How One Bank Saved Their Local Economy Through Rewards
This has been the question on many Community Financial Institutions since the COVID-19 pandemic began in March of 2020. How can we best support our community when they need us the most?
The immediate answers were: PPP Loans and Donations, both of which have been vital to small businesses. But how can CFIs allow their cardholders be directly involved in saving the local businesses that make their community feel like home?
Greenfield Savings Bank rose above the rest with a simple yet genius solution: leverage rewards to support local restaurants.
With the help of Buzz Points and our Preferred Business Network feature, GSB compiled a list of nearly 200 restaurants in Franklin and Hampshire counties that cardholders purchased from the most and offered 5x bonus Buzz Points for any takeout or dine-in purchases at those restaurants.
What happened next was nothing short of inspiring.
The community came together in unprecedented numbers, spending almost 1 million at local restaurants in the first 30 days of the campaign. A local news outlet even picked up the story. They had such a great response that Greenfield decided to extend the campaign another month, bumping up the bonus Buzz Points to 10x!
We put together a case study of the results of the Greenfield Savings Bank story, check out the numbers for yourself!
Bottom line: rewards are changing the way CFI’s interact with their communities in a big way, especially with a completely configurable platform like Buzz Points with endless creative ways to use rewards.