Customer Story:

KeyBank

Industry: Banking & Financial Services

Founded: 1849

Employees: 14,913

Mission: To help shareholders and clients achieve financial wellness each and every day.

About KeyBank:

Headquartered in Cleveland, Ohio, KeyCorp is one of the nation’s largest financial services companies. Key Companies provide investment management, retail and commercial banking, consumer finance and investment banking products to individuals and companies throughout the United States and, for certain businesses, internationally.

Challenges:

KeyBank sought to up the ante when it came to their Fintech competition, to bring the power of banking together with digital servicing to create the merchant experience Small Business Customers (SMB) are looking for.

How Boomtown Helps:

KeyBank is creating an unparalleled business banking experience by utilizing some of the best FinTech partners in the market. The build vs. buy scenario is common, but in this case it’s all about the partnership. 

KeyBank knows processing payments is at the heart of every business, and the need to manage cash flow is essential to business growth. That’s why KeyBank has partnered with Boomtown and XUP Payments to implement some of the most leading-edge technologies that creates an unparalleled business experience.

Results:

By partnering with Boomtown and XUP, KeyBank brings the power of banking with digital servicing to create the merchant experience Small Business Customers (SMB) are looking for.

Customers are now able to:

• Open a merchant account via the web, phone or in branch with anew digital application in 5 minutes or less 

• Receive rapid, real-time support and solutions to frequently asked questions throughout the application process

• Activate their merchant services with clear visibility into process, next steps, and timing

• Access real-time support from a single bank-branded digital “front door,” regardless of the product or solution

• Understand chargebacks or returns and dispute any issues right in the digital banking platform

• Easily submit service requests through any channel – online, on mobile, on the phone, or in-person -including changing account information, solving a problem, or requesting data

By adding merchant services to KeyBank’s product portfolio (checking, savings, loans, and treasury), customers can now easily manage all financials in one location while on the go.

In under 3 months, KeyBank has:

• Increased lead generation by 5% through digital presence

• Increased merchant acquiring sales by 2% in just the first few months of being live

• Deployed the new platform in less than 16 weeks to improve retention by 17%

"The new XUP and Boomtown partnership allows KeyBank to provide small businesses with a superior overall experience in conjunction with a best-in-class merchant processing solution." - Jon Briggs, Head of KeyBank Commercial Product & Innovation