About Novo Bank

Novo isn't your typical bank. They ditch the stuffy branches and long lines for a modern, online platform designed specifically for small businesses. Their core offering is a fee-free checking account loaded with features to streamline financial management, like easy budgeting tools, free transfers, and seamless integrations with popular business apps. This frees up valuable time for  business owners to focus on what they do best: growing their ventures.

• HQ Location: San Francisco, CA, USA
• Website: https://www.novo.co/
• Industry: Online Banking for Small Businesses

In today's competitive banking landscape, institutions like Novo understand the importance of offering more than just traditional financial services. Small and medium-sized businesses (SMBs) are a crucial but difficult to reach customer segment. New ways to stand out, build loyalty, and forge stronger relationships are vital. Novo went beyond offering basic banking features and offered their SMBs access to discounts on software, business tools, or even shipping services.

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Challenges

Despite its innovative approach, Novo Bank still faced a hurdle: their existing customer retention strategy lacked punch. Their current perks program was a cluttered mess of outdated systems, making it difficult for both businesses and Novo to get the most out of it. Novo's leadership, with years of experience in traditional banking, understood the power of a strong perks program to keep customers happy. They were determined to revamp their offerings and elevate the overall customer experience.

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Solution

Novo partnered with Builtfirst to transform their perks program. Builtfirst's user-friendly platform replaced the clunky patchwork system, providing a centralized hub for managing and offering valuable benefits to Novo customers. This streamlined approach yielded impressive results:

• Retention on Rocket Fuel: The Novo Perks platform fueled a surge in customer retention rates. Businesses were more likely to stick with Novo thanks to the enticing perks offered.
• Sales & Support Supercharge: The perks program became a powerful tool for both Novo's sales and customer support teams. Sales reps could leverage the platform to attract new customers, while support teams could offer perks as a way to resolve issues and keep existing customers satisfied.
• Clicks, Cash, and Customer Cheers: Novo Perks wasn't just popular, it was profitable. The platform boasted an impressive click-through rate, with over 10,000 clicks on perk offerings within the first few weeks. This high user engagement quickly translated into significant revenue generation for Novo Bank. The rapid adoption and utilization of perks meant Novo recouped their investment in the platform within a short timeframe.
• Happy Customers, Happy Bank: Novo customers raved about the user-friendly interface and diverse range of benefits offered through the Novo Perks platform. Responsive support from the Builtfirst team further amplified customer satisfaction.

Builtfirst & Novo Bank

Novo Bank's story is a testament to the power of a well-designed perks program. By partnering with Builtfirst, they transformed a cluttered system into a strategic asset, boosting customer retention, sales enablement, and overall customer satisfaction. This win-win situation empowers Novo to focus on what they do best – providing innovative financial solutions for small businesses.

Builtfirst was so invested in our success, it was a no-brainer.