EFS committed to giving college interns a great experience

One of the foundations of our success at Erskine Financial Services is hiring nice, smart interns during the summer and winter months to do research and build built proposals designed to introduce prospects to our services and to the opportunities as they look at renewing a card program that their current issuer might not be focusing on. The team gets together on a regular basis to talk about broad card-program topics and has guest speakers who talk about their experience in various sales, marketing, and operational functions from their time at MBNA, Bank of America, and Partners First.

At EFS, we talk to organizations about options, about broadening their ability to market to their entire membership base rather than just the high-FICO targets that some issuers focus on. We have relationships with issuers that enable us to offer a range of products from prepaid cards for credit-challenged consumers to premium rewards cards for high-spending members with strong FICO scores.

We’d like to introduce you to our 2021 summer interns and tell you a bit about what they’ve been doing over the past few months. In general, they talk about developing greater confidence and improving their presentation skills as something they’ll take away from the experience.

2021 Summer Interns

Peter Erskine

Sully Williams

Nate Rashkind

2020 Summer Interns

Lance Ralsten

Lance Ralsten will be a sophomore at Clemson (yes, Hal’s alma mater) pursuing a dual degree in Finance and Accounting. He’s been overseeing the rest of the team this summer. He says he’s enjoyed learning how to present himself in a professional manner, developing a prospect list for the Transportation sector, and collaborating with the intern team to tackle a variety of projects, performing in-depth research and making sales calls. Lance says working on a number of sectors but concentrating on one in particular has given him great insight into banking, sales, and investments that will help shape his interests over the next few years.

Ben Blewitt

Ben Blewitt will be a junior this fall at Boston College majoring in Finance and Accounting. He says his goal was to learn about the levers that drive growth at different companies, to learn how to build financial models for the credit card industry, and to feel comfortable interacting with senior executives and other experienced professionals. Ben spent the summer researching professional organizations and associations to identify ones that could benefit from adding a card program and ones with an existing program that could confidently include program improvements and expansion of the marketing base during renewal discussions. He says he’s become a better listener so that he could learn more about prospect needs and he says he’s also learning to ask better questions – most of them open-ended. He says he’s got more confidence and learned how important it is to present well, be respectful, and to never make anything up if he’s asked a question and isn’t sure of the answer. Based on his experiences this summer, he’s hoping to work in investment banking or private equity after college.

Joe Centrone, a sophomore finance major at the University of Delaware, has been working on developing collegiate credit card programs, researching other existing programs and developing a contact database of university and alumni-association leaders. Joe learned about how schools are using experiential awards to drive greater affinity among graduates and fans of the collegiate card programs. He says he’s improved his presentation skills in the areas of preparation and pronunciation, which will enable him to return to UD with greater confidence in his ability to interact with business leaders.

James Maddox

James Maddox will be a junior at Clemson University, majoring in financial management. He says this was his first job related to that merger. He has been focusing on nonprofit, cause-related organizations, identifying prospects, doing research on them, and then reaching out to connect and (hopefully) present to them on their options in the marketplace. He says he learned Powerpoint in school but has learned how to add the important financial touches on the presentation before going in front of a prospect. He also says he’s worked on his phone demeanor and learned how to navigate the world of gatekeepers and voicemails.

Colin O’Brien

Colin O’Brien will be a sophomore at the University of South Carolina majoring in Sports Management and actively pursuing joining the business school. His goal coming into his summer internship was to better understand the relationship between business and sports. He spent the first few week on developing a database on niche sports like tennis and squash and then moved on to working on the MLB and NBA databases. He says he’s seen the biggest growth in his communication skills, his ability to converse in a business setting effectively, and in his confidence, particularly in the area of preparing for and conducting a negotiation. This internship has changed his perspective drastically.

Samuel Williams will be a junior Finance major at Clemson this fall. He’s spent his time doing research for the Financial Institutions sector and looking for prospects that might be interested in developing a strong card program for their banking customers. He says the most important thing he’s learned this summer is how to gauge whether a relationship between EFS and the prospect would be beneficial for both sides. He says he’s improved his ability to use Zoom in a professional manner, which he thinks will pay off as the world continues to work from home and practice social distancing. He also feels that his critical-thinking skills have improved this summer.

Hal says he’s seen the benefits of a strong internship program since his days at MBNA as many interns there ultimately became senior leaders who have been innovators in the financial services industry for more than three decades.

‘Bama Boys’ turn the Tide on Rangers In-Stadium Tabling

Alex Weller and Derek Hitz have returned to Tuscaloosa for their senior year at Alabama with more than a few stories about the challenges of marketing the (Texas) Rangers Rewards credit card inside the stadium and in the community.

Erskine Financial Services Founder Hal Erskine takes pride in his continual engagement with both banks and partners after the contracts are signed, spending time using his 26 years of experience to make sure the program works, including traveling to meet with the program teams, personally selling the card at the kiosk in the stadium, and advising his clients – some of whom have never had an affinity card program — on program-growth strategies.

“In addition to helping my partners optimize their programs, I’m particularly proud of the fact that I’ve invested in more than 30 college students interested in sports marketing and given them a chance to see if this is the business they really want to be in,” says Erskine.

The Bama Boys were asked to do something that many large credit-card issuers have stopped doing for their sports and special-interest programs: Face the rejection of face-to-face selling as fans enter the stadium and walk around during the game. Even with a T-shirt in hand to give away to applicants, it takes a thick skin to get someone to apply for a credit card — even one as strong as the Rangers Rewards card — as parents try to herd the kids to their seats, get some pregame snacks, or just avoid the gauntlet of other people hawking their products.

The Bama Boys kicked off their summers in stealth mode, heading into the community and passing out thousands of brochures explaining the program throughout the Dallas-Fort Worth area.

But they wanted to take applications too and found some local merchants were reluctant to let them do that. So Rangers Coordinator of Business Partnerships Taylor Addy helped them find some sponsors who would let them table and got them Hot Spots for their iPads. The Bama Boys soon found themselves at some local baseball tournaments and nearby hotels when the Rangers were traveling or during off days on the schedule.

At the same time, the EFS team back home in Delaware was focusing on other important aspects of the program, including pushing for a deeper analysis of lower-than-anticipated approval rates from certain marketing venues; creating table tents promoting the program and providing a URL for applying for the in-stadium restaurants and bars where season-ticket holders gathered before and during the game; providing the Bama Boys with nightly feedback and mentoring on their strategies; and working with UMB Bank to develop training for tabling staff on the compliance niceties around this type of marketing.

In addition, EFS staffer Richard Gaines spent part of his summer creating comparisons of other affinity co-brand programs to identify opportunities to strengthen the program. The Rangers and UMB Bank did their part, adding a cash-back feature during the summer with Erskine’s strong encouragement after receive lots of feedback from in-stadium prospects who said they’d apply if the program offered that.

“Where other financial institutions have decided that face-to-face marketing is not a good way to promote their card programs, I believe that meeting the fans in person is a great way to get them excited and get ideas for how the program can better meet their needs…and if you work hard and learn from your mistakes, you can make the economics work,” Erskine says.

The goal of Erskine’s intern program – beyond exposing the students to the nuts and bolts of sports marketing – is to learn by doing. Weller and Hitz say they’ve learned a few things that other franchises might consider when launching or trying to grow their own program:

Make it easy for fans to apply by (1) getting their phone numbers and sending them an application link to their mobile devices and (2) getting mobile with handheld iPads that enable you to quickly process applications and secure both a hot spot and WiFi so that you can table outside the stadium in parking lots and at local businesses, including bars and restaurants where fans gather before and after the game.
Make sure that your tabling staff likes the sport and that they can speak intelligently about the program benefits and redemption items. “Lots of people asked us, ‘What redemption items would you want to earn?’ and we each had our own answers,” says Hitz.
Find external locations to market so you’re not sitting around during road trips. The Bama Boys saw business pick up once Addy got involved.
Promote some free (or discounted) redemptions and publicize them inside the stadium. For example, letting an early adopter throw out a first pitch or putting a photo on the Jumbotron of someone doing a Meet and Greet. Ask the team to let fans know where you’re stationed.
Ask the team to support the program with video for the in-stadium TVs and during in-game announcements.
Test different tabling locations and move around during the game, since fans only enter the gates once during the game (the last thing they want as they’re leaving is to be asked to fill out a card application). “We had a little notebook to capture times and places for each application so that we knew what worked best when,” says Weller.
Look for “extras” that the team could offer cardholders. One example might be premium parking for cardholders close to the stadium, regardless of whether you charge them or not.

Erskine Financial Services Launches New “Affinity Co-Brand” Credit Card Programs for Scouting Alumni, Eagle Scouts

Erskine Financial Services is proud to announce the introduction of the new Boy Scouts of America (BSA) no-fee credit card rewards program that will strengthen the relationships between the organization and its strongest supporters.

“Erskine Financial Services specializes in transforming sports, affinity and agent-bank credit cards into co-brand credit card programs, and we are proud that the Boy Scouts of America have built such strong relationships with Scouting alumni and Eagle Scouts,” said CEO Hal Erskine.

The Boy Scouts of America and Eagle Scout Visa Rewards programs are issued through Missouri-based Commerce Bank and offer cardholders rewards on every purchase. In addition, the Boy Scouts of America receives a percentage of all purchases. Additionally, cardholders can donate their rewards to the BSA, as well as visit a Scout Rewards section site where a selection of BSA products is available for purchase with their points.

“Joining the Scouting family has been a point of pride for millions, and this program enables our Scouting alumni and Eagle Scouts to proudly celebrate their Scouting memories while also giving back to the organization and programs,” said Brad Farmer, Assistant Chief Scout Executive leading the Office of Development for the Boy Scouts of America. “The fact that this opportunity was developed with the support of an Eagle Scout who deeply understands this timeless connection makes this introduction even more special.”

Erskine said, “As someone who became an Eagle Scout in 1977 with Troop 162 of St. Mark’s Lutheran Church in Mooresville, NC, I am particularly proud to be able to share that relationship when I present my Eagle Scout Visa Rewards card at home and when I travel. Not only do I know my card usage is benefiting Scouting programs, but I’ve already met people who look at the card and tell me they also were Scouts.”

“We’re excited to work with the Boy Scouts of America to offer a customized credit card product that offers such valuable and meaningful rewards and incentives,” said Chad Doza, Senior Vice President of Commerce Bank. “The Boy Scouts of America is an impressive organization with an empowering mission. Commerce Bank is proud to partner with such a notable organization and offer a card that will allow members to show their support while enjoying the many benefits that come with a Commerce Bank credit card.”

The card will be available through the Commerce Bank website at https://www.commercebank.com/BSA or https://www.commercebank.com/EagleScout. The Boy Scouts of America and Eagle Scout credit cards are accepted anywhere Visa® is accepted.

If you would like more information, please contact Hal Erskine, CEO, Erskine Financial Services at 302-290-4201 or herskine@erskinefinancialservices.org

Card Programs That Create Memorable Fan Experiences

Erskine Financial Services specializes in transforming sports, affinity, and agent-bank credit cards into co-brand credit-card programs, and is working with a number of clients to bring fans and customers real experiences that reinforce their loyalty.

On a broader scale, Founder Hal Erskine helps banks, credit card networks, processors, and co-brand and affinity partners create or strengthen their card programs and generate new, profitable business. Despite onerous regulatory oversight that has caused an aversion to any kind of risk, credit cards – done right – remain a profitable revenue stream that should either be taken off the back burner and allowed to grow…or they should be sold to allow the issuer to focus on other things. We can help you do both.

Hal created Erskine Financial Services in 2014 after completing the sale (and flawless conversion) of PartnersFirst to First National Bank of Omaha. He founded and managed PartnersFirst after 15 years at MBNA America and Bank of America Card Services, and brings the lessons learned from his experiences at all three companies to his clients.

Erskine brings CEO-level, present-day experience to credit-card consulting, offering a hands-on perspective (and affordable pricing structure) that few other consultants can offer at a time when regulatory scrutiny and risk concerns have rarely been higher. Erskine Financial Services is focusing on strategic planning and execution (including card marketing and business plans); portfolio growth and optimization; and deal coaching.

The value Hal offers his clients is simple:

Assessment of deal strengths and weaknesses.
Relationships with partners that will help you achieve your goals.
Understanding of ALL the minefields that are out there, and how to avoid or overcome them.
Ability to connect the dots and see trends and opportunities that others don’t.

Hal Erskine launches credit-card consulting services

Erskine Financial Services helps banks, credit card networks, processors, and co-brand and affinity partners create or strengthen their card programs and generate new, profitable business. Despite onerous regulatory oversight that has caused an aversion to any kind of risk, credit cards – done right – remain a profitable revenue stream that should either be taken off the back burner and allowed to grow…or they should be sold to allow the issuer to focus on other things. We can help you do both.

Hal Erskine

Hal Erskine created Erskine Financial Services after completing the sale (and flawless conversion) of PartnersFirst to First National Bank of Omaha. He founded and managed PartnersFirst after 15 years at MBNA America and Bank of America Card Services, and is now bringing the lessons learned from his experiences at all three companies to his clients.

Erskine brings CEO-level, present-day experience to credit-card consulting, offering a hands-on perspective (and affordable pricing structure) that few other consultants can offer in 2014, a time when regulatory scrutiny and risk concerns have rarely been higher. Where others in the industry warn that Affinity is Dying, we believe there has never been a better time for issuers and co-brand/affinity partners to dip their toes back in the water.

Erskine Financial Services is focusing on strategic planning and execution (including card marketing and business plans); portfolio growth and optimization; and deal coaching.

The value Hal offers his clients is simple:

Assessment of deal strengths and weaknesses.
Relationships with partners that I can bring to the table to help you achieve your goals.
Understanding of ALL the minefields that are out there, and how to avoid or overcome them.
Ability to connect the dots and see trends and opportunities that others don’t.