Regions Now Card Marketing Glosses Over Its Most Unique Features
Long gone are the days when retail and check cashing locations were the only place to find a prepaid debit card. For the past few years, many banks have offered these cards as alternatives to traditional checking accounts, and the target audiences include the un- and under-banked or students who share a budget with their parents. One that recently caught our eye was from Regions Bank.
The Regions Now Card is part of the FI’s “Now Banking” line of products ideally suited for under-banked customers. The collection includes banking options such as a free savings account (Now Savings), check cashing and money order services and Western Union Bill Pay and Money Transfer.
The Now Card itself has features that are fairly standard for a prepaid card:
- mobile and ATM deposits,
- direct deposit,
- wide acceptance of Visa,
- access to cash,
- security from unauthorized purchases and FDIC Insured funds and
- no overdraft fees.
These features align with benefits like ease, flexibility and security that are the mainstays of almost every prepaid card.
But in looking at this card, we picked up on two other features that set it apart from competitors, namely:
- customization (the cardholder can personalize the card with a picture) and
- rewards (cardholders get rebates at select merchants through the Regions Cashback Rewards program).
These are two features that an average prepaid card really does not offer, and both would likely have strong appeal to Millennials. (You know Millennials, those Instagram using, rewards seeking, credit card rejecting customers that every bank is trying to court? Forgive the gross generalizations: they are done in jest.) So you’d think that Regions would tout these two features in the marketing materials for the Now Card.
Instead, looking at email promotions for the card, Regions leads with the more traditional and common benefits. Subject lines include:
- A Tool to Teach Your Teen Money Management. Plus Get $15.
- Travel Safer with a new Regions Now Card. And Get $15.
- Enjoy The Simplicity of a Prepaid, Reloadable Card
- Enjoy The Flexibility of a Prepaid Reloadable Card
The content follows this approach, as well. The card is positioned as “a smart way to manage your money,” “safe, secure and easy to use” and “a safe, convenient alternative to carrying cash.” The really unique features are buried in the bullet points and not given much attention.
It may be that Regions does not see these features as all that unique. After all, card customization is not really a new thing, and the rewards are limited to certain merchants. But what’s the harm in trying?
Based on our quick review of prepaid debit cards from BB&T, Chase, Navy Fed, PNC, TD Bank and Wells Fargo, it appears that Wells Fargo is the only bank that offers card customization, and none of the bank issued prepaid cards offers any rewards. In fact, the only prepaid card we know of that does offer rewards is the Kroger 1-2-3 Rewards Prepaid Debit Card. Unlike Regions, this issuer makes rewards the focus of the product’s landing page.
Here’s the point that all marketers should keep in mind: focus on what sets you apart and hype that. To put it another way (and as I have said before), “When you got it flaunt it! Flaunt it!”
