in the market is

more akin to the values of the settled and elderly. However, Wells Fargo’s recent “someday”

campaign has helped alter this perception slightly. The problem with the “someday” campaign

is that it is just that. The most memorable

part of that campaign is that Wells Fargo

helps the consumer reach someday, but

how much can that mean to the “Now

Generation?” College students and

recent graduates need to see the

immediate benefits of banking with Wells

Fargo, or even of just visiting the bank.

The ski pass promotion is a good example

of this, but is very expensive.

Currently, most Wells Fargo marketing is typical bank marketing: brochures, up-selling through

the website, TV commercials, sponsorship, etc. There’s nothing wrong with those necessarily,

but they blend in. Wells Fargo needs to utilize new methods to gain the attention of the MTV

Generation. One possible method is social networking. According to Wall Street and

Technology, a recent study found that only 30% of the major financial brands had a social media

presence, but 80% of them were being discussed by customers in unofficial groups on the sites.

7

Customer Analysis

Generation Y

Composed of two sub-segments o “Twentysomethings” o Teens

High Potential for Growth

Most Highly-educated

Easily Bored

Tech-Savvy o 80 percent use e-mail, cell phones, or text messaging

Convenience

Brand-Sensitive

High School Grads, Students and College Grads, Young Couples Beginning Families

Individualistic and independent

Traditional Marketing isn’t very effective at communicating messages to Gen Y o Effective ways to reach Gen Y include

Event Sponsorships Electronic media Finding ways to engage with the market Correct language, music and images are essential Honesty, humor, uniqueness and information are important

TV and Media that were designed for them have become a norm o “American Idol”, “Big Brother”, “CSI”, MTV o Maxim

Generation Y is a growing part of the banking world every day. New technologies are targeted

toward them and existing products are being adapted to their needs. Wells Fargo is positioned

to offer students and older members of generation Y the products they need to satisfy their

banking needs. Student Checking is a great option for many of generation Y and is possibly one

of Wells Fargo’s best checking accounts offered. By attracting students with either student

loans or checking accounts, it creates an opportunity to cross-sell various other products. The

tech-savvy population of Gen Y also demands convenience from its bank, sometimes more than

the bank is willing to give. However, Wells Fargo does offer a variety of online products such as

online banking, online bill pay, and mobile banking. In addition, as Gen Y’ers move away from

home, renter’s insurance is another product that Wells Fargo can conveniently offer them.

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Market Segmentation Strategy

Three groups were chosen to target:

1) Current college students

2) Recent college graduates

3) Existing customers (within the two areas above)

Current College Students

Easily, cheaply accessible

Very social, WOM-conducive environment

Close to making many of the most important financial decisions of their lives

More easily “converted” than someone who has more significant financial commitments

Missed by many competitors

If successful, they will likely be a customer for life

Recent College Graduates

Higher average income than those without college degrees

Currently making many of the most important (and binding) financial decisions of

their lives

More easily “converted” than someone who has more significant financial

commitments

If successful, they will likely be a customer for life

Of all groups, these are most likely to be “in the market” for Wells Fargo services

Existing Customers

Most qualified

Don’t have to change banks, only get more solutions

Lowest cost to connect

Lowest resistance

Hopefully have already established relationships with their local Wells Fargo bankers

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Campaign Objectives

Main Objective

To increase foot traffic in Wells Fargo by distributing scratch cards to Wells Fargo new and

existing customers and performing supportive advertising and promotions while maintaining

Wells Fargo’s positive image and rewarding all customers.

Overall Objectives for New Customers

To gain 24,760 new customers from 3.4 million scratch cards distributed during the six-week

promotional period. (2% response rate)

Since all “scratchable” prizes involve having an account at Wells Fargo, all participants will be

encouraged to open an account. Furthermore, since participation in the grand prize drawing

requires opening two new accounts, customers have a very significant added incentive to open

new accounts.

Objective for Existing Customers

Out of 115,904 cards, 2,318 customers will redeem their scratch cards. (2% response rate)

Objective for Everyone Else

Since people outside the targeted area will not be contacted directly (by being mailed or

handed a scratch ticket), and since the promotion is less appropriate for their tastes, a

lower response rate is expected. An estimated .5% response rate will be used for

forecasting. Out of an estimated 2.9 million contacts, 14,488 will redeem scratch tickets.

Budget Objective

Spend $250,000 on this promotion and receive a 3068% ROI. (Equal to $7,673,180)

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Strategy

All advertising and promotions will be centered on a scratch ticket promotion to be run all

along the Front Range. A grown-up version of McDonald’s Monopoly Game, the scratch ticket

promotion will still feel like a game while generating excitement and buzz in the community.

This promotion will be open to everyone, but marketing will focus on the target markets listed

previously of college students, recent grads, and existing customers. The scratch tickets will

always reveal a “win,” but the prizes will vary.

Prizes

From Scratch Cards:

Reward Points (awarded immediately, entices guest to open account or activate rewards if they can’t use rewards currently)

o Rewarded $100 worth of points towards any rewards-capable account o Rewarded $300 worth of points towards any rewards-capable account o Rewarded $500 worth of points towards any rewards-capable account

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Overdraft Protection Card o Card covers 1 overdraft fee

Must go into bank to redeem (allows for repeat customer traffic) ATM Cover Charge Card

o Reimburses holder for any ATM fees incurred in a single transaction Must go into bank to redeem (allows for repeat customer traffic)

From Grand Prize Drawing (Guest enters when they open 2 new accounts by filling out their scratch ticket with contact info; tickets that were mailed already have info on label):

New Toyota Prius (1 for entire Front Range) 42” TV (30 available) Las Vegas Trip

Explanation of Prizes

The reward points were chosen as a prize for two reasons. The first and most obvious is that

people like rewards programs and this prize will stimulate further spending or the opening of a

rewards-capable account. The second is that the ticket will say “$500 value” (which is how

much the consumer must spend to accumulate them) for 500 reward points, but they would

actually only cost Wells Fargo $5.

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The ATM fee and the overdraft forgiveness are simply designed to reduce resistance to opening

new accounts. These are commonly considered some of the most bothersome bank fees, so

letting consumers win waivers will make them more likely to open new accounts. The only

catch is that the ticket must be scratched by a teller in a Wells Fargo bank. If it is not, any prizes

won cannot be claimed. This way, foot traffic into the store will also be drastically increased.

Also the grand prize drawing strongly encourages customers to open new accounts.

All of the prizes in the grand prize category appeal specifically to the target market. The Prius is

“green” and trendy, the TV centers around technology and entertainment, and the Las Vegas

trip is an entertainment-centered trip which strongly appeals to younger audiences who enjoy

partying and the “night life.”

Consumer Attitudes

The main goal of the scratch ticket campaign is for consumers’ attitudes to form in the

sequence of Cognitive—Affective—Conative. By having the cognitive component of attitude as

the first form to take place, customers recognize the Wells Fargo brand as a general bank. This

could either spark need recognition, or just make the consumer aware of the brand. Second, an

affective, or emotional, attitude will be formed from the promotion. Seeing the unique and

exciting scratch ticket that offers financial incentives will make the consumer more apt to

choose a Wells Fargo bank and will certainly draw them to the store. Also, the grand prizes of

flat screen TVs, a Las Vegas Trip, and a Prius will create an emotional attitude of possibly

winning an item that is seen as socially desirable to friends, or even of the personal benefit of

actually owning a luxury item like these. Lastly, the conative element of the consumer’s attitude

is to turn the first two feelings into a type of behavior or action. When the consumer sees that a

Wells Fargo bank teller must scratch their ticket, referencing back to the cognitive and affective

attitudes they just experienced, the goal is that the consumer will find enough positive

reasoning to act upon those attitudes and visit a Wells Fargo to participate in the promotion.

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Product Positioning

Wells Fargo has already created a strong and unique brand image for itself. However, this

traditional image makes marketing to the target market of college students and recent college

graduates a bit more challenging. This is why the scratch ticket was chosen; it is a fun and

mysterious way to appeal to these customers. Because competitors are offering other financial

incentives such as money for opening up a bank account, additional incentives were chosen to

help Wells Fargo become more appealing. With free overdraft fee coupons, credit card points,

and ATM fee credits, plus flat screen TVs, a Las Vegas trip, and a car, the possible benefits of

choosing a Wells Fargo bank will far outweigh those of a competitor’s bank, creating a superior

product position.

Means-End Theory

This campaign was designed based on the means-end theory. It is important for consumers to

find a means in the scratch cards that will lead them to a desired end state. The means which

will lead to the end is the desire for the prizes that are being offered and the requirement that

the teller must scratch the ticket. Even if the biggest prize they win is one free overdraft

forgiveness, many consumers can relate to a time when they have been frustrated about an

overdraft fee and how inconvenient they can be. Such prizes reduce purchase resistance.

However, the larger prizes such as the chances to win a TV or even the car are even more

influential means which would cause the consumers to act upon their desires. These are also

leverage points because the benefits of the product can be linked to personal values, such as

saving money in these hard economic times or winning a TV that has been a wanted luxury item

for years. Also, the car chosen (Toyota Prius) is an environmentally friendly model because

“going green” is a value which is on the rise today, especially among the target market.

Media Strategy

The media strategy consists of direct mail,

statement inserts, banners around Wells Fargo,

direct handouts on campuses, Facebook, MySpace, Twitter, and advertisements for the

promotion on the Wells Fargo website. These were chosen because they are low cost and

highly effective for the target market. Due to the design of the scratch cards and the fact they

will be shipped first class, they will stand out from junk mail. When placing a scratch card with

important documents, such as bank statements, current customers have an increased chance of

paying attention to them. By hiring people to visit college campuses and hand out scratch

cards, Wells Fargo will be able to reach a large portion of the target market which is most likely

to automatically throw away advertisements in mail. Because Wells Fargo’s online banking

system is one of its strongest services, it is essential to advertise the campaign on the website.

This will get customers who are very dependent on the online services to want to come into the

bank, get a scratch card, and participate in the promotion.

14

Internet

Create Facebook, MySpace pages about the scratch card

Twitter-create buzz surrounding the scratch card

Other Marketing

Design banner and poster promoting the scratch cards. Display these

posters around campuses along the Front Range such as CSU, UNC ect.

Wells Fargo will display the banners outside their banks (preferably over

the entryway or facing a major street)

Paid Street Teamers – Distribute scratch cards on college campuses and

in “hotspots” that are heavily populated with the target market

Restaurant Partnerships – Wells Fargo will partner with local restaurants

who will offer the scratch cards with the purchase of certain meals. The

restaurants get publicity on the Wells Fargo posters and buzz marketing

and Wells Fargo gets to show its “local side” as well as reach additional

customers.

15

Implementation

After researching and analyzing the target market, it has been determined that there are several effective ways to communicate the program to customers. Below is an overview of the media plan. Some of the media options will be geared towards existing customers, some to new customers and others to both new and existing customers.

Mail o Justification and Summary

Direct mail is going to be one of the primary ways of getting the scratch tickets into customers’ hands. It is fairly cost-effective and allows for a far reach. A 2% response is expected, which is slightly higher than a normal response rate due to the more involved and compelling nature of the scratch tickets. Other methods and channels of promotion will be used to supplement the mailed scratch tickets.

Billing statements o Will account for 36.8% of mailings o Mail out the scratch tickets with the customers’ billings

statements. This will attract existing customers into stores, getting them used to the idea of coming inside, rather than just using the ATM.

Direct Mail o Will account for remaining 63.2% of mailings o Scratch cards will be sent potential customers

Internet o Justification and Summary

Since Gen Y is tech savvy, it would be prudent to utilize an outlet that they easily relate to and commonly use. This will also show the consumer that Wells Fargo is moving with the trends rather than being stuck in the “Stage Coach Days.”

Twitter o Easy way for Wells Fargo to hit the masses

Young professional/student oriented Financial tips (educational factor) Link of instructions and info about the program New promotions outside current event

Facebook o Way to provide more visual information o Mass invite people to join Wells Fargo for promotions

Student-oriented Picture of what the “card” looks like for customer to

verify Link of instructions and info about the program New promotions outside current event

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Wells Fargo Website o Small Press Release o Advertise on gateway screen

Campus Handouts o Justification and Summary

This will help to reach students in person (higher involvement) apart from the Internet and cut down on direct mail costs

Paid “Street Teamers” stand in “hotspots” on campuses, handing out the scratch tickets

Posters o Justification and Summary

Posters will be especially vital for colleges/universities with no real “hotspot.”

They will serve as a more lasting form of marketing for the entire promotional period, rather than the “Street Teamers” who will only be there for 2 days.

Serve as reference material for students who wonder what it is Banner

o Justification and Summary Simple banner will attract customers who may not have received the direct

mail scratch ticket. Reminder for customers who forgot to go into the store for their ticket Outside Wells Fargo buildings, on the busiest side of the building “Choose to win. Choose Wells Fargo”

In-store tickets

o Justification and Summary Anyone can walk in and get a ticket. Since the tickets encourage opening

new accounts, they will drive sales for all users. Leaving it open and telling everyone they can get one in Wells Fargo will

make everyone feel appreciated and “in the know.”

17

Restaurant promotions o Justification and Summary

Wells Fargo will partner with local restaurants and utilize them to help distribute scratch tickets.

Have restaurant choose a few select menu items which will come with a Wells Fargo scratch ticket

Restaurant will be promoted on Wells Fargo posters and Wells Fargo will be promoted in the restaurants, while gaining credibility as a local bank.

Both parties will benefit from the buzz generated.

Media Schedule

Marketing activities will be very heavy at the beginning of the campaign, mainly due to direct mail, which is a primary staple of the promotion. This strong start will build buzz and anticipation as customers who have not yet received a scratch ticket wait for theirs. Some existing customers will wait the longest because these are monthly bills/statements. Of course, the tickets will be sent with the earliest statement in the promotional period, but those who receive their tickets in the fourth week of the promotion will have waited quite a bit more than new customers.

18

Tracking Traffic

As customers bring their tickets in to be scratched, bankers must enter the code number (which references what media attracted them into the store), the scratch ticket number, along with the customer’s primary account number. Prizes must be redeemed on the spot. This will track the success of the promotion via certain channels and among certain groups and will prove helpful for future promotions.

Tracking Code Examples

Media Outlet Code #

Campus Handouts HA- 112233

In-Store Tickets IN – 112244

Direct Mail MA - 112266

Bill/Statement Inserts BI - 112277

Restaurant RE - 112200

19

Public Relations

This campaign will use an external public relations strategy. Throughout the campaign, Wells

Fargo will promote an image that says “Wells Fargo is always there, especially during critical

turning points in your life.”

PR Tools

Ensuring all employees are informed:

Training for all bankers who will work with customers in this promotion

A company newsletter (can be sent via e-mail)

A PR release (within the company)

Post information in the break room

These forms of media will be used to convey all the important information/purpose of the

campaign. These communications will also reinforce Wells Fargo’s positive image within the

company and make employees feel valued.

Stakeholders

Employees

Stockholders

Front Range Community

Customers

Proactive Prevention Strategies

By requiring that the card be scratched by the teller at Wells Fargo, there is a certainty of angry

guests. When they scratch off the card at home and realize that they have a prize worth

redeeming, guests are going to want to go into the bank and try to redeem the card. In order to

avoid negative PR, Wells Fargo will implement the following strategies:

Make it very clear that the card is invalid if it is scratched outside the bank, state it

repetitively

o On the ticket itself, front and back (see examples)

o In the Official Rules

Train bankers to deal with this situation, i.e. “I’m sorry, the rules say you cannot

redeem a ticket that you have scratched yourself. However, you’re welcome to

pick out another unscratched ticket and tell me which square you’d like to

scratch!”

20

Budget (Simple Version)

Tickets for Recent Grads $85,707.28

Tickets for College Students $34,828.12

Tickets for Existing Customers $24,585.53

Tickets for Everyone Else, Restaurants $6,519.58

Reward Points (Tiered) $24,760.18

ATM Fee Waivers $18,322.53

Overdraft Forgiveness $8,253.39

Toyota Prius $18,000.00

42" TVs $16,499.70

Las Vegas Trip $372.00

Promotional Posters $1,600.00

Storefront Banners $5,100.00

Admin. Costs and Extra $5,451.67

Total $250,000.00

Total Visits Generated 24,760

Cost Per Generated Visit $10.10

ROI Total $7,673,180.43

21

For expanded budget, please see Appendix B

Tickets for Recent Grads

Tickets for College Students

Tickets for Existing CustomersTickets for Everyone Else, RestaurantsReward Points (Tiered)

ATM Fee Waivers

Overdraft Forgiveness

Toyota Prius

42" TVs

Las Vegas Trip

Promotional Posters

Storefront Banners

Admin. Costs and Extra

Allocation of Spending

22

Creative Samples

Ticket Front

Ticket Back

23

Poster

24

ATM Fee Waiver

Front Back

Overdraft Forgiveness

Front Back

25

Banner

Wells Fargo Online

26

Facebook

27

Twitter

28

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http://bbvacompass.com/personal/checking/

http://www.firstnational.com/001/html/en/personal/pers_products_serv/banking_accts/checking_accts/checking_accounts.html

https://www.key.com/html/checking-accounts-options.html

https://online.citibank.com/US/JRS/pands/detail.do?ID=Checking

http://www.rateitall.com/i-62049-chase-bank.aspx

http://www.filife.com/companies/citibank#reviews

http://www.filife.com/companies/compass-bank#reviews

http://www.my3cents.com/showReview.cgi?id=42240

https://www.efirstbank.com/personal/checking/

http://www.mybanktracker.com/bank-reviews/view/Bank-of-America

http://www.mybanktracker.com/bank-reviews/view/Citibank

http://www.mybanktracker.com/bank-reviews/view/Compass-Bank

http://www.mybanktracker.com/banks/view/KeyBank

http://www.mybanktracker.com/bank-reviews/view/Wells-Fargo

https://www.bankofthewest.com/BOW/main.jsp?ChId=135d90988ca4ef00VgnVCM10000087c35c92

http://www.bankofchoiceonline.com/home/personal/checking

http://www.lendingtree.com/lender-reviews/citibank-143045/

http://www.lendingtree.com /lender-reviews/chase-930829/

http://www.my3cents.com/showReview.cgi?id=42877

http://www.filife.com/companies/tcf

http://www.filife.com/companies/tcf/page/2

http://www.filife.com/companies/tcf/page/3

http://www.rateitall.com/i-774790-tcf-bank.aspx

31

http://www.jdpower.com/corporate/news/releases/pressrelease.aspx?ID=2009087

http://www.filife.com/companies/us-bank

http://www.rateitall.com/i-10204-wells-fargo.aspx

https://www.efirstbank.com/

http://www.1stnationalbank.com/004/html/en/personal/personal.html

https://www.advantagebankonline.com/home/home

https://www.bankofamerica.com/index.jsp

https://www.bankofchoiceonline.com/home/home

http://www.bankofcolorado.com/

https://www.bankofthewest.com/BOW/home_sl.html

https://www.bbvacompass.com/special/200908/ipod/?utm_source=ysm&utm_medium=cpc&utm_term=bbva%20in%20the%20south

http://www.cachebankandtrust.com/

https://www.chase.com/

https://www.coloradocommunitybank.com/

http://www.farmersbank-weld.com/

http://seekingalpha.com/article/121245-rating-the-top-12-u-s-banks-from-hidden-gems-to-zombies

https://www.wellsfargo.com/about/corporate/your_state/co.jhtml

https://www.key.com/index.html

http://ncbr.datajoe.com/app/ecom/pub_viewhtml.php?listid=19&year=2009&htmlkey=maPduYSUt87ZU

http://ncbr.datajoe.com/app/ecom/pub_viewhtml.php?listid=18&year=2008&htmlkey=maGq0uNYn1mZk

http://denver.bizjournals.com/denver/stories/2005/10/31/story8.html

http://denver.bizjournals.com/denver/stories/2008/10/06/daily23.html?t=printable

http://www.allbusiness.com/banking-finance/banking-lending-credit-services-cash/11859773-1.html

32

http://www.newwestbank.biz/

http://tcfbank.com/

http://www.usbank.com/

https://valleybankandtrust.com/

http://www.bankingdetail.com/banks/branches/weld-county-co-colorado.asp

http://www.hoovers.com//free/co/burn.xhtml?ID=58450&cm_ven=PAID&cm_cat=GGL&cm_pla=CCM&cm_ite=wells_fargo_competitors

http://finance.yahoo.com/q?s=WFC

http://tcfbank.com/PersonalBanking/pb_checking_home.jsp

http://tcfbank.com/PersonalBanking/pb_checking_25_free_cash_TAF.jsp

https://www.bankofamerica.com/index.jsp

https://valleybankandtrust.com/personal-banking-products/personal-checking-accounts

http://www.advantagebankonline.com/home/personal/checking

http://www.newwestbank.biz/accounts/personalAccountsChecking.html

https://www.key.com/html/free-checking-account.html

https://www.chase.com/ccp/index.jsp?pg_name=ccpmapp/individuals/checking/page/chase-checking-page

http://www.coloradocommunitybank.com/site/banking_checking.html

https://www.bankofthewest.com/BOW/home_sl.html

https://www.bankofthewest.com/BOW/main.jsp?ChId=f1a4714c7122ff00VgnVCM10000087c35c92

http://www.bankofcolorado.com/content.aspx?cat=Personal%20Banking&accntId=79&c=Banking&s=Checking%20Products&id=8

http://www.bankofchoiceonline.com/home/personal/checking#free

https://www.efirstbank.com/

https://www.efirstbank.com/personal/checking/freechecking.html

https://www.bbvacompass.com/special/200908/ipod/?utm_source=ysm&utm_medium=cpc&utm_term=bbva%20in%20the%20south

33

http://academybankco.com/

http://www.advantagebanks.com/index.html

https://www.bankofchoiceonline.com/home/home

http://www.bankofcolorado.com/index.aspx?orID=1&id=8#

https://www.bankofthewest.com/BOW/main.jsp?ChId=53b630a39de10010VgnVCM1000007fc35c92

https://www.efirstbank.com/about.html

http://www.usbank.com/cgi_w/cfm/about/index.cfm

http://www.epinions.com

http://www.mybanktracker.com

http://www.hoovers.com//free/co/burn.xhtml?ID=58450&cm_ven=PAID&cm_cat=GGL&cm_pla=CCM&cm_ite=wells_fargo_competitors

https://www.wellsfargo.com/about/corporate/your_state/co.jhtml

http://www.allbusiness.com/banking-finance/banking-lending-credit-services-cash/11859773-1.html

https://www.wellsfargo.com

https://www.bankofamerica.com

https://www.citigroup.com

http://www.usbancorp.com

http://www.chase.com

http://www1.epinions.com/review/finc-Financial_Services-Online-Banks-Wells_Fargo/content_342277066372

http://www.epinions.com/review/finc-Financial_Services-Online-Banks-Wells_Fargo/content_406427635332

https://www.efirstbank.com/http://www.epinions.com/review/finc-Financial_Services-Online-Banks-Wells_Fargo/finc-review-1DAC-490C71B-389CED7A-prod2

34

http://www1.epinions.com/review/finc-Financial_Services-Online-Banks-Wells_Fargo/content_38451515012

http://www.epinions.com/review/finc-Financial_Services-Online-Banks-Wells_Fargo/content_483832729220

http://www.epinions.com/reviews/finc-Financial_Services-Online-Banks-Wells_Fargo

http://coloradosprings.citysearch.com/review/1926906

http://www.yelp.com/biz/first-bank-denver-2

http://www.yelp.com/biz/1st-bank-wheat-ridge

http://web.userinstinct.com/8726018-firstbank-longmont.htm

https://www.bankofthewest.com/BOW/main.jsp?ChId=c0b1a76de912ef00VgnVCM10000087c35c92

http://www.efirstbank.com

http://www.bbb.org/us/

http://www0.epinions.com/reviews/finc-Financial_Services-Online-Banks-Bank_of_the_West

http://www.jdpower.com/finance/ratings/retail-banking-ratings/mountain

Katie. (2009, September 22). Bank of the West Interview. (Stephanie, Interviewer)

http://www.marketresearch.com/map/prod/1540164.html

35

http://www.eweek.com/c/a/Web-Services-Web-20-and-SOA/How-to-Build-Online-Banking-for-Generation-Y/

Banks shut out needy students. St. Petersburg Times

Corporate Executive Board. Share of wallet as a performance metric.

http://www.chicagotribune.com/business/yourmoney/sns-yourmoney-1115cruz,0,928329.column

http://www.wallstreetandtech.com

http://www.artsci.ccsu.edu/Planning/Demographics.html

Bank of America cuts back on loans ends private finance program for students. The Boston Globe.

Banks ignoring imporance of Facebook word-of-mouth. Brand Republic News Releases.

Profile of the American college student: Student demographics spring 2008 results. Virginia Tech.

http://admissions.colostate.edu/

Not much has changed for first-home owners -snapshot of society. The Australian.

36

APPENDIX A: COMPETITIVE ANALYSIS

Wells Fargo Bank of the West Chase U.S Bank 1st Bank

Personal Banking x x x x

Online Banking x x x x x

Checking x x x x x

Savings x x x x x

CDs x x x x x

Credit Cards x x x x x

Debit Cards x x x x x

Gift Card x x x x

Student Banks x x

Loans x x x x x

Home Mortgage x x x x x

Home Equity x x x x x

Student Loan x x x x

Personal Loan x x x x x

Auto Loan x x x x x

Investing and Insurance x x x x

The Private Bank x x x

Mutual Funds x x x

Brokerage x At some Locations

Retirement x x x x x

Insurance x x x x x

Small Business x x x x x

Checking x x x x x

Savings x x x x x

CDs x x x x

Credit Cards x x x x x

Loans x x x x x

Lines of Credit x x x x

Business Rewards x x x x x

Payroll x x x x x

Merchant Card Processing x x x x x

Insurance x x x

Retirement & Investment x x x x

Verification of Deposit x x

Expand Employee x x

Businsess Online Banking x x x x x

Business Bill Pay x x x x x

Direct Pay x x x x x

Foreign Exchange Online x x x x x

Online Invoicing x x x x

Commercial x x x

Anti-Fraud Strategies x x x x

Equipment Purchase or Lease x x x x x

Merchant Solutions x x x x

Risk Protection x x x x

Treasury Mangagement x x x x

International x x x

Real Estate x x x x x

Investment x x x x x

Employee Benefits x x x x x

Shareowner Services x x

Products

37

Wells Fargo Bank of the West Chase U.S Bank 1st Bank

ATM Fee 5.00$ 1.50$ 2.00$ 3.00$ 2.00$

Overdraft Fee 10.00$ 36.00$ 15.00$ 30.00$ 5.00$

Insufficent Fund Fee 25.00$ 26.00$ 25.00$ 19.00$ 31.00$

1-800 Calling Fee 2.00$ -$ -$ -$ -$

Opening Deposit for Checking 100.00$ 100.00$ 25.00$ 50.00$ 1.00$

Opening Deposit for Savings 25.00$ 100.00$ 300.00$ 25.00$ 100.00$

Non-Wells Fargo ATMs Transaction (U.S.) $2.50* *$30.00 ($8.00 per day after initial fee)

Balance Inquiry fee: $1.50 each *$19.00 One time fee

International Transaction fee: $5 each

Price

Wells Fargo Bank of the West Chase U.S Bank 1st Bank

Distribution and Locations

Locations 23 states 19 states 60 Counties 24 states 3 states

Branches 6,000 700 5,000 2,850 130

ATMs 6,900 753 14,000 5,173 unknown

Distribution

38

Wells Fargo

Products Offered

o Personal

Online Banking, Bill Pay, Checking, Savings, Credit Cards, and Debit Cards Loans: Home Mortgage, Home Equity, Student Loans, Personal Loans,

and Auto Loans Investing & Insurance: The Private Bank, Mutual Funds, Brokerage,

Retirement o Small Business

Checking, Savings & CDs, Credit Cards, Loans & Lines of Credit, Business Rewards, Payroll, Merchant Card Processing, Retirement & Investments, International Business Service

Online: Business Online Banking, Business Bill Pay, Direct Pay, Foreign Exchange, and Online Invoicing

o Commercial

Business Needs: Anti-Fraud Strategies, Equipment Purchase or Leases, Merchant Solutions, and Risk Protection

Products & Services: Treasury Management, Financing, International, Real Estate, Investment, Employee Benefits, Insurance, Shareowner Services

Channels

o Small branches inside supermarket stores, traditional branches, ATMs, Phone

Banks, internet, and mail

Advertising and Promotion

o Promotions

Earn rewards with Wells Fargo Credit Card and Check Card

Earn 1 point for $1 on credit card purchases and 1 point for $4 on check card purchases

Reward options include travel, cash rebates, gift cards and merchandise

Points never expire

Online Consumer Reviews

o From the BetterBusinessBureau.com, out of 2115 complaints, 1856 were

resolved and 265 were administratively closed. Top issues included:

Bill or Collection issues (38%) Refund or Exchange issues (17%) Customer Service issues (16%) Service (16%)

39

Bank of the West

Products Offered

o Personal

Checking, Savings Accounts and CDs, Credit Cards, IRAs, Online Banking, Consumer Loans and Lines of Credit, Private Banking, Pacific Rim Banking, Auto Leases, Telephone Banking, Financial Calculators, Wealth Management and Trust, Insurance, Investment Services, Home equity loans, Military Loans, Auto Loans, Home Loans, Recreational Vehicle loans, Retirement planning, Education Savings Solutions, and Auto, Home, and Life Insurance.

o Small Business

Checking, Savings and CDs, SBA lending, International Trade, Business Services, Loans and Lines of Credit, Business Online Banking, Business Insurance, Wealth Management and Trust, Cash Management, Equipment Financing, Debit and Credit Cards

o Commercial

Lending, Cash Management, Capital Markets, International Trade, Equipment Financing

Advertising and Promotion

o Get $100 to spend at local businesses when you open a checking account and pay bills online (Bank of the West).

o Open a small business checking account and use debit card for 5 transactions and you will get $100 into your account

Online Consumer Reviews (Better Business Bureau, 2009)

o The Better Business Bureau.com reports that out of a total 63 consumer complaints, 54 were resolved, 8 were administratively closed, and 1 had no response. The top complains included:

Billing or collection issues (43%)

Customer service issues (22%)

Service issues (17%)

o Overall rating of “B”

40

1st Bank

Products Offered

o Personal

Accounts

Checking

Savings

CD/Time Accounts

Health Savings Account

IRA

Loans

Mortgage

Home Equity

Cash Reserve

Auto Loans

Credit Cards

Construction Loans

Loans to Purchase Real Estate in Retirement Account

o Business

Accounts

Checking

o Check Card

Savings

Credit Card

Services

1031 Exchanges

Cash Concentration

41

Desktop Teller

Internet Services

Lockbox Service

Merchant Services

Loans

Construction

Line of Credit

Mortgages

Letters of Credit

Single Payment Loans

Advertising and Promotion: Overall, in their advertising, 1 st Bank seems to seek originality, fun, humor, and a distinctly “un-bank” style. The bright orange of 1st Bank’s logo and its casual language make it feel approachable and light-hearted.

o Online Banking with Bunnies commercial

1st Bank ran a very successful commercial highlighting how pleasant their online banking experience was. This commercial focused on personality, humor, and seemed aimed at people approximately ages 18-40

o Twins in coffee shop commercial

1st Bank ran a similar commercial with a very similar feel which highlights 1st Bank’s concern with protecting customers’ identities. This ad seemed targeted at a slightly different group though, trendy young professionals.

Online Consumer Reviews

o As 1st Bank is somewhat smaller than the others, it does not have nearly as much presence on the BBB website or in JD Power reports. To gain insight on consumer perspective, several online review sites were utilized:

According to 2 reviews on citysearch.com, 1st Bank received a rating of 5 out of 5 stars. (CitySearch)

According to 3 reviews on yelp.com, 1st Bank Denver received 4.5 out of 5 stars. (Yelp)

42

According to 2 reviews on yelp.com, 1st Bank Wheat Ridge is rated 2 out of 5 stars. (Yelp)

According to 5 reviews on userinstinct.com, 1st Bank received 6 out of 6 stars. (UserInstict)

By calculating a weighted average of these scores, we can estimate an overall satisfaction rate of 97.69%

Chase

Products Offered

o Personal Banking

Checking, credit cards, savings, CDs, debit cards, gift cards,

o Business

Business banking, commercial banking, business credit cards

o Personal Lending

Home equity loans, mortgage, auto loans, student loans

Advertising and Promotion

o Advertising (data collected from YouTube commercial ads.)

Ads showing how fast it is to operate an ATM

Expressing the advantage of free reward point when using your debit card

Promote their fraud alert option with their credit cards

Ads appear to promote the family, being able to buy what you want (rewards), seem to also lean to younger demographics.

o Promotions (data collected from http://www.facebook.com/group.php?gid=5164598730)

$100 for opening a Chase checking account

$125 referral coupon

$10 bonus for online bill pay

Reward points for debit cards

43

Travel points

Online Consumer Reviews

o The Better Business Bureau reports that within the last 36 months that there were 783 recorded complaints with Chase Bank.

All 783 were resolved

o Overall, the Better Business Bureau gave Chase Bank a B grade.

US Bank

Products Offered

o Personal Banking

Wealth Management

Investments & Personal Trust, Private Banking, Financial Planning & Insurance, and Find an Advisor

Credit Cards and Prepaid Cards

Credit Cards, Your Credit Card Account Online, Visa Gift Cards, and Visa Buxx

Loans

Equity, Auto, Boat, & RV Loans, Personal Line of Credit, and Student Loans

Mortgages

Mortgage Programs, Mortgage Calculators, Homebuyer, and Find a Loan Officer

Online Banking

Internet Banking, Internet Bill Pay, Mobile Banking, and Online Investing

Checking and Saving

Checking Account Options, Savings Accounts & CDs, and Check Cards with Rewards

o Small Business

44

Business Services

Cash Management, Payment Solutions, International Banking, and Business Insurance

Employee Services

Payroll Services, Direct Deposit, Workplace Banking, Health, and Savings Account

Credit, Loans & Leasing

SBA Loans, Real Estate Loans, Credit Cards, and Equipment Leasing

Checking & Savings

Many Checking Account Options, Savings & Investing, Check Cards With Rewards, and Online Account Access

o Commercial and Government

Corporate Payment Systems

Commercial Cards, PowerTrack, Voyager Fleet Systems, and Government Services

Trust & Investing

Asset Management, Corporate Trust Services , and Institutional Trust & Custody

Financing, Capital & Leasing

Traditional Lending, Specialty Lending, Structured Capital, Equipment Finance, and Commercial Real Estate

Industry Expertise

Government & Nonprofits Banking, Financial Institutions, and Mutual Funds & Partnership Services

Employee Services

Corporate Relocation, Direct Deposit, Workplace Banking, and Health Savings Accounts (HSA)

Deposit & Payment Solutions

45

Checking Accounts, Treasury Management, International Banking, Payment Solutions, and ReliaCard® Visa®

Advertising and Promotion

o Advertising

U.S Bank made more than $22.6 billion in loans and investments during 2007 to help support the creation of affordable housing, economic revitalization, and organizations providing critically-needed services to low- and moderate-income individuals and areas

U.S. Bank is also proud to co-sponsor an annual Community Service Initiative in partnership with The Financial Services Roundtable.

U.S Bank employees work together to support such causes as Special Olympics, Junior Achievement, and Habitat for Humanity.

$20.7 million in cash grants were given to qualified nonprofit organizations in 2008

U.S. Bank supports more than 150 sponsor relationships across our banking region annually and is one of the top 100 sponsoring companies in America

Support a wide variety of pro, minor league and collegiate sports, innovative arts and cultural venues and programs, as well as festivals and civic events

o Promotions

Earn reward when you use your credit card

Cash Rewards

Travel Rewards

Merchandise Rewards

Retail Rewards

Establish credit

Earn rewards when you use your check card

Cash Reward

Travel Reward

46

Merchandise Rewards

Online Consumer Reviews

o 1.71 from Rate it All

o From Lending Tree

Overall 4.3 out of 5

Fees and Cost 3.7 out of 5

Responsiveness 4 out of 5

Wells Fargo has a significant competitive advantage over the community banks along the Front

Range in product line breadth and depth. The community banks are either unable or unwilling

to participate in offering student checking accounts and student loans. However, Chase and

Key Bank offer similar products. Although Wells Fargo does offer online banking options, Chase

is the first among those listed to begin working with iPhone applications.

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Wells Fargo

Yes Yes Yes College Combo

Yes Goal Savings Accounts

Yes Yes Yes N/A

Bank of Choice

Yes N/A N/A N/A Choice Checking

Yes Yes N/A Yes N/A

Chase Yes Yes N/A College Checking

Chase Checking

Yes Yes Yes Yes Yes

KeyBank Yes Yes N/A Student Checking

Express Free Checking

Key Saver Yes Yes Yes N/A

FirstBank Yes N/A N/A N/A FREE Checking

Regular Savings

Yes Yes Yes N/A

47

J.D.POWER BANK STUDY

2009 Retail Banking Study J.D. Power.com

Overall Satisfaction: This score is based on how customers rate their overall experience

with their current primary financial institution.

Convenience: This score is based on how customers rate the hours of branch operation,

number of branches, and ease of access for their current primary financial institution.

Account Initiation/Product Offerings: This score is based on how customers rate the

ease of opening an account, variety of banking services available, innovation of new

services offered, ease of making changes to accounts, effectiveness of communication of

products and services available, and competitiveness of interest rates (including checking,

savings, money market, CDs, etc.) for their current primary financial institution.

Fees: This score is based on how customers rate fees assessed including account

maintenance, overdraft, check order, and cashier’s check/money order fees for their current

primary financial institution.

Account Statements: This score is based on how customers rate the ease of

understanding, clarity, and information provided in account statements from their current

primary financial institution.

Transactions: This score is based on how customers rate the various transaction methods

used (as applicable) including in-person, ATM, online, automated phone, and phone

transactions with a live representative for their current primary financial institution.

48

APPENDIX B: EXPANDED BUDGET

Tickets for Recent Grads Est. 5 years in college Est. 70% enrollment in target age 28 cents each 1st class postage 15 cents each production $200 design (spread out) Total $85,707.28

Tickets for College Students 15 cents each production Est. 40 people needed to distribute 3 peak distribution hours daily $10 per hour pay Est. 4 days needed to complete $200 design (spread out) Total $34,828.12

Tickets for Existing Customers 15 cents each production $7000 fixed cost statement inserts $200 design (spread out) Total $24,585.53

Tickets for Everyone Else, Restaurants Triple number in target group Est. .5% response rate x3 to account for restaurants and uncertainty 15 cents each production Total $6,519.58

Reward Points (Tiered) 33% Chance Divide est. tickets by 3 for target $5 each for 500 points 33% chance $3 each for 300 points 33% chance $1 each for 100 points 33% chance Total $24,760.18

ATM Fee Waivers 33% Chance Average $2.22 ATM fee Total $18,322.53

49

Overdraft Forgiveness 33% Chance Est. $1 processing each Total $8,253.39

1 Grand Prize Toyota Prius $18,000.00

42" Panasonic TVs 30 TV Prizes Drawn $549.99 each Total $16,499.70

Las Vegas Trip Airfare Hotel Stay Total $372.00

Promotional Posters 80 cents each production 50 est. colleges/universities Est. 15 posters per institution $1000 professional design Total $1,600.00

Storefront Banners $200 each production At 25 Wells Fargo stores $100 design Total $5,100.00

Subtotal $244,548.33

Remaining for Admin. Costs and Extra $5,451.67 Total $250,000.00

Total Visits Generated 24,760 Cost per Generated Visit $10.10 Profit per Customer (According to Corporate Executive Board) $320.00 ROI per Customer $309.90 ROI Total $7,673,180.43