Mba 560 - Final Paper Submission

Woodforest National Bank: Business Plan 1
Veeral Rana
MBA 560: Marketing and Strategy
Comprehensive Business Plan
June 7, 2020
Executive Summary:
Woodforest National Bank was established in 1980 in Texas. If one visits their company
website you will read the following: for over 35 years Woodforest National Bank has
successfully stood among the strongest community banks in the nation, proudly offering
outstanding quality customer service since 1980 Today the company is the largest retail partner
of Walmart, with over 700 branch locations throughout Alabama, Florida, Georgia, Kentucky,
Louisiana, Illinois, Indiana, Maryland, Mississippi, New York, North Carolina, Ohio,
Pennsylvania, South Carolina, Texas, Virginia, and West Virginia (Woodforest, 2019). The retail
in-store bank provides service to customers and small businesses with a variety of products that
are aimed at only those individuals. With the benefits that Woodforest has there are also areas of
improvement needed with key areas of threats and opportunities.
Some 1.7 billion adults worldwide still don't have access to a bank account (McCarthy,
2018). Now realistically one can estimate that the actual number has risen closer to 2 billion over
the last two years. Meaning that statistically speaking 1 in 4 people do not have a bank account.
With the layout and ground changing for financial institutions and what is defined as a financial
institution being redefined, concerns have risen for traditional and semi-traditional banks. The
common consumer between the ages of 14-30 choose to utilize online banks and their services
while relying on peer2peer transfer services rather than put their trust into corporeal banks.
Square's Cash App claims to have had approximately 24 million monthly active customers as of
December 2019 (Keyes, 2020). With more and more competition entering into the market a need
can be seen for old fashion banking ways to come into modern 21st century.
Many banks, not just retail in-store banks, have seen an increase in users of applications
such as Venmo, or Cash App. The applications have developed their own cards and are
essentially functioning as banks that allow customer to collect or pay for sales of anything. This
form of competition is being used by younger generations new to banking and older generations
who do not have faith in the banking industry. Another significant source of competition for the
company are the numerous banks that have begun to venture into the retail in-store market,
which include many institutions like BB&T and First Financial Credit Union. There have also
been some industry trends that could now impact the company which include: automation and
the removal of the personal touch of a live person, a push for self-banking and wanting the
customer to take control and handle all the aspects themselves, a greater push for digital payment
methods with no fees or nearly no fees, and a growing partnerships between banks and financial
tech companies
Therefore, there is a need for this type of application on both sides. To build up the
applications demand and value while getting it out into the market and into the hands of the
consumer the company will have to employ strategy. Initially the application will be introduced
as a free service that charges for transfers if you’re not a member of the bank and if you are
transferring outside the bank. It will also charge for payment of goods or services and selling of
merchandise or services. The pricing strategy will focus on more of a penetration method and
will provide a quality product at low prices. Thus, adding to the allure of the application. The
major competitive advantage for a consumer to want to choose this versus other peer2peer funds
transfer applications is the security they get from having the application backed by an actual
physical bank. Another major advantage would be the access to the banks support network for
complaints, concerns, or issues when they arise.
Customer will be able to call the customer service center and talk to people immediately
or they can walk right into a bank location and get assistance instead of waiting for an email
filled with standard boiler plate. Lastly what sets this new application apart from the competition
is that it will also provide the ability to be used for e-commerce which the majority competitor
applications out their state that they do not allow or recommend doing. When a dispute arises for
someone who pays for goods or services, they will never get funds returned due to those services
stating their service is not to be used for e-commerce or sale of any kind. This application will
have a separate feature to allow for commerce to take place and provide a method of disputing
and retrieving funds with payment and sales receipts.
The bonus for the bank will come from the application is marketing and brand awareness,
alongside increasing revenue and deposit growth. The spread of the application and increase in
subscriptions will allow the company to collect customer data and allow them to create targeted
specific ads or offers to customers for products or services they may need or want. Revenue will
come from transfer fees and interchange fees from each transaction performed on the application.
Deposit growth will inevitably increase as customer have funds that sit in the financial
institutions accounts when receiving funds or having funds stay in the application. Deposit
growth will also grow with the customer base as the application will bring the ease of
establishing a bank account for free. People around the world who assumed it was hard or that it
was not possible will be able to obtain free introductory accounts to get them a bank account and
can even take free banking courses in branches that already take place.
The application will allow Woodforest National Bank to generate a new revenue stream,
attract customers, build a better brand, increase marketing methods, increase the reach of the
company, increase their active account holder base, and provide far more potential benefits to
simply list off right now at a cost that will be less than hiring a single branch manager for a
medium traffic branch.

The application will hinge on the modern consumer and their need for a trustworthy
peer2peer financial services to conduct transfers, payments, purchases, and put much more at the
fingertips of the user. Giving people the option to establish free introductory accounts and
provide one on one personal customer service that can all be tied into one single application. But
to understand what is needed and offered by the application being developed one must
understand Woodforest National Bank and its new form of banking and services. In this project
presentation we will discuss the benefits, cost, pricing, strategy, and vision for the application
and what it will mean for Woodforest National Bank. We will also review the current strengths,
weakness, opportunities, and threats that the company faces and how the peer2peer application
can potentially help to alleviate their effect on the company.

The modern banking industry is a network of financial institutions licensed by the state to
supply banking services. The principal services offered relate to storing, transferring, extending
credit against, or managing the risks associated with holding various forms of wealth. The
precise bundle of financial services offered at any given time has varied considerably across
institutions, across time, and across jurisdictions, evolving in step with changes in the regulation
of the industry, the development of the economy, and advances in information and
communications technologies (International Encyclopedia of the Social Sciences, 2008).
Retail in-store banking is still a fairly new aspect of banking that started back in the
1960’s in supermarkets and eventually lead to where we are today. Instead of growing into profit
centers, however, these outlets generally became mere check-cashing centers. Accordingly,
many early branches failed and were subsequently closed (Williams, 1997). Now we find these
in-store banks in Walmart’s, Dunkin Donuts, Kroger, and many other supermarkets and stores.
There key demographic are individuals looking for convenient banking access and services,
those looking for cashing checks, self-sufficient individuals, and those who are looking for an
easy solution to larger banks with one on one interaction with representatives.
The main reason why banks investigate developing these branches is the market
protentional they hold by strategically placing themselves inside retail stores. These banks do not
have to hunt down new customers or market to them using costly commercials or ads. The added
benefit to the in-store locations is that they have potential clientele already in their lobbies. Brent
Tischler, who at the time was an executive vice-president of retail banking at Banc-Corp, stated,
“We have grocery stores that have 15,000 to 20,000 shoppers that walk-in front of our in store
branch every week” (Bartlett & Gull, 2017).

Many of these retail in-store banks are sought out and developed because it gives banks
the ability to be in a market area without having to invest large amounts of cash to develop their
offices. The development of these locations can be a fraction of the cost when compared to
traditional banks. By being able to keep cost down from the beginning these locations have a
potential to generate an income faster. Another major selling point to these types of banks is that
their operating costs are lower than traditional ones. There are no large expenses for building
maintenance, electricity, water, security, grounds management, or other expenses traditional
banks face. These banks simply go into a retailer’s available space and develop their bank
concept. The only money that they pay the retailer is that for rent and utilities, just as any other
business may pay to someone when they rent an office location. The retailer already has
restrooms and building security for their own needs which are there for any of their partnered
businesses.
These banks have a minimum need for employment, which I would most realistically
relate to a fast food restaurant. The employees are there, but these is no need for a large staff,
simply enough to handle day to day operations on any given day. There only other additional
staff need is to have at times a person in the management role to assist with conflicts or concerns.
Due to the minimal staff requirements and expectations, most bankers at these types of banks
only need experience with cash and customer service to be hired. The bankers need to be able to
converse with customers, collect or dispense cash, and be able to sell their products. With these
requirements for their staff, they can hire individuals at a lower pay scale than most traditional
banks, which again keeps their expenses at a lower level. All these factors allow the in-store
banks to be able to run these locations at a fraction of the cost.

The company boasts about how they provide customers with a personal touch by having
actual people in the branches, being open 7 days a week, and having extended banking hours
where they close at 7pm. They also state they are different from other banks as they have a
smaller feel and are tied to the community and its needs while having a major retail store in their
lobby. My opinion like those of the employees I previously talked to and the reviews you can see
online show how the bank has a business model that focuses on getting the most out of
consumers wallets. This image has not helping the banking industry and does nothing but drive
away business for a bank that does not actual market with commercials, billboards, flyers, or
online efforts.
Woodforest has many areas that it is strong in when seen in the market domain and helps
it to build its brand and promotes loyalty from its customers. An area of strength is the fact that it
is strategically placed inside Walmart stores. The retail in-store bank provides convenient
banking access and services while you shop, or before or after shopping. This allows individuals
to deposit funds, cash checks, open or close products, or do withdrawals.
Another strength is due to its convenient bank access, with a partnership with Green Dot
and Walmart. This allows it to accept cash deposits from all Walmart stores. Customers can
make cash deposits with any cashier or at Walmart’s money center free of charge using their
debit cards if they deposit at least $20 and a up to a maximum of $1000 a day. The funds are then
deposited into the customer’s account in 10 minutes if done before 8pm and the next banking day
if after. Customers are also allowed the ability to do mobile check deposits using the Woodforest
banking application, reducing the need to step into the bank. Competitors only allow deposits via
electronic apps but do not allow cash deposits except at their locations.
Another strong strength is that the business is generally open every day and allows
customers to come in at their leisure to handle their banking needs. The in-store branches only
close on Easter, Thanksgiving, and Christmas, and provide access on all other holidays for a
shorter than normal number of hours. Competitors in the market domain generally have the same
hours listed for their in-store branch locations, while some stay open till 8pm, and others earlier.
The days at which competitors stay open vary, with most providing limited hours of operation
during holidays, or just choosing to stay closed completely like traditional banks. Woodforest
used to be a company that had limited hours for all holidays except Christmas but then moral as
well as the perception of the company began to shift to a company that did not foster a family
first mentality. The company has since changed to make sure that employees are satisfied, which
in turn improves their appearance in the market.
The greatest of the strengths is the fact that Woodforest National Bank as a retail in-store
bank has over 700 locations nationwide, providing its customers with the same services across
the board. Competitors in the market have anywhere between 75-200 locations in-store to assist
customers. While Woodforest is dominating the market with its locations all over the east coast,
competitors in the market domain can be seen with scattered in-store branches that do not
provide much convenience to customers.
Finally, the last strength is the reason why most in-store banks are even opened, the low
overhead cost and low cost of establishment. The in-store branch locations cost to establish could
be anywhere from $150k to $300k, where the majority cost is from the purchasing of equipment
and other goods. Since Woodforest is in Walmart stores, their overhead tends to stay relatively
constant. Competitors in the market may have to switch locations due to low traffic in
supermarkets or may have pay an increased rental price for their location because of new
ownership or demand in the store. In that situation most competitors are held hostage until they
can locate better and more financially manageable location.
Consumers for Woodforest are people that are in urgent need of a bank with no other
opportunities available, those who are not knowledgeable of banking, or those looking to utilize
the overdraft services offered. All of which are attracted to the bank because it’s there and
because there are no other options. The bank strategically places itself in low to moderate income
neighborhoods in an effort to push their company’s image as one who focuses on the working
class and provide them with the ability to bank and grow financially.
Woodforest provides the ability for those who have had banking issues in the past to open
accounts and grow in the bank by offering a second chance account that has a maintenance fee. If
the consumer stays in that account for 1 year and keeps it in good standing and active they can
upgrade to any other account type if they choose to and potentially avoid service charges. The
bank also offers many classes on education of banking, savings, and basic budgeting to anyone
who is interest. By having a staff that is knowledgeable in more than just transactions they can
provide any customer or consumer with assistance without having to have a member of
management available.
The market in which it is focused on for this type of retail in-store bank is ideal as it
allows a consumer who does not have the time to visit a bank to join a bank that is inside their
regularly shopped retailer as well as being a bank that focuses on getting almost every individual
interested setup with a bank account and trying to keep them happy. The retail in-store bank
market is a fickle one but Woodforest has been able to expand while keeping general operating
cost to a minimum and grow their customer base each year. With this added new application the
company can potentially grow its customer base exponentially while filling a need that attract the
modern consumer.
The calculations in the table provide a glimpse of what generally occurs on a monthly
basis. The fixed costs for Woodforest currently include a regular rent payment to Walmart and a
regular cost of electricity as all devices and lights stay on 24/7. Base cost for operation of the
location are set at a little over $7000 each month and since the location shares a majority of the
facilities, there are no other building maintenance costs. Salary and wages for staff stay fixed as
there are no major bonuses or fluctuations to pay in a month. The variable costs for Woodforest
currently include loss, which occurs due to charged-off accounts or fraudulent checks from
consumer accounts. This amount is generally the norm but each month the amount can double
based on the cause. Refunds is also an amount that changes due to the person doing the refunds,
the reason the refund is done, and any societal or environmental impact that resulted in a charge
that is thus refunded. For example, a hurricane that prevents people from making deposits to
avoid charges and branches being closed due to the weather. The charges placed on the
customers account is then refunded due to the situation.

Other current variable costs include supplies, such as chairs, paper, pens, and other office
supplies that fluctuate based on traffic in the branches. More new customers mean more accounts
and more paper needed which causes a greater cost for supplies. The last current variable cost
Woodforest has is maintenance which can be less or greater depending on what is being
maintained. Generally, the bulk of the cost is attributed to automated video teller machines and
software updates to it and other banking applications, but it can also be from office machines
malfunctioning and being replaced. Since technology is generally repaired and replaced every
year there are not major costs to the branch for equipment. However, there are certain times in
which additional costs may come into play under variable such as remodels or layout changes, in
which the cost is determined by the change and the company hired to make changes.
For Woodforest and retail in-store banks their costs can generally be estimated to be less
than half a million each year per branch. Income can range each month from $100k to $400k for
a branch, thus providing the bank with a great profit. The cost of development and maintenance
of the application could mean a large cost at first due to product design, development, and
implementation, but once done the cost of maintenance afterwards could be similar to what is
estimated in the table. The monthly fixed cost of the application could be around $1000 for
regular maintenance and monitoring efforts by Woodforest and variable cost being $2000 taking
into count for glitches, errors, and other application issues. All of which are estimated on the
high end to allow for development and potential cost fluctuations. The total cost of the
application for the year could potentially be around $30k-$40k a year but the potential influx of
business, increase in brand awareness, and positive reviews could change the company entirely.
The pricing strategy behind the introduction of the application when initially put into the
market is that it would be a penetration pricing method. Providing a high-quality product and
services at a lower cost as to attract consumers. As the base grows there would be an inevitable
increase in pricing if revenue could not be generated from other aspects in the application that
covered rising maintenance costs. The costs can also be greatly reduced by having branch staff
trained on operations and having the current internal technology department of Woodforest
National Bank integrate this into their monitoring and updating efforts that they do for other
banking software.
Competition for Woodforest now has become scarce but is still around. It can be seen as
banks like Woodforest or digital banks that have no physical location. A common competitor
here in the Florida market is Fifth Third Bank who like Woodforest has retail in-store locations
but has a large number of branches that are free standing but close at 5pm. Woodforest only has
a handful of free-standing locations of which are all located in Texas but the majority of
branches are open till 7pm. As for now, Fifth Third does not have a peer2peer product or service.
Another competitor for Woodforest and the proposed app is Cash App and Zelle. Both allow
peer2peer transferring of funds but Zelle has a partnership with hundreds of banks and credit
unions already so it can be integrated directly into mobile banking services. Cash App can have
any card and/or bank account linked to it and allow someone to add, transfer, or cash out funds to
a bank or a Cash App card.
Woodforest P2P app could be like Zelle and Cash App and allow anyone to link an
account but would also be directly associated with Woodforest National Bank. The card for those
wanting to cash out funds would be a Woodforest debit card. Anyone interested in the card
would submit an online application that established an account and the card would be mailed to
them. This is how the customer base would grow. This would set Woodforest apart from Fifth
Third by having this product and would set it apart from Cash App and Zelle because this would
be backed by a bank with locations that people could visit and not have to email to get support.
Woodforest’s development of an application for person to person transfer services would
be free and could be obtained on the customer’s choice of platforms. The application could tack
on a surcharge or interchange fee for transfers as a method of generating income. As the
application builds traction and awareness, the bank will simultaneously also be dragged into the
spotlight and the marketing of the bank would bring in more customers. This in turn would also
help develop and increase deposit growth and attract consumers. In a report compiled by PwC,
77% of financial institutions will increase internal efforts to innovate, with many businesses
embracing the disruptive nature of FinTech (Information Age, 2018). Financial technology
(Fintech) is used to describe new tech that seeks to improve and automate the delivery and use of
financial services. At its core, fintech is utilized to help companies, business owners and
consumers better manage their financial operations, processes, and lives by utilizing specialized
software and algorithms that are used on computers and smartphones (Kagan, 2019).Technology
has changed how consumers handle or use their funds. This new addition to Woodforest could
bring numerous advantages to the company and its customers.
The application would make it easier for the current younger generation join and works
with the fact that it would involve using a smart device for a generation that is on the move. The
application could redefine banking and allow a semi-traditional retail bank to move past
locations and community banking to bring community banking globally to billions. Even if the
consumer chooses not to become a member of the bank the way people perform transaction and
pay or collect funds could be changed. Allowing any person to become a merchant and provide
traceable digital receipts for verifying payments and retrieving stolen funds. All the security that
common peer2peer transfer applications cannot currently offer to its customer base.
Since the application in backed by a bank, customer could use a smart device to transfer
funds, pay for items, be reimbursed, or get a card. The banks area of weakness right now is the
limited access to it if you move away from a branch location. This would be addressed with the
application allowing greater accessibility from everywhere. Where the peer-2-peer applications
would allow consumers to transfer funds from one bank to another bank, giving people the
ability to link multiple banks together. The application could be used to pull funds from one bank
and then be sent to another, all which the company could charge a small fee for, allowing people
to have access to banking everywhere. The threat of competition caused by other applications in
the market that allow consumers to have their direct deposit be transferred would reduce in
numbers and could eventually only be a minor annoyance for the company. By cornering the
market and seizing this opportunity by developing this application Woodforest can differentiate
itself from other banks and show interested parties the other products and services that are
offered.
The cost for Woodforest would be minimal to role out the application and would result in
a greater interest in the bank in a world where online banks are growing and becoming
competition for more and more banks. With its fixed and variable costs being accounted for there
front line at branches, which are their bankers, can aid with the application as they do for mobile
banking now. The bank can market as it does now from word of mouth and direct marketing to
consumers in the retail locations. The product can be offered and marketed internally to
customers as well as potential customers as they are delivered the sales pitch. With the
competition of other retail in-store banks the development of a peer to peer application for
transferring finances would set Woodforest apart as none of its direct competitors offers such a
product.
Most consumers rely on Cash App and other services to transfer or pay for products or
services and when an issue arises, they are left holding the bag as Cash App and other similar
services state that their product is not to be used for the sale of products or services. So, customer
try to dispute charges and rarely ever get them back from banks once using one of those services.
By Woodforest developing their own application, they can control and limit and monitor
situation like those and prevent customer from loosing funds or help them in retrieving lost
funds.
The product could be simply offered like other services and customers could be signed up
in the branch like they are with online banking or e-statements by bankers. The ease of setting up
customers with this service and providing them with the knowledge of the product will help to
provide another personal touch to the banking experience and help to build the Woodforest
National Bank brand. The market for this product is large and by building awareness of it after it
is developed can help to increase the customer base as most of the services out there that are
similar do not have a direct person or customer service number to attribute to them. Meaning you
are left sending an email and waiting for a response back. But, with Woodforest you would have
a phone number or a branch that you can visit in person to get any issue dealt with.
The current target market for the application would be customers but if the application
was developed further and if Woodforest wanted to generate a greater income they could make
the application similar to Cash App and offer it to any person and allow them to utilize it for free
but require them to submit an application online and open an account. The need for an
application in today’s world is great and there is a large desire for the service when people want
bank at their fingertips. The company can also charge like other similar application to deposit
funds instantly and can follow an economy pricing strategy. This will still generate an income for
the service but will attract more consumers and customer to the application with lower costs for
the services. Another way in which the company can help to build a better image of the company
as a whole and turn around the common consumers notions of a money hungry bank.
Woodforest would need to move fast as I am sure competitors will focus on this untapped
market. Financial institutions have a lot on their plates: emerging competitors, shifting
demographics, rising customer expectations and changing regulations. Technology offers
solutions, allowing financial institutions to cut costs and become more efficient at what they do.
But this is tricky, because it is a classic ‘limited time offer’. Most technology is not proprietary,
so it is a bit of a race: if you blink, you might find that your competition has already built up
advantages that are now harder for you to match (PricewaterhouseCoopers, 2016).
In all, Woodforest National Bank can greatly benefit from the development of such a
product/service as well as help build their brand, increase market penetration, reshape their
image to the public, and attract more consumers of varying age groups and generations. Costs for
the application are minimal and are estimated to be around the cost of a single employee’s annual
salary. Pricing would be focused on low cost and high quality as to attract consumers to a
superior product and bring awareness to a new platform. The data received from everyone that is
provided to create an account with the peer2peer service and the data from monitoring usage of
the application would allow the company and its marketing department to target potential
customers with specific advertisements for services they may want or need. The platform brings
the world to your door and all that is left is the sales pitch. Finally, the funds transferred, held,
and interchange fees would all add to the company’s deposit growth and their fiscal bottom line.
Allowing the company to see year over year growth in its consumer base and expand using the
growth of its deposits to new heights.
The company has many factors that can make or break it and one must weigh all the
factors before introducing a new product or design like this. If the project intended here were to
affect the company the bank could be putting itself at risk. An insight into Woodforest National
Banks strengths and weaknesses alongside other factors will help to determine if this type of
product can be introduced successfully and how it will give the company a competitive
advantage and keep that advantage.
SWOT:
Woodforest has many areas that it is strong in when seen in the market domain. Key area
of strength number one is the fact that it is strategically placed inside Walmart stores. Keeping in
mind that the modern-day consumer is on the go and providing them with an easy one stop shop
sense of banking. This allows individuals to deposit funds, cash checks, open or close products,
or do withdrawals.
Strength number two is the access to deposit functions through any Walmart location
with a cashier or at their Money Center. Customers can make convenient and free cash deposits
from across the globe if they have their debit card. This partnered with the application is an easy
way to have funds to send to people if ever needed. If the deposit is done before 8pm the cash is
made available in minutes but any time after that it is available, the next day. Bank customers are
also given access to online banking functions and the ability to mobile deposit checks. Although
this has led to many instances of fraud it also provides the convenience of being able to deposit
your paycheck or any check as soon as you receive it. Most of the time the check is made
available if it is verifiable. Other times there are holds placed by the systems that can easily be
remedied with a call to management at any location. As for now, other competitors only allow
cash deposits at their locations.
Strength number three has to do with the hours of operations of the business and the
access provided to people due to the hours. The bank only closes on Thanksgiving, Christmas,
and Easter normally. But with the pandemic going on currently hours of operations have changed
but will return to normal as soon as possible. Competition in the same market generally have the
same hours or stay open later but do not stay open on other holidays and celebrations like
Woodforest does. They clearly focus on providing the customer with access to banking needs
even during most holidays when other banks are closed.
A major strength for the retail bank is the sheer number of locations it has established
across the east coast. Currently Woodforest National Bank has over 750+ locations, and it is
adding more and more with newer and sleeker designs. Competitors for Woodforest have
anywhere between 75-200 locations inside stores, which limits their customer base greatly.
The last major strength comes from its strategic positioning inside a large supermarket
chain. By establishing itself as a major banking partner for Walmart it has thousands of potential
clients walk past the business each day. This gives a steady amount of business for the bank and
allows it to see growth year upon year. The added benefit from being in a Walmart is the low
cost of overhead and the lower cost of establishing a branch versus a free-standing branch. The
cost inside a Walmart could be anywhere between $150,000 to $300,000 where a free-standing
branch could potentially cost between $500,000 to $2,000,000.
Woodforest’s has a few areas of weaknesses that are caused by mix of factors. Weakness
number one is its high staff turnover. Moral is generally at a low because locations generally
only have one supervisor, and if supervisor is lacking in ability or performance the rest of the
staff is left to increase their performance to make up the difference but do not get any of the
recognition. The high turnovers are also caused by issues with pay, performance, duties, and
overall advancement opportunities. During my interview with former and current members of
staff I found that they were paid less than their friends who worked for competitors of
Woodforest or their own co-workers. The former staff members stated they worked for $2 less
while performing more duties and tasks as opposed to their co-workers, and when they chose to
ask for a raise, they were told they would have to wait till the end of the year and raises were
given (J. Gandy, Personal Interview, 11 April 2020). As the maximum raise that could be given
is a 3% raise annually, they would have to work over 5 years to earn raises to get to what their
co-workers were making.
In my interview with current staff members that have been in the company for over 5
years, I found that advancement opportunities do not come easily and if they do sometimes those
who have less knowledge and less capabilities are promoted simply because the company has big
ideas for them (D. Chipournoi, Personal Interview, 13 April 2020). The blow to moral that
comes from being turned down for an opportunity that one had worked for and is an ideal
candidate for, causes performance to decline and thus decreasing the overall trust in the company
by consumers who are affected by the declining performance. An interview I did with a Truist
Bank employee, which has in-store retail branches, said I love my team, and they have a great
environment and I feel like a part of the team when I am there (M. Birman, Personal Interview,
19 April 2020). The company was always looking for people to help and advance in the
company to become something more. The hire ups are always emailing us to follow up with how
we are doing and if we have any further ambitions (M. Birman, Personal Interview, 19 April
2020). More recently with COVID 19 being an issue, lobbies have been closed even in retail in-
store locations to limit chances of infection, while Woodforest has continued operations in areas
where Walmart staff have become infected.
The next weakness is affected by the overall consumers perception, which is low brand
recognition. The Woodforest company name is synonymous with high fees, second chance
banking, overdraft, and banks. During an interview I did with a current Woodforest customer, I
was told about what they truly think about the bank. The bank is dangerous and just puts you into
the overdraft and racks up the fees unless you opt out (P. Mannly, Personal Interview, 18 April
2020). The bank is seen as a Walmart bank which portrays itself as a global giant, when in fact
that is not the case. This leads to consumers assuming that Walmart owns the bank and is just
taking over another part of the consumer market.
Weakness number three involves consumer access to Woodforest and its products or
services. Woodforest boasts about how it provides convenient banking services and products, but
if an individual is not living near a 24-hour Walmart that has a Woodforest, how does anyone get
money without getting an ATM fee (W. Andre, Personal Interview, 13 April 2020)? Woodforest
only has ATM’s available in their branches and is not located in all parts of the United States.
Their range is limited, and their online and mobile capabilities do not provide enough services
for consumers who move to another part of the US. So, the overall access to the bank is limited
in that the number of branches in-stores seem to only expand in states the bank is already
established in. On top of the issue of in-store branch locations, the branches in-stores are limited
in their capabilities if not dealing with the average bank customer. If loans are needed
immediately, if investments are wanting to be made, or large withdrawals are wanting to be
placed, a customer would have to have their issue resolved at a further time on another day.
Sometimes even two or three days later, causing the individual to rethink their association with
the bank.
The greatest weakness I have perceived to be for Woodforest National Bank, is its low
interest on certificates of deposit and savings accounts. The low offerings of return on these
products leads many who could increase the banks deposit growth to reconsider the products and
go to a bank that has a higher rate of yield. Currently the bank is offering its customers an
average rate of 0.01% to 0.15% of interest on savings accounts, and a range of 0.5% to 3.0% rate
of interest on CD’s ranging from 6 months to 5 years. The lower rates could deter interested
parties from investing in Woodforest and has caused current customer to rethink their past choice
of the in-store bank.
With the weakness being presented there also comes the opportunities that Woodforest
must fix them or fix other known issues to set them aside from the market or increase their
market value. As I just mentioned the rates on savings accounts and CD’s, I would have to say a
major opportunity they have is to increase those rates to better match competitors. The amount of
funds people place in savings accounts and CD’s would increase the overall deposit amount in
the in-store bank and aid the company in its overall push to increase deposit growth. An
opportunity that seems to go hand in hand with increasing deposit growth is a focus on client
retention, instead of trying to acquire new account holders. By focusing on their customers and
increasing the products or services at the branches to offer them a more diversified package and
trying to retain them for a lifelong relationship. The in-store bank could increase their value and
potentially increase their deposit growth with renewed interest and trust in the bank.
A third opportunity for the in-store bank is to spread itself out more in states so that there
are not a cluster of branches in one city or region of a state or spread out to other states. The
branches in Florida for example are limited to only the Jacksonville area. With such a large
market available, the retail in-store bank has only expanded in the Jacksonville area in the last 6
years and could build awareness by expanding further south to other parts of the state. The same
can be done for other states and ventures into other state markets they have not yet penetrated.
By expanding they would be bringing awareness to the bank and branches in-store, which allows
their overall value presumed by consumers to increase.
A major opportunity for the retail in-store bank is to increase overall awareness in the
market by utilizing some form of advertising like competitors do. By not advertising, the
company is being seen as a small operation that most do not feel confident in investing. The bank
does not need to spend large sums of money to advertise on national television channels or
billboards. The company can simply utilize online market tactics or mailed advertising
campaigns to reach out to the market. As of right now the only advertising is done by word of
mouth from customer to individuals, or staff to individuals. If the retail in-store bank can amass
such wealth from word of mouth advertising, the potential for the bank to generate a larger
revenue by utilizing more advertising methods is exponentially beneficial.
The last opportunity that I believe the company can greatly benefit from is the
development and training of internal staff to step into a higher role. My interviewees have
repeatedly stated that Woodforest states it promotes from within but does not do so easily. The
in-store bank does not train individuals to get promoted but requires individuals to simply
overcome their obstacles to get promoted. In some situations, the candidates who are ideal for
the job are overlook for external candidates with no background in the financial industry. I am
sure the company has its reasoning on why those individuals are not promoted, but by
developing an internal program for advancement, moral will increase and the overall self-value
that staff members have will increase.
Many of Woodforest’s strength, weaknesses, and opportunities have tied into each other.
Their threats are not so different either. The first threat I perceive for the company and market
domain is the issue with unskilled employees they hire for positions internally. Since each
branch has a Branch Manager who hires staff, each one has a different requirement based on
their personality. Some like a background in customer service, others like a background in cold
sales. The issue that I learned about from my interviews was that once hired managers are not
easy with letting people go who cannot perform because it would look bad on them. Secondly,
they do not adhere to a strict training for new employees leaving them to learn for themselves at
times, increasing the chance for major errors.
A major threat and issue with operations I saw was with Branch Managers not focusing
on branch operations, and them being tasked to operate autonomously outside the branch to build
awareness with local businesses, employees begin to throw caution to the wind and behave
unethically. During my interview with a direct competitors staff member, they stated that their
Branch Manager is always available and has a strict schedule that for the most part stays the
same. They stated the Branch Manager holds one on one meeting monthly and makes sure to
keep their ear to the ground in the branch. Awareness is not needed in the market since the
company advertising using multiple methods to build brand recognition.
The second threat I believe the in-store bank faces is its lack of concern to challenge or
meet new technologies that competitors have. Many banks, not just retail in-store banks, have
seen an increase in users of applications such as Venmo, or Cash App. The applications have
developed their own cards and are essentially functioning as banks that allow customer to collect
or pay for sales of anything. This form of competition is being used by younger generations who
are do not have faith in the banking industry. If Woodforest chooses to operate as it does and not
address the issue at hand, the new convenient banking service would shift to the banks that are
only online and use person to person transfer services and free debit cards. Essentially leaving
Woodforest in the past to market to a generation collecting social security income and benefits.
The company is in dire need of peer2peer cash transferring system like the one we are trying
implement and with it has the potential to generate additional income and interest in the bank.
The third threat that Woodforest has is the overall increase in competitors into the market
domain of retail in-store banks. When Woodforest introduced itself into the market in the 80’s
the banks business model was new and innovative but risky. Now as many banks have been able
to establish a successful business model with a focus on in-store banking, more and more
competitors have come into the market. Woodforest does not need to simply continue and
compete with competitors by providing what competitors provide. They need to elevate their
products and services and set themselves apart from the others. The mentality that if it’s not
broken do not fix it will have to come to a halt and the new aspect of always improving and
innovating is what will drive the future of the in-store branches.
The final threat that Woodforest has, which I believe to be the greatest concern for the
retail in-store bank, is its high dollar amount of charged-off. The branch located on the westside
of Jacksonville, Florida has report in the last two months that there were over $50k in charged-
off amounts from overdraft utilization. Meaning that in each month at least 60 peoples accounts
closed due to negative balances owed to the bank, which only happens if the account is not
brought positive in 60 days. If the retail in-store bank is seen as losing this amount of money in
one location, and has over 700 locations nationwide, a rough estimate of the entire in-store banks
loss due to charged-off accounts is $37.5 Million. Even if my math is wrong and I do not account
for any variables, and I adjust for such things we can surely estimate a loss of $20 Million as a
more accurate value. That is lost revenue that the bank will only partially recover.
The bank is at risk of overextending itself to account holders and allowing them to
remove excessive funds from accounts and allow the accounts to close with negative balances.
The bank is gambling on customers and this unnecessary risk needs to be mitigated and address
to ensure funds are collected and better courses of actions are taken to collect funds. The bank
estimates that only a fraction of the funds from charge-offs are collected each year from
customer returning to cash tax refund checks. The threats the company faces I believe are ones
that if something is not done to avoid, stop, or eliminate them, the company could be gone in the
future.
The current consumer is looking for convenience and access to funds and what they deem
as their money. Having a bank that is conveniently located in a Walmart so you can shop and
bank in the same location sounds good but is limited for the consumer not wanting to visit a
certain branch location. Currently all that is offered for a consumer that is not willing to come
into a branch is online banking for checking balances, transferring between their own personal
accounts, pausing their debit cards, and depositing checks into their account using their phones.
This feature helps only those who are really looking to move funds or deposit checks and don’t
mind holds. Besides online banking there are depository ATM’s at certain locations that can
accept cash and check deposits, but again this limits people since they are only located at certain
locations. A feature the company has that consumers have reported positively to is the ability to
deposit cash at Walmart’s across the world with just their debit card. This feature is the ones
savior currently for the company, allowing people to put funds into their account easily.
Personally, being in the bank I have seen just how many people from younger
generations utilize applications for access to funds and transferring funds. Having this feature
promotes more ecommerce and gives motivation to those who have never held a bank account to
setup and get one. Another added benefit from my experience with the company is seeing how
the company is located in busy, yet poorer neighborhoods in Jacksonville, Florida. This has
granted me the access to see how many live without bank accounts and utilize check cashing
services because they believe banks do not provide a quality service and they do not have ease of
access. Banks unwilling or unable to adopt digitally based services may lose customers to non-
bank competitors (Gera, McIntyre, & Sadowski, 2017). In an in-depth survey and reach by
Accenture, they were able to determine consumer trends pointed out that 61% of consumers say
person-to-person payment tools would be useful and 50% want tools providing direct access to
digital money (e.g. Bitcoin) (Gera, McIntyre, & Sadowski, 2017).
Based on current consumer trends it is easily able to see how Woodforest National Bank
can benefit from the development and utilization of the suggested peer2peer transfer application
for funds. There is a need by consumers, and they would not be risking a lot to develop,
implement, and share their application since it is filling that need that is already there. What it
does prove is that if the bank lacks the capacity to understand that they need to initiate a transfer
application for funds between account holds and non-account holders, their customer base that is
consisting of younger generations will decline and soon jump ship.
If banks don’t seize the open banking initiative in adhering to consumers’ lifestyles, other
contenders may beat them to the punch with new technologies. In the UK retail banking sector,
there’s been a lot of attention on challenger banks like Monzo and Revolut, but Google, Amazon,
and even Facebook will not just sit and watch this trend pass by. They will have the advantage of
a bigger foothold in consumers’ day-to-day, and rich datasets to build out their financial
offerings and gain market share. The Amazon business model in particular would have a massive
advantage. It could conceivably help people budget for items on their wish list, or give shoppers
favorable credit rates (Beer, 2020).
People have suffered substantial losses and their confidence in the financial industry has
eroded in recent years due to an array of unethical practices. These incidents, which included
unfair lending and the sale of toxic assets, occurred despite banking regulations. The public has
called for accountability, but in many cases the actions were unethical, not illegal. This
underscores the Federal Deposit Insurance Corporation's (FDIC's) emphasis on the importance of
a code of ethics for bankers (Dye). With consumer concerns and lack of trust behind financial
institutions being an issue, the application may face issues when trying to expand its network. As
Woodforest tries to rebuild misconceptions of past issues with financial institutions like Wells
Fargo, they will face an issue with acceptance of a bank trying to push another service that
makes people sign up for bank accounts when they do not want one. Some consumers are
content with using basic application, cashing checks and paying fees for it, and staying off the
grid.
The company will have to overcome issues with misconceptions of the traditional
banking system and industry. A benefit they already have is that they do not operate like
traditional banks and are located inside stores. Another is that they operate with different hours
and each person in trained to provide any type of service that is offered by the bank and does not
require an appointment being set or another visit to resolve issues. This is a plus for people who
would face issues or have questions about the application when using it or getting setup with it.
As it is now the bank has teller and all help customers setup online banking and mobile banking
applications in the branch at the drop of a hat, so the ability for them to help people with a
peer2peer transfer application would not require much technical know-how.
If Woodforest is to succeed they need to prioritize and keep focus on their key strengths.
Their focus needs to be on their vast multitude of branches and their low cost of overhead. The
in-store bank can utilize these strengths by expanding their network using the application as a
resource to attract more people and reach more people.
The weaknesses that Woodforest needs to mitigate are its issue when it comes to staff and
its low rates on products. The concerns and issues with staff can be resolved by creating a more
developed training course for new employees. They can also develop a training program for
management prospects that bankers can take to assist in preparing them for management roles
and that managers can take to retrain and strengthen their abilities. Each of these will aid in
providing support for new and current consumers as they are attracted or directed to the bank.
Issues with low yielding products can be address by increasing the rates slightly to make
them more attractive to consumers, and not having to sacrifice a large amount of profits.
Obviously, we would be talking about a post COVID 19 point of time and if it became feasible
after the pandemic. Since rates are established based on supply and demand and the banks needs
to grow deposits, increasing the rate would be mutually beneficial. If the bank is trying to grow
deposits but feels that it does not want to take away from its revenue than it tries to only focus on
gaining new savings accounts and CD’s, which is the issue that Woodforest faces now.
By attracting those individuals looking for higher rates of interest, and those with larger
than average deposits. Woodforest would be able better achieve their goal of attaining greater
deposit growth and would promote longevity regarding the relationship they have with the
customer. The application would also aid in expanding deposit growth as it has the potential to
attract more consumers and allow consumers to deposit more funds into accounts. There would
also be an influx of ecommerce done with the application since payment for goods or services
could potentially be done through the application as well. Once the consumer is brought to the
bank from the application, they can see what there is to offer from Woodforest. The customer
would then potentially be enticed into other products of services that are also offered, allowing
the in-store branches to recover the forgone profits to increase the rates.
Woodforest National Bank is making sound decisions to compete with others in the same
market domain. The bank is one of the largest retail in-store banks in the United States and has a
convenient connected partnership with Green Dot and Walmart, alongside online banking and
mobile banking, allowing access to basic banking needs from across the US. Currently, the bank
only lacks the ability of transferring of funds between account holders and non-account holders
that consumers right now must go to a third party to do. The bank overall, could generate a
greater level of income by addressing some of the mentioned strengths, weaknesses,
opportunities, and threats. With a higher influx of cash, and the potential influx of consumers and
accounts, the bank can develop the in-store branches better and focus on customer satisfaction
and retention. The in-store bank can even invest in new technology to automate things, or new
products to attract more prospective clientele.
Woodforest National Bank needs to address the factors that they have a control of in their
business. They need to utilize and optimize their strengths to their fullest, and work to increase
their opportunities in the market domain, while also acting on those opportunities. The retail in-
store bank has a good position within the market and with some fine tuning could become much
more. The organization is on pace to becoming a true institution like Bank of America or Wells
Fargo, but requires constant care, change, and adaptation to the markets and needs to address the
needs of the consumer and continue to monitor consumer trends.
Currently there are a few advantages that distinguish the bank from other competitors.
Core Competencies:
• Being attentive to the common consumer on the go.
• Providing a human touch in a digital world to resolve things and provide service.
• Training of individuals to learn nearly all aspects of the business to provide
excellent service to consumer.
• Customer-orientation and trying to retain and satisfy current customers.
The bank’s core competency of being a community bank in tune with common
consumers allows it to set itself apart from the competition. Unless a bank is willing to risk the
establishment of instore locations, they cannot provide this level of ease of access. The bank is
considered to be inside Walmart, but the bank states there is a chain store in their lobby. The
bank allows the common consumer who is on the go to pop in and out of a location and be
assured they will get the best service available. The bank also has people in their branches and
does not take that away from consumers. They understand that people want to deal with real
people at times and always makes sure to have people visible during operating hours. Other
competitors have ATM’s and direct consumers to use them or face a fee.
Woodforest has kept people in touch with people in the changing and advancing
technological world we live in. Another competency that is something that sets Woodforest apart
from the competition is that they have multifunctioning personnel. Staff are trained in everything
during their time at the bank and are only limited by approvals, expense related reporting, and
management interactions. This allows a consumer to get the best service available at any time
and not have to reschedule or come back to find a specific person to assist them in resolving a
matter of getting a product or service. Other institutions that I have visited when I had a business
told me that only a certain staff member or a manager could establish my business account as
that was a different aspect of the bank. They told me that the staff members currently there could
assist me with a consumer account or other consumer needs but for business related matter I
would need to schedule an appointment and return at a later date.
This was a shock to me and is something that Woodforest has moved far past by training
each person on loan applications to establishing business accounts and business loans. The last
competency that sets the bank apart from all others is that it has a focus on retain its consumers
more than others. It bends its own rules at times to try and help keep the consumer satisfied.
Whether it’s waiving fees or informing people on how to get access to funds that they need
during emergencies. The bank has a real focus on trying to help people but only if those people
are willing to listen and take the advice. Most aren’t, but for the few that are, they are able to
have an excellent banking experience.
The core competencies all align with the new peer2peer transferring application as they
help consumers on the go who want access to funds or want to transfer between banks easily.
Allowing them access to their funds with a few simple taps all over the world. Providing the
human touch would come into play with any concerns, issues, or questions that could be
addressed by personnel at any location. This would allow people to feel safe and give them a
sense of importance as they have an actual banker helping them with an application that handles
their funds and not just a customer service representative that can only be contacted by email or
phone that does not have banking experience.

When dealing with the staff’s abilities to assist those with the application and its features,
there would be minimal issues with it if any since each staff member is trained on nearly every
aspect of the business at the branch level. If a person were to come in with an issue with
operating the application or on trying to retrieve funds, they transferred for services that were not
provided. Any banker would be able to assist with that and help to get things back up and
running or file a dispute to retrieve funds, unlike Cash App that states it cannot assist when
consumers use their services for ecommerce.
Finally, when addressing the competency of customer-oriented services, the application
would be another feature the bank has and helps consumers setup in the branch if and when they
join. Otherwise if they choose to stay a non-member, they would still get the service of being
able to get help in a branch from people with the application and its features. This would allow
people to see just how the bank is truly different from the competition and also helps the bank as
it provides extra marketing and brings potential customers into the branch. Then those potential
customers and the bankers could develop a relationship on which they customer could potential
feel comfortable with opening an account. Just as bankers currently do at the bank with
interacting with Walmart consumers.
These core competencies and the new offering of the application could help to build the
brand, build the clientele base, increase revenue, expand marketing efforts, and potentially help
the bank in increasing deposit growth so that it may expand its efforts into commercial banking.
The peer2peer application would be providing a service to customer and non-customers alike.
The customer service behind it would be available to all those willing to visit a branch or call a
branch. Making the application completely different from its competitors since there would be
actual bankers behind the application that could provide essential assistance and guidance. The
application would also be backed by a community bank that has a customer-oriented focus and
wants to get your business and acknowledges that they are there to help you. Rather than being a
peer2peer service that directs you to an email, you would be able to come into a branch to
address issues or file a dispute if need be.
The defined strengths of its strategic locations, accessibility, hours of operation, and the
number of branches can all add to the peer2peer application to provide consumers with a
superior product and services that would currently be unrivaled. The identified weaknesses the
bank has which include high turnover, brand recognition and awareness, location access, and low
offerings on returns from products are all factors that would either benefit from the application or
be unchanged. The application and the banks increased online presence would allow for more
consumer online banking and provide better banking access. Brand recognition and awareness
would potentially benefit as awareness of the application spreads, so would the word about
Woodforest National Bank. Turnover rates would potentially change with added positions in the
company and room for growth and financial incentives for staff. So, the application is not only
addressing the needs of consumers but the needs of the company while giving the company a
competitive advantage over other financial institutions.
Other factors like opportunities for the bank help to show how the application will bring
other aspects to the business and help turn the financial institution into a more effective and
efficient company to overcome competition and attract consumers. Threats the company faces
including internal staffing concerns, costs due to charged-off accounts, abuse of overdraft
protection by consumers, competition, and the dying method of traditional banking, of which the
revenue and growth that can potentially come from the application can help to alleviate.
Woodforest National Bank has seen a decline in accounts and deposit growth with
growing competition from online banks and peer2peer cash transfer services that also provided
ATM Debit cards for performing purchases. Over recent years, fewer customers are popping into
bank branches, and more are logging onto mobile banking apps. Many have dispensed with
wallets completely, because their smartphones do the same job, but better (Madhvani, 2019).
With the introduction of this new peer2peer application for mobile devices, Woodforest will be
able to carve out a new section of the market. The application will be offered for free and will
provide some free and some not free services for transferring funds.
The differentiation between other peer2peer applications being with that there would be a
function to sell or pay for items providing both the seller and the consumer with a bill of sales,
thus allowing them to dispute a payment. There would also be a function that allows people to
open accounts with the bank to get an ATM Debit card and utilize other banking services, or they
could simply transfer their funds to their bank instantly for a fee or after a few days for free. The
application would be backed by Woodforest National Bank and both its in-store locations and
customer service center would be able to provide actual customer service rather than email
communication. Customers of the application could also step into a branch location to get
support from staff or choose to call in. The aim for Woodforest with the new application would
be about competing with competition but also marketing to those who have the application. The
contact information and other data would allow Woodforest National Bank to directly market to
the customer based on services or products they utilize and the amount of funds they hold or
transfer. The convenience, low costs, and security make peer2peer payments an appealing
option, and hands down the main advantage with P2P payments is the speed, and ease-of-use
(Newlands, 2017).
The dissemination of the actual application could be done by in-branch efforts during
establishment of new accounts or social interaction between bankers and customers. There could
also be email updates that go out with daily and monthly activity notification to directly market
to consumers. Once the word begins to spread, social media efforts alongside simple online PR
tools could be utilized to get the word out there and make the consumer aware of new
applications that provide a safer and secure method of payment and funds transferring. Social
media is an integral part of marketing strategies and is how one can strategize internally when it
comes to building relationships, appealing to journalists, and diving deep into industry research
(Mekky, 2019). Before and during the initial rollout of the application, account growth and
deposit growth would be monitored to determine the rate of growth for both before the expansion
and utilization of the application grows.
Data would be recorded in intervals from the release date at 1 week, 4 weeks, 3 months, 6
months, 1 years, and so on as needed. Other key performance indicators would include the
tracking of enrollees and downloaders of the application, tracking of funds transfers between
parties, and referrals from the application to other products or services the bank offers. The latter
could be calculated by simple questions asked during the account establishing process and could
offer the customers initially a waived fee of sorts or a free ATM Debit card with a code provided
to them from the application that they bring during their branch interaction.
The KPI’s would allow a dashboard to be established to track growth before and during
the release of the application. Data would be provided side by side to compare current data and
statistics to previous years. For example, April 2020 data can be compared directly to April 2019
data to show year over year growth and expansion. Alongside these efforts surveys and polls
could be sent out to those who download the application and enroll in its services that inquired
about basic performance, satisfaction, other data. The insight would provide a snapshot from the
consumers standpoint on where the performance of the product stands at a given time. These
efforts could effectively determine the success and failure of the product in the market and in the
eyes of the consumer.
One of the primary goals of Woodforest National Bank with the application is to bring
brand awareness and credibility, so the perception of Woodforest is an important metric that will
help to monitor the success of the application in the market. Woodforest National Bank already
has a few social media accounts that are monitored and disseminate data and allow customers to
voice concerns or complaints, Woodforest will launch new social media accounts across all
major platforms to allow customers to provide feedback on the new application and well as bring
awareness of the application in the market, alongside the ease and security it provides to its
users. Users of the application can post data and information about transfers that link their social
media if they want to thank a person or business for services, which would in turn also tag the
peer2peer application showing the world that the transfer method used was the Woodforest
Mobile Transfer Application: Pay4.
Woodforest National Bank will use the previously mentioned polls and surveys to gauge
customer satisfaction, performance, and the effectiveness of the application. The surveys and
questionnaires will be emailed and at times sent out using social media platforms. Each response
received from customers will be recorded and all feedback will be utilized in either performance
measurement efforts or to adjust the application to improve performance and its effectiveness.
Review of the market research data will be done by a department in the marketing department
that will work alongside the operations department. This sub-department will review data for
importance, relevance, and key pieces of data that can be extracted and used. The basic key
performance indicators for the application which are the rate at which the application is
downloaded, the amount of funds being transferred using the application, account growth, and
deposit growth. Account growth and deposit growth would show how sales performance of
products and services in the company grew after the applications release and usage compared to
past performance statistics. Sales numbers are standard measure of success for any new service
(Mullins & Walker, 2013).
As application downloads are measured and tracked the data can be used to calculate the
performance and awareness of the application in the market. If the application is successful,
statistics will slowly indicate an increase in downloads. This will correlate to increased
acceptance of the application, increased awareness of the application, successful performance
and operation of the application, and successful marketing efforts of the application. The
company should expect to see growth in downloads, and thus leading to growth in accounts or
other services, and deposits growth as funds stay within the Woodforest banking institution.
Lastly, social media growth will provide an important tracking of success in the product
and its services. With those ages 18 to 24 substantially more likely to utilize social media
platforms and seeing usage at ages 65 and older, the growth of the application would be
substantial if shared, reposted, or retweeted (Perrin & Anderson, 2019). The awareness and use
of the application would see a sharp increase as those using social media platforms become more
knowledgeable of Pay4. Feedback can also be reviewed by the sub-department for market
research to gain insight, customer data, and trends in the demand. The social media comments
and feedback would allow consumers with another avenue to feel heard and acknowledged.
Woodforest National Bank will need to do a soft release of the application which could
be done for internal usage at first with a few current customers offered the application as a means
of collecting initial performance data, who are compensated by means of refunds or waivers for
their honest review and feedback. The internal usage of the application will allow the company
to gain insight into performance issues, marketing material, performance, functionality, and the
ease of operation. At the end of these efforts a report can be established identifying the KPI’s and
the data that was obtained. This report can provide insight into the applications areas of
weaknesses and the strengths that its holds in the market and with consumers.
Performance, download metrics, social media monitoring, accumulated funds transfers,
account growth, and other key data would be calculated and recorded at key intervals as
previously mentioned. The first week data being focused on download and enrollment data. The
fourth week focusing on the latter alongside survey information, funds transfers, and social
media references and comments. The third month would be the most crucial as the amount of
time elapsed should have provided enough time for market penetration and brand awareness to
begin to make a difference in the institutions sales. Previous interval data would also be
accounted for here, alongside performance feedback, account growth, deposit growth, and
references to other products or services offered by the bank. At the six month and year mark,
focus would fall the same as at the three-month m interval with a key focus on account growth,
deposit growth, awareness of the product, satisfaction of operation and functionality, and
marketing.
Woodforest National Bank has made preparations for the results of their efforts. They
will monitor social media platforms, utilize PR tools, send out emails, and integrate mobile
enrollment in the application a step in the account opening process. Each branch will be tasked
with achieving a minimum goal of enrollees into the application each month as well as follow-up
with people regarding the application when conducting return calls to clients at 7 and 14 days
after the account or product is established. The company will have a minimum enrollment for
50% of new onboarded clients and cross selling of the application when conducting calls or
meetings with current customers.
There will also be an anticipated growth where in the first month there is expected to be
anywhere between 100-1000 users. Based on initial response by the public and consumers there
are two anticipated paths that are expected to take place. A steady increase in numbers where the
growth grows over the next few months to 500-2000 users, or the more promising growth of
1000-5000 users over the next few months. All would occur while social media efforts and PR
efforts were being taken to expand the awareness and reach of the product and increase the
knowledge of its services. If a slower growth rate is seen, then efforts to increase awareness by
marketing and free accounts with free ATM Debit cards will be offered to entice customers to
utilize the application and receive a free card to use for payments and purchases online. All
without the restriction of other application and pre-loadable cards that limit online purchases due
the card not being from a recognized financial institution. Marketing efforts can include emails
and push notifications based on sales, purchases, and transfers for certain products or services
offered by the bank at a free to lower cost during an introductory period.
If the rate does not increase by the six-month interval mark then all feedback from
customers, negative and positive, must be reviewed to re-evaluate the effectiveness of the
application alongside the performance and services. The application may at this time need to be
taken down at times for maintenance so updates and patches can be performed.
Another added positive from the application is an increase in branch traffic. Branch data
is pulled to see the number of clients assisted in a given day in person or on the phone, which
establishes a traffic number from 1-10 for each branch. This number allows management to get
higher salaries for themselves and staff, obtain a higher branch expense, and hire more staff
members. Branch traffic can also be tracked to see if the number of service-related visits for the
application are done as well as references from the application come into a branch. If branch
traffic and calls do not see an increase as awareness of the products increases that can be a
positive or a negative result. Positively it could mean there are no issues with the application and
thus no concerns arise to call or visit the branch, but it could also mean that there are not enough
users or enough interest in Pay4 to see an influx in branch calls or visits. So, this data will need
to be compared alongside customer polls and surveys to get an accurate gauge of what is going
on. If all efforts from marketing, discounts, social media, services, enrollment in branches,
customer calls, and PR tools does not show a change or increase in the growth in the application
then the company many need to refocus or re-invent the applications use and services. This
would be a last-ditch effort to cut ties if the project was a failure and no probable solution could
be devised. However; at this time there is already a feature in the works that will be patched into
the application once all updates and designs are completed.
Email surveys and automated in-app survey requests at 4 weeks will prompt customers to
answer a few key questions on their usage of the peer2peer application. Customers will also have
the ability to provide feedback in the app, by email, and via social media platforms if they so
choose. Surveys can also be done via social media to those who rate the service and application
through a visual analog scale poll question with 1 star being not good and 5 stars as being
excellent.
During the enrollment process, customer will provide emails, phone numbers, name, date
of birth, and at times address information based on their services or products their elect to enroll
in. After 4 weeks for users that are still using the application a prompt will generate in the app
asking customers to answer a few questions to get a free transfer or another service if they
complete it promptly. For those who decide that the application is not for them, they will receive
an email notification with another free product or service from the bank if they complete the
survey in a timely manner. All email data will also be utilized to communicate new and added
features in the application and in the bank that are integrated into the application. In those
surveys’ customer will answer questions that range from 1 to 10 with a comment box at the end
for added space to provide any needed information or feedback.
*An example of the type of surveys and questions can be seen below:
Pay4: Woodforest Funds Transfer App
On a scale of 1-10, with 1 being the least satisfied and 10 being the most, please rate your
experience and satisfaction with this product and its services.
How was the design and layout of the application?
1 2 3 4 5 6 7 8 9 10
Was the app easy to use?
1 2 3 4 5 6 7 8 9 10
How were the applications abilities and performance?
1 2 3 4 5 6 7 8 9 10
Where you satisfied with the features and services of the application?
1 2 3 4 5 6 7 8 9 10
Were you satisfied with the application overall?
1 2 3 4 5 6 7 8 9 10
On a scale of 1-10, with then being not likely at all and 10 being very likely,
please answer the following:
Is Pay4 something you would use again?
1 2 3 4 5 6 7 8 9 10
I would recommend this app to others
1 2 3 4 5 6 7 8 9 10
I would recommend Woodforest National Bank to others
1 2 3 4 5 6 7 8 9 10
I would recommend other products or services on Pay4 to others
1 2 3 4 5 6 7 8 9 10
I would utilize Pay4 over other peer2peer applications
1 2 3 4 5 6 7 8 9 10
Please leave additional comments below

With-in the first few weeks and as far as the first year, information obtained by the
surveys and other channels will be reviewed for customer satisfaction, performance and
operations, and added feedback on features and services. Information will be relayed to the
marketing team, social media engagement team, while basic data is shared with branches and the
customer service department. Negative and positive feedback will be reviewed for outliers and
repeated phrases and comments to determine the need and focus for any given point. Negative
comments related to customer service will be forwarded to a customer service manager. Negative
comments related to performance, operations, and features will be forwarded to top management,
the systems analyst, and the technology department to address concerns immediately. Each
survey will require a response by a customer service representative or banker depending on the
channel the survey was received unless the customer elects to not receive a follow up.
If a customer chooses to receive a follow up, then an email will be sent out via email and
a notification will appear in the application that states there is a new message. If the customer
does not respond to the email in 1 week then another email will be sent out requesting that they
give us a call or email us back. If a customer calls or visits a branch and states they have an
issue, concern, or feedback. The customer will be called first and emailed second if the first call
attempt fails. A second call and email will be placed 1 week later if no contact has been made by
the customer. In any situation, the customer will be asked what they thought of the application,
was it easy to use, did it have all the features they were looking for, are there any suggestions for
improvement, did you have any concerns, and how likely they are to recommend it or the bank.
After the application has been in the market for 3 or more months a program to email
new enrollees will take place to see how they think of the application, its services, and if they are
looking for anything else the bank can offer. Each attempt will be logged and dated to track
contact and feedback from consumers. Any of the data obtained from calls or emails will be
gathered and analyzed by members of the marketing team and technology department to see
what if anything needs to be done to improve performance and awareness. An analysis of
customer desires, trends, and suggestions will be done to identify any areas of improvement.
Data will then be sent to upper management with suggested improvements to the application and
its services each first Monday of the month. Data will be reviewed with department heads on
throughout the first week to determine a course of action and will be implemented on Monday
the following week. Any added features, updates, and patches will be done mid-week, either
Tuesday or Wednesday to limit interruption to customer and will be performed after 11:59PM
until 5AM.
Another factor in the performance and success of the application lies with other banks
perceived value of the newly developed peer2peer application, Pay4. The success of the
applications relies on other financial institutions accepting the application as a credible transfer
service and allow its members to receive funds using it. Woodforest National Bank will be going
directly against its competition by having physical location, providing online tools and services,
and an inhouse funds transfer service backed by the bank. Competition may be hard to sway until
the applications awareness and usage takes off, and their members begin to question why they
cannot utilize such an application. If efforts to increase the awareness, brand, and usage of the
application a financial partnership could be defined where competitor banks that allow their
member to utilize the application could make a percentage of the interchange fees from their
members. This could provide a steady income and prompt other financial institution offer or
mention the Pay4 peer2peer application to its members.

Woodforest National Banks peer2peer application Pay4 for electronic funds transferring
and secure payments will allow customer to feel safe about transferring money, have an easy
way to pay someone back or for a product or service, or allow them to obtain a banking product.
Woodforest National Banks methods of tracking performance, awareness, enrollment, growth,
and other relevant performance indicators allow the company to have an achievable goal.
Though the new peer2peer application is not new to the market, its features, reliability, support,
and connections will help to compete against competitors. The applications appeal to new and
current customers will help to grow the enrollment and awareness of it. The application will
provide customers with a secure form of transfer payment method and help to retrieve lost or
stolen funds, help customer establish first time accounts, new accounts, or side accounts, bring
awareness to the community bank, help grow the account base in the institution, and help the
bank achieve a higher deposit growth. All of these will help in redefining the image of
Woodforest National Bank and can lead to better PR and knowledge of the Woodforest brand.
The methods mentioned previously partnered with surveys and comments will help to determine
the success of the new application and can help to eventually change the banking industry as we
know it.
Conclusion:
Woodforest National Bank is faced with numerous problems that need to be addressed
systemically that effect the success or failure of the institution. These issues and concerns can be
alleviated with this new application plan for a peer2peer funds transferring service that provides
customers with access to transferring funds to other accounts or individuals and allows them to
sell or purchase items with greater security. All of which will help to address the consumer need
for a secure transfer service offered by the bank, and will provided the added benefit to the bank
by generating income, awareness of the company, provide a channel for establishing a
relationship with consumers, and provide a list of marketable potential account holders. The
advantages that can potentially come from the development and integration of such an
application with Woodforest National Bank and its branches will help to set the company apart
for numerous competitors.
The competitive advantages that come from the application include the security of the
transfer application, an avenue for all consumers to participate in any form of commerce, free
checking accounts or debit cards, customer support and branch support, and the application being
offered for free. With the added benefit that the peer2peer application can bring along with the
fact that it provides a competitive advantage and makes the institution that much more attractive
to modern tech savvy consumers, makes it clear that this business plan will help drive success for
Woodforest National Bank.
The peer2peer application can help to further the success of this financial institution and
help lay the ground to let the company truly grow. With the plan for the application also comes
the inevitable idea of growing the active account holder base and deposit growth for Woodforest
National Bank. All which aid in expansion possibilities, planning, and justification. The
peer2peer application Pay4 will herald in a new era for Woodforest National Bank as it joins the
21st century and steps out of the shadows of its competition to blaze a new trail of success.
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https://www.woodforest.com/About-Us
Interviews:
INTERVIEW 1 - 04/11/20
Woodforest Employee – Currently Employed 5 years (Jasmine Gandy, 28) Interview questions:
1. How do you like working for Woodforest?
Woodforest is an okay place to work. It’s a great team to be around as I work here but the
job is okay.
2. Do you think Woodforest values you?
Woodforest values its new accounts! They want more new accounts and care about
people who have accounts or people who had accounts and want to reopen them. You
mention a business account and our lazy manager come alive to get them signed up. All
so he can claim he did it. I have applied twice for a manager positions and each time they
told me that I needed more experience. When my manager was hired, he only worked for
a bank for 6 months. I had to learn everything myself since when I got here the two girls
quit and my manager didn’t know much. I am here only because I scraped myself up.
3. What do you think are areas that the bank needs to focus on to improve itself for you?
They need to pay us based on performance and not just what the manager thinks of us.
Just because I wasn’t someone who jumped off the page doesn’t mean I don’t come in
each day and give 110%. We all care about what we are doing here but we should all be
equally accepted and treated by the company unless I am a manager or something. I know
one of the girls here makes 2 dollars more than me and the other makes 2.50 more. I have
to work for like 5 years to just make what they do from my yearly bonuses. Believe me I
asked for a raise and they told me to I had to wait for my yearly performance review.
They also need to think about having ATM’s outside of branches so people can also get
cash easier than having to come to a branch and use the ATM here to avoid fees.
4. What do you think are areas the bank needs to focus on to improve itself in the market?
I think the bank needs to have better training for these people. They need to have like
three interviews with different people. They need a training person or the manager to
follow them until they are trained. They need to have better options for our customer and
stop having Western Union. They need better interest rates. They need to accept Zelle or
have something like them.
They also need to make sure managers know what they are doing. Maybe make some
kind of program to test them. The bank keeps saying we need loans, we need savings
accounts, new customers, and we need deposits. But they don’t have anything. They have
nothing to give to people and people don’t want our fees. Also, who gives people
overdraft so easily. We give it to people is one month and they take it then leave. The
bank is going under.
5. What do you think that Woodforest has that sets it apart from its competitors?
They have all these branches and we are open 7 days a week. We are also open until 7pm
on weekdays. We are pretty friendly with people and make a good connection with
people, so much that at times I feel like a therapist. They also have a lot of online features
like the competition but allows you to deposit money with your ATM card at any
Walmart.
INTERVIEW 2- 04/13/20
Woodforest Employee – Currently Employed 9 years (David Chipournoi, 42) Interview
questions:
1. How do you like working for Woodforest?
Woodforest is a great company. I worked with them as a retail banker for many years
before I finally got the chance to become a Branch Manager. It took like 4 tries to get to
the job, but I did it.
It’s hard to answer that. I mean sure they must have saw something in me to give me the
Branch Manager role. They hired me when I had just moved to South Carolina and
trained me good. A year after working my Branch Manager quit and I had to basically
lead the team and keep going until they got someone in there. I get raises and bonuses if
we perform well. I get heard if I talk and feel like my team and others listen. I feel like I
am valued.
I think for me, we need to have a better training course in place for people. I have hired
so many people that just do not want to work. If they don’t finish the course they should
be fired. I hired this one girl who would not work and would always be on her phone.
One time she even got on a computer and started playing games and pretended to be
working. She is still here! If we can screen people better, I think we can get better people.
Then if we can make them into diamonds, me as a manger. I did my job and can help
them be better.
I think we need to have more things to offer people. I mean we always talk about the
basics about who we are and where we are from but that’s it. We need competitive things
to offer people not less than competitors. Being here for all these years and seeing all
these technological changes in the finance industry has been amazing. But we as a bank
are falling behind and could eventually be left in the dust before we adapt.
Our hours of operations. Being a privately-owned bank. Free accounts for seniors.
Second chance bank accounts. Friendly people that are very personable. Convenience of
mobile and online banking. Our staff!
Extra Question:
You mentioned it took you a number of tries to get to your current position. What did you mean?
I waited and waited for positions to move up and whenever they came, I got passed up. One time
they said I need more banking experience and to try after I have been with the bank for some
time. Another time they said that I did not meet all the qualifications. Another time they said
they never got my application. It wasn’t until I kept seeing people get hired that came from T-
Mobile, Enterprise car rental, or Days Inn, and then quit because they couldn’t handle it that they
asked me to apply again and gave me the job. I mean I was hurt that it took for a person to quit
and me being a runner up ready to jump in to get the job. But I made it.
I mean I guess I have to go through it all again to become a Market Manger now. I have been
applying for the next step up and they have not given me a second interview yet. That’s why I
left South Carolina and took the Branch Manager position in Chicago. At least I’m back home.
Do you have anything else to say towards Woodforest’s value for you?
Yeah, I guess I could go in more. Speak in terms of an employee who has just witnessed this.
Not as a Branch Manager. Woodforest values its new customers, and its staff. But overall its
values its customers and money. I love the bank and want to be here for the long haul. But I
know where their interests lay. That’s why I want to show them I can make them more money
and be valued more. They could have directed me better to improve or show me how to become
a Branch Manager or now even become a market manager. I don’t care when I get promoted but
at least give me the tools to get to where I need to be so one day, I can get there. I will wait till
they have a job open but train me to get there. I did that for all my employees because that’s
what a manager does. Helps people rise up. I just don’t think that’s what Woodforest is about. I
will change that when I get the Market Manager position

Woodforest Customer – Current 4 years (Wade Andre, 54) Interview questions:
1. How do you like Woodforest?
I love Woodforest. I have been with you guys for a long time now and you guys have
been pretty great to me.
I think you guys value me. I mean sure I get fees, but I know if you guys can help you
guys do. You guys are always nice to me and friendly.
I think you guys need to have to work on your savings accounts. I have had my balance at
over $5,000 for over 3 years but I don’t make much interest. My girlfriends wants me to
invest it or go to another bank.
I think if you guys had more branches in Walmart. I was in Massachusetts and I thought
you guys were there. You guys have no branches there! If you guys spread out more into
other states that would really help you guys and us. The bank needs to be available for
people in other places in America too. I mean, if I’m not near a Woodforest how does
anyone get money without getting an ATM fee? You guy ought to invest in finding out
ways to get people their money.
You guys are open like always. Easy to use and you guys explain everything to me when
I don’t understand. Also, you guys are friendly to me as heck!

*Customer offered 40% settlement if they had an honest interview with me.
Woodforest Customer – Charged-off (2 years with bank) (Patricia Mannly 44) Interview
questions:
1. How do you like Woodforest?
I hate Woodforest. You guys were the only option I had because of something on my
bank history. You guys just take money out of my account and blame it on me. I have no
access to my money when I need it because I can’t always get here. By you I don’t mean
the guys and girls at the branch but the bank.
I know you guys value me, but the bank just wants its money. I was with you guys for
over 2 years and you guys couldn’t waive fees? I made the bank so much money and
Woodforest just screwed me in the end. Now I screwed you guys!
They need to give overdraft for free. It’s our money. We earned it. Let us use it then we
pay it back. That’s why people come here. To use the overdraft. Hell, it says what to do
online to get overdraft with you guys. You guys are also like nowhere. They told me
when I got the account that there were all these banks, but we have only three here and I
can’t make it all the way this way. The bank is dangerous and just puts you into the
overdraft and racks up the fees unless you opt out.
They need to be open earlier and be open later on weekends. They should have free
accounts and free debit cards. You guys charge for everything here. If I want a paper it
costs me money. You guys probably charge me to sit down if I come in.
You guys are in Walmart’s! Because you guys are owned by Walmart you guy have all
that money keeping you going. I know Walmart steals all the money it can from people in
here and out there. I only liked that you guys are open so many days. But why close the
bank when you keep your store open. I’m just going to keep cashing my check and using
my Cash App and Cash card to pay!
*Customer did not want settlement but wanted to leave the debt to the bank. Customer
did not want to return to the bank and thus would not take the settlement to re-establish
the account. She stated she would see us again but will never bank with Woodforest
Again.
INTERVIEW 5 – 04/19/20
SunTrust (Truist) Employee – Currently Employed 4 years (Marcia Birman, 33) Interview
questions:
1. How do you like working for Truist?
They have a great environment and I feel like a part of the team when I am here. We all
joke and get along very good. My Branch Manager is pretty cool.
2. Do you think Truist values you?
I know they do. They have given me two weeks paid vacation and have been there for me
when I had my grandmother pass. The company really cares about us here and you can
feel it from how our regional manager and execs who visit talk to us. They are always
emailing us to follow up with how we are doing and if we have any further ambitions.
I don’t really know if they need to improve much for me. I mean like I said I have a great
leader, great team, and great job. I am taught constantly on new changes and new
regulations that we need to use for tellers, and we even get together and go out together
as teams a few times a year. I mean I would like to be able to open accounts too and learn
more, but I will wait till they see just how good I am!
I think the bank needs to focus on more lending approvals, customer satisfaction, and
being more available. I mean they don’t have that many of these types of banks. At least I
never saw them before I started working here. The bank is very focused on its teams and
they have good accounts and services. If sometimes someone wants to do something like
get investment advice or get a merchant service thing for their business, we talk to our
investment team at regular bank locations or our business department at HQ. Also, they
need to train us like they do at other banks inside stores. So, we can do more and help
more.
5. What do you think that Truist has that sets it apart from its competitors?
I think we have our great teams, our service with a smile, and our great bosses. We all
work together to help people and make sure they are really happy to be with us and stay
with us. Also, now we have lots of locations since we had a merger with BB&T and
SunTrust. We are like everywhere, but no one knows who the new company is.

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Woodforest National Bank: Business Plan 1

MBA 560: Marketing and Strategy

Comprehensive Business Plan

improvement needed with key areas of threats and opportunities.

complaints, concerns, or issues when they arise.

and retrieving funds with payment and sales receipts.

medium traffic branch.

can potentially help to alleviate their effect on the company.

communications technologies (International Encyclopedia of the Social Sciences, 2008).

branch every week” (Bartlett & Gull, 2017).

maintenance, electricity, water, security, grounds management, or other expenses traditional

banks to be able to run these locations at a fraction of the cost.

to deposit funds, cash checks, open or close products, or do withdrawals.

in turn improves their appearance in the market.

provide much convenience to customers.

can locate better and more financially manageable location.

customers account is then refunded due to the situation.

a bank or a Cash App card.

Woodforest’s development of an application for person to person transfer services would

on a surcharge or interchange fee for transfers as a method of generating income. As the

bring numerous advantages to the company and its customers.

demographics, rising customer expectations and changing regulations. Technology offers

growth of its deposits to new heights.

advantage and keep that advantage.

cash deposits at their locations.

even during most holidays when other banks are closed.

branch could potentially cost between $500,000 to $2,000,000.

co-workers were making.

where Walmart staff have become infected.

taking over another part of the consumer market.

immediately, if investments are wanting to be made, or large withdrawals are wanting to be

of the in-store bank.

their overall value presumed by consumers to increase.

revenue by utilizing more advertising methods is exponentially beneficial.

that staff members have will increase.

times, increasing the chance for major errors.

company advertising using multiple methods to build brand recognition.

innovating is what will drive the future of the in-store branches.

digital money (e.g. Bitcoin) (Gera, McIntyre, & Sadowski, 2017).

consisting of younger generations will decline and soon jump ship.

favorable credit rates (Beer, 2020).

peer2peer transfer application would not require much technical know-how.

resource to attract more people and reach more people.

greater level of income by addressing some of the mentioned strengths, weaknesses,

products to attract more prospective clientele.

needs of the consumer and continue to monitor consumer trends.

• Being attentive to the common consumer on the go.

• Training of individuals to learn nearly all aspects of the business to provide

excellent service to consumer.

• Customer-orientation and trying to retain and satisfy current customers.

would need to schedule an appointment and return at a later date.

have an excellent banking experience.

phone that does not have banking experience.

consumers use their services for ecommerce.

Finally, when addressing the competency of customer-oriented services, the application

interacting with Walmart consumers.

address issues or file a dispute if need be.

competitive advantage over other financial institutions.

and utilization of the application grows.

eyes of the consumer.

Mobile Transfer Application: Pay4.

(Mullins & Walker, 2013).

acceptance of the application, increased awareness of the application, successful performance