With Nearly $240 Million in College Savings Deposits, College Savings Bank’s Greatest Assets are Still our Customers
On July 31, 2007 College Savings Bank conducted its first customer satisfaction survey in 20-years of business. The results supported the Bank’s effort to be one of the nation’s leading provider of college funding products.
“We have always maintained strong relationships with our customers,” said Dan Davenport, Chief Marketing Officer of College Savings Bank. “But anytime you actually ask for a report card, you do so with a few butterflies in your stomach.”
The Bank’s survey results were good, receiving high marks for customer satisfaction and product relevance.
Respondents also expressed interest in College Savings Bank bringing new products and service to market. Those products expressed most clearly were an equity linked CD and student lending.
“It is great to receive feedback from customers,” continued Dan Davenport, “and the value of this information is realized through the opportunity it presents.”
Based on this feedback, College Savings Bank launched the InvestorSure CD in December, which can be used along side of or as an alternative investment to the CollegeSure CD. The rate of return on this CD is based upon the performance of the S&P 500 from issue to maturity, yet has trademark safety of a College Savings Bank product. The principal you invest in the InvestorSure CD is FDIC insured to at least $100,000 per depositor and just as the CollegeSure CD is offered with no fees, the InvestorSure CD offers this same benefit. It is a great opportunity for investors looking to save for college and also for those who want to expand and diversify their existing portfolio.
As well as introducing the InvestorSure CD as a new product, College Savings Bank is currently evaluating digital processing software. This new software will allow more methods of funding than before. The Bank has always accepted credit card and signature debit card deposits for new customers; however, existing customers could only use reoccurring direct deposit from their paycheck or financial institution or mail in checks to make additional deposits. In the near future, the Bank expects to offer the flexibility of paperless checks that can be accepted on the phone, or online, as well as more credit card options.
To prepare for this change, College Savings Bank is in the process of re-launching their family of Web sites including collegesavings.com, Arizona.collegesavings.com and Montana.collegesavings.com. The revamped websites will offer the convenience of online deposits and managing your account, online enrollment, and the ability to chat live with a College Savings Bank Adviser.
Currently the sites are primarily informative to prospective customers. The new sites are striving to provide a blend of information and resources for existing customers as we work toward our goal of adding fully functional electronic banking. Since the Montana site was completed in November 2007, online enrollment has increased by over 320%.
In addition, The Bank has used information from the survey to provide a better customer experience moving forward. Already, the Bank has staffed a dedicated customer service department working directly with our existing customers. With our new websites, communication between the Bank and customers will be even more efficient. Managing an account online is ideal for many people and customers who have questions about our product or the investment options through the Bank can use live chat. The service department is designed to help account holders maximize the value that College Savings Bank can provide and the Bank is proud to offer our customers a new and convenient way to stay informed and save wisely.
“The college savings market is at least a $100 billion dollar industry,” added Davenport. “Yet College Savings Bank is one of only a few - if not the only company that is exclusively providing products and services for families preparing to fund a future college education. We believe our expertise in this area is second-to-none, and our customers seem to support this notion.”
The Bank will be issuing a second customer satisfaction survey in July of 2008 and expects their efforts from 2007 will improve results.