I was reading a case study in Business Week about how innovation can help companies. Innovation in services is rare. In financial services, the last big breakthrough was online banking, nearly a decade ago. Bank of America came up with a innovative product, which is called ‘Keep the Change’.
The product works like this: Every time you buy something with a BofA Visa debit card, the bank rounds up your purchase to the nearest dollar and transfers the difference from your checking into your savings account. It also matches 100% of transfers for the first three months, and 5% of the annual total, up to $250 a year.
The result? Since the launch, 2.5 million customers have signed up for Keep the Change. Over 700,000 have opened new checking accounts and 1 million have signed on for new savings accounts.
There was a lot of market research and brainstorming was done before they finalized this product. What is really fascinating is the how innovative the companies are becoming.
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