Publications & Resources

November/December 2009
Focus: Directors Issues

WIB Service Corporation Report
More Than the Sum of the Parts: Leveraging the Synergies of Endorsed “Best of Breed” VIPs

By Anne K. Scully, WIB Service Corporation President

I would rather earn 1% off a 100 people’s efforts than 100% of my own efforts.”
- John D. Rockerfeller

Question: When does one plus one equal three? Answer: When you implement two WIB-endorsed VIP programs and create synergies that leverage the individual value-added benefits of each.

At the WIB Service Corporation, we pride ourselves on the quality of our endorsed “Value & Income Programs,” which truly are “best of breed.” One of the hallmarks of our VIPs is that each brings a “value-added, member only” component, pricing discounts, additional features, enhanced contract terms, etc.

We realized that if VIP partners having mutually complimentary or enhancing products collaborated with each other, they could create new levels of value-added for WIB members and new opportunities to leverage the synergies created. Our VIP partners agreed with our strategy. They joined WIB staff in an all day brainstorming session to design ways in which they could collaborate with each other to capitalize on the synergies created and produce a win-win-win for community banks, WIB Service Corporation and WIB-endorsed VIP partners.

The results were outstanding. We identified a number of opportunities where WIB members can increase their overall benefit by implementing two or more VIPs at the same time. We’ve identified several here and will continue our discussion in the next issue of Western Independent Banker.

Intrasweep & uMonitor – Enhanced FDIC Insurance Coverage & Cash/Treasury Management Services for Commercial & Business Accounts

Intrasweep offers an on-balance-sheet sweep and a newly launched insured deposit network exchange (100% liquid, fully automated) which provides enhanced FDIC insurance coverage. uMonitor provides online account opening/funding, funds switch, account-to-account transfer and financial management/ aggregation services.

Combining the robustness and technological functionality of uMonitor’s services with the sophistication and financial security of Intrasweep’s sweep platform and insured deposit exchange gives community banks a powerful end-to-end online delivery channel for acquiring and retaining commercial clients.

With uMonitor, your customers can open and fund commercial checking and sweep accounts, accounts appealing to high-net-worth individuals and non-profit customers, and custodians of public funds – all with enhanced FDIC insurance coverage. Your customers can transfer money account-to-account in a highly secure and reliable way, as well as switch all of their other existing relationships from other financial institutions over to your bank. Using uMonitor’s Finance Manager platform, your customers can view and manage all of their financial and non-financial information (from over 7,000 sources of information) on a single dashboard. They can set up and track their sweep account activities, account activities at other financial institutions, transfer funds, etc.

BancVue & MoneyPass® -- Reward Checking & Surcharge Free ATM Network

BancVue offers REWARDChecking® and three other products in its REALChecking program. Banks offering REWARDChecking® pay a high interest on the account and rebates on ATM surcharges provided the customer meets minimum monthly debit card transactions, uses direct deposit and online banking services, etc. MoneyPass® provides a nationwide, surcharge-free ATM network of 16,000+ ATMs (80% owned by the 1,100 participating financial institutions) and 36 million cardholders.

Banks participating in the MoneyPass ATM network have been able to significantly reduce or offset altogether the growing cost of their surcharge rebates earned by their REWARDChecking® customers. Why? MoneyPass actively drives their 36 million cardholders to your bank’s ATMs, significantly increasing overall transaction volume – often by 200%-500% -- and premium MoneyPass interchange fees paid.

Inmatrix & Independent Bankers Insurance Services (IBIS) – Credit Risk Analysis/Stress Testing & Insuring Loan Portfolio Risks

Inmatrix’ software enables banks to conduct real time credit analysis and risk assessment for an individual loan or across an entire portfolio – both C&I and CRE – as well as perform various stress testing and risk ratio scenarios to identify deteriorating credit. IBIS specializes in financial institutions risk management and insurance services for community banks. It has direct underwriting contracts with all of the major companies (A-rated excellent or higher) providing the specialized insurance coverage unique to the banking industry.

Using Inmatrix’ software, your bank can more effectively manage its portfolio risks and intercede before credits deteriorate to a point of no return. IBIS’ expertise and access to all of the key financial institution insurance markets gives it the ability to provide insurance coverages for the most unique – or difficult to insure – loan collateral.

Diligent Board Books & Independent Bankers Insurance Services (IBIS) – Internet Board Portal & Insuring Bank Boards

Diligent Boardbooks provides a secure, online board portal where your bank can compile, manage, post, distribute, print, vote and view your critical board meeting books and related documents. IBIS provides a wide variety of risk management services and insurance coverages for bank boards including, in particular, directors’ & officers’ liability and fidelity bond insurance.

Bank directors face increased challenges in the exercise of their board duties, from compliance with Sarbanes-Oxley to shareholder lawsuits stemming from the credit crisis to regulatory scrutiny of non-performing loans, brokered deposits and CRE concentrations. Diligent Boardbooks’ Internet portal ensures that information is delivered in accordance with best practices in corporate governance and helping bank directors perform their responsibilities more efficiently. IBIS reviews a bank’s insurance coverages with its board of directors, enabling the latter to better understand and manage the bank’s risk exposures.