Financial Wellness Credits
At what point does a new credit card generate financial wellness credits?
At the first client-initiated transaction.
Tip: advise the client to "test out" the card when it arrives so that you can make sure that it is working properly. $1 soda purchase at the store = 15 FWCs for you!
Where do you look to find additional official information on the 2024 scorecard?
The Retail Incentive & Awards Hub
What does your branch have to qualify for at least once in 2024 as a prerequisite for you going to Signature Circle?
Red Key
True or false: a client must have at least $250,000 held at KeyBank prior to upgrading them to KPC.
False. KPC is designed in part around acquiring and retaining new deposits. A KPC account has up to 6 months to reach >$250,000 in assets, although credit will not be assigned until it does.
What does your client have to do to earn relationship benefits on their KeyBank products?
Owns a KeyBank checking account with 5 or more qualifying transactions in a month.
(Note that "relationship household" is an internal term that differs from "relationship benefits").
What credit product tripled in the amount of financial wellness credits it earns you in 2024 compared to 2023?
All consumer credit cards excluding the secured card.
Our old system for tracking production, Callidus, has been retired. A new tool will be implemented to give us more intuitive and up-to-date information about our production. What is this tool called?
NICE
Who are you allowed to bring with you to Signature Circle 2024 if you win?
Anyone! You get to bring a plus one.
No. Business accounts do not count towards balance qualification.
New to the financial wellness credit menu in 2024, how many credits does a new consumer relationship HH migration offer?
10
A current relationship HH has a checking account and credit card. You convince them to open up a new active saver savings account with $10 in new money. Next week, they return to deposit $5,000 into their checking account. How many FWCs did you generate?
7. (2 from the active saver plus 5 from $5,000 in new balance growth).
Reminder: new deposit growth generates for all growth across the household after a new account is opened, not just from the account opened.
What percentage of your scorecard is dependent upon acquiring new relationship households?
30% for personal bankers, 10% for PCBs.
Note that they also generate FWCs, so outside sales activities are critical to success in 2024!
What is the out-of-pocket cost for you to attend Signature Circle 2024?
Nothing.
Just hard work and dedication throughout 2024.
You are over 200% to goal on FWCs and refer another KPC upgrade to your manager. How many dollars in IC did this referral alone earn you (following the upgrade)?
$225 (3x75 after incentive multiplier from being >200% to goal)
What percentage of cashback rewards does our cashback credit card offer if the client does not meet relationship benefits requirements?
1%
(remember to help your clients understand the requirements for primacy so that they can double this to 2%!)
You are an unlicensed personal banker. What single item on the credit menu earns you the most FWCs?
Merchant services earns bankers 100 FWCs per successful activation.
While it is primarily your manager's responsibility to handle business relationships, you get full credit for the sale if you seal the deal while they are unavailable.
The branch opened 8 new relationship households this month. Meanwhile, 3 existing households lost relationship status. How many relationship households are reflected in the branch scorecard for this month?
8. The scorecard in 2024 no longer penalizes for lost households.
What percentage of bankers will qualify for Signature Circle this year?
4% (ranked by scorecard).
Your client is considering enrolling in both KIS and KPC. Which referral(s) should you submit in OYD to maximize your FWCs? One to your PCA for KIS, one to your manager/PCB for KPC, or one to both?
Send the KPC referral to your manager/PCB first (75 FWCs)!
You cannot get credit for both a KIS and KPC referral from the same client. If, however, they meet and decide not to enroll in KPC, you can still get credit for the KIS appointment.
What qualifies as a new business relationship household (25 FWCs)?
Business checking + revenue-generating product
(Business savings accounts do not count towards household status)
Name three items from the credit menu that you earn FWCs from in 2024 that you were not able to earn FWCs for in 2023.
Acceptable answers: new deposit growth, KIS appointment, KPC referral, or new KPC enrollment with asset growth (if PCB).
A client's balance throughout Jan. was $15,000. In Feb., you opened a Select Savings for them with $25,000 in new money. They deposit an additional $5,000 each month for the next six months. How much new deposit growth did this account opening generate for your scorecard?
$30,000.
Deposit growth is determined by comparing the average daily balances for the client’s household at two points in time: the month before and after the new account opening.
What is the name of the hotel where the 2024 Signature Circle winners will be staying?
The Walt Disney World Swan Resort in Orlando, Florida
How much of a Private Client Banker's scorecard is dependent upon KIS and KPC asset growth combined?
45% (25% from KIS production and 20% from KPC asset growth)
A full relationship client wants to apply for a personal loan. What is the maximum interest rate discount they can qualify for?
0.75%.
(0.5% for being a relationship client PLUS an additional 0.25% for setting up autopay to their Key checking account)