First Bank’s Competitive Advantage with Financial Education | Case Study

Financial Wellness Education as a Competitive Advantage to Drive New Business

"We really just want to add value to our community. For us, that’s the competitive advantage — and it’s one that EVERFI has really helped us deliver.”

Bill Bunn Executive Vice President of Retail Banking First Bank

“We have a certain standard of workplace conduct that is greater than what the law requires, greater than what customs require.”

Shannon Sorells, Senior Legal Counsel for Ethics, Compliance and Employment Law Teradata
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First Bank Wanted to Secure & Grow Commercial Partnerships

Challenge Create a [email protected] program that stands out to community businesses and their employees.
Vision Offer a competitive employee financial wellness solution for commercial partners to drive new banking relationships.
Solution Deliver on-demand, digital financial education, powered by EVERFI, to differentiate their [email protected] program.

A First-Class Approach to [email protected]

Win New Business With the help of EVERFI’s powerful financial education content, First Bank has been winning new business across the Carolinas. “We were recently presenting our financial wellness package to a fairly large company—about 550 employees. It turned out we were competing with other banks, including some really big ones, and First Bank won the deal. I knew we had the best thing going, but that was an ‘a ha!’ moment that we can compete against anybody and come out on top.”
Reach Younger Demographics By adding best-in-class financial wellness education to their [email protected] program, First Bank attracted more than 10,000 learners from their commercial partners in 2019. They saw a lift in the number of accounts opened by younger demographics from the employee bases they were reaching. “Since we’ve implemented the program, every quarter we’ve had positive account growth.”
Impact Communities with Relevant Content EVERFI helped First Bank create an ongoing educational series spanning topics like understanding credit scores, identity theft, budgeting, and saving for retirement. “Our [email protected] program isn’t a one-size-fits-all approach. We can tailor it to the different folks and companies we’re in front of to meet their employees’ needs. I’ve seen other financial education programs and they just don’t have the quality or the amount of content that EVERFI offers.”
Scale Your Reach and Save Resources “We could have tried to develop a financial education solution ourselves, but from a strategic partnership angle, it made more sense to work with EVERFI. They live and breathe this stuff, so letting them take care of the content lets us focus on our customers’ core needs. We’re able to be a lot more nimble than if we tried to build something from within.”

“There is a need for financial wellness in our communities. This program is one way we’ve decided to reinvest to put folks on a better path.”

Bill Bunn, Executive Vice President of Retail Banking, First Bank

Get to Know Bill

Bill Bunn is the Executive Vice President of Retail Banking at First Bank. EVERFI helps First Bank deliver on their customer-first mission to help customers change their lives, grow their businesses, and support their families.

Power Workplace Banking like First Bank

EVERFI Features & Benefits
  • Content library spanning: credit scores and reports, saving and investing, home ownership, saving for college, and more.
  • Custom branded portal for seamless consumer experience
  • Mobile-friendly design for learning on the go
  • Robust data and reporting to track user engagement
  • Supplemental in-person workshops for amplified reach

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