REQUEST FOR PROPOSALS – Agency of Record Bank On Spokane Launch & Pilot Year Concept & Goals Bank On Spokane is seeking a partnership with a dynamic and philanthropic advertising agency to help launch the program in the Spokane area and provide media coordination throughout the pilot year. The target objectives are to open 1,000 bank accounts for unbanked and under banked families; 500 Community Partner referrals; improve access to financial education; Increase partnership participation with Bank On Spokane; and, provide a strengthened community resource network of financial services for low‐income families. About Bank On Spokane Bank On Spokane is an initiative to connect unbanked and under banked Spokane area families to local banks and credit unions to ensure access to traditional banking services allowing them to maximize opportunities for building assets, financial education, and improved financial stability. There are an estimated 39,000 households in the Spokane area with limited or no access to traditional banking services. It is estimated that a person who uses non‐traditional financial services such as check cashing and payday lending spends approximately $1,200 a year in service related fees, higher if payday lending is cyclic. Additionally, significant risk is associated with holding cash such as theft and burglary. These barriers inhibit a family’s ability to save and build a stable financial foundation which in turn, perpetuates generational poverty. Bank On Spokane accounts are low or no cost transaction accounts with low or no minimum balance requirements. The initiative offers incentives for savings and free financial education. For those who have had problems managing a banking account in the past there are considerations given for non‐fraud related issues as well as trial‐basis savings accounts that can convert to checking accounts after certain criteria is met. This second chance is often the only way non‐banked individuals can return to mainstream financial services.
Bank On Partners Bank On is a nationally recognized program. The state of Washington is developing Bank On Washington, which will offer resources and support to all local Bank On initiatives. There is also talk of a national Bank On to further the initiative’s reach and awareness. Planning and implementation of Bank On Spokane has been completed in conjunction with the CASH Coalition, Spokane’s local asset building coalition, which is coordinated by United Way. There are over a dozen local Bank On programs operating or scheduled to launch throughout the state. Financial Partners In Spokane, there are several banks and credit unions participating as founding financial partners and recruitment efforts are underway to encourage more participation from financial institutions throughout the county. Community Partners Numerous public and non‐profit service organizations are providing financial education and outreach, serving as the primary referral base to Bank On Spokane Financial Partners. These include SNAP Financial Access, United Way, Department of Financial Institutions (DFI), The Federal Reserve Bank, Washington Asset Building Coalition, Department of Social Services, City of Spokane Mayor’s Office, VOICES, Community Frameworks, Transitions, Salvation Army, Goodwill, Habitat for Humanity, Spokane Community College and several more to come.
Funding/Budget The marketing budget will be based on funds raised and grant monies secured but we anticipate a budget of $20,000 ‐ $30,000 for the pilot year. Financial Partners Bank On Spokane has five sponsorship levels: Participating $1,000, Silver $2,000, Gold $3,000, Platinum $4,500, and Visionary $8,000. In addition to the financial investment to cover costs at their chosen sponsorship level, Financial Partners agree to offer products and services that meet or exceed the agreed upon Bank On Spokane criteria. We are hoping to raise a minimum of $20,000 through sponsorship for the pilot year. Community Partners Service organizations’ in‐kind contribution of financial education and referral to bring awareness of Bank On Spokane via their materials, website, newsletters, reader boards, locations, events/classes, and inclusion of the Bank On logo & website in applicable advertising.
Foundations In addition to support provided through the community partners noted above, Bank On Spokane has submitted a Grant Proposal for $30,000.
Marketing & Advertising Demographic A study conducted by the FDIC in 2009 found that approximately 21% of Washingtonians are unbanked or under banked. In the Spokane area this translates to approximately 39,000 households. These households comprise primarily of women, minorities, modest income families, and little or no college education. The most common reasons for not having a banking account are: Perception that it is too expensive or they don’t make enough money Limited financial literacy Perceived barriers to access, cultural barriers, and generational barriers Negative past experiences Distrust for banking institutions ChexSystems issues and/or bad credit Lack of banking access and options Message Use our marketing and informational materials to direct potential clients to the website: To lower the risk of entry as individuals are able to autonomously seek the information before acting; Targeted message to low and moderate income individuals and neighborhoods; Allow people to find the best financial institution for their needs; Reduce the amount of information needed on the marketing pieces, to get our message across in a simple, easy to understand way. Media Visual marketing/advertising is the best way to direct people to a website: TV (paid and PSA spots) Billboards/Bus Bench Transit (outside and inside opportunities) Online (facebook targeted ads, local media partner website banner ads) Direct Bank On Spokane would like to select a “Printing Partner” who produces the needed materials at a low/reduced/or no cost in exchange of adding their logo on our printed pieces and on our website. Fliers at the service organizations and community centers Window Clings and 8 ½ x 11” posters at service organizations and community centers Window Clings and posters could be available as PDFs to financial partners to produce at their cost or in‐ house. PR Media Kit including a news release with our mission and materials; In lieu of hosting a media event, leverage our Community Partners to have Bank On representation at the events they are already hosting and partner with community events or job fairs; Possibly starting a new community event such as the “Bank On Spokane Job Fair” in years 2, 3, or 4. Try to get a story series in the Inlander or The Spokesman‐Review highlighting the negative aspects associated with not having a bank account: i.e. Cost to cash paychecks, cost to pay bills, cost of using payday lending, and overall annual cost of non‐traditional financial services compared to the average income of those using these services to show the high proportional percentage of their wages used to pay for these services. It would also be good to highlight that having a banking account is the best way for a person to build assets compared to not having one. Website Bank On Spokane is working on a design for a page for BankOnSpokane.org that would be housed on the state Bank On Washington site: bankonwashington.org.
Placement We are asking agencies to offer their best proposal for placement and exposure of Bank On Spokane ads and/or PSAs such as get 2 for 1 spots + PSAs. We understand that PSAs do not guarantee exposure so some paid spots will promote reciprocation = more PSAs will run. We would also like value added in segments reaching our demographic. Depending on our final budget we are open to picking one media (i.e. TV) with the majority of our budget there. We would like the agency to submit a request for proposal to all local TV /radio stations noting our budget and asking for them to send their best offer. The winning bid would be our “Media Partner” during the initial campaign with first right of refusal in subsequent campaigns. For Billboards/Bus Bench and possibly transit: securing free or reduced‐cost space as it becomes available with Bank On Spokane paying for the cost of production. Emerald has been very friendly to non‐profits this year and these companies would rather have a board with an ad than a blank board. Plus, they rotate them around regularly, giving added reach and exposure. Timeframe Please see our attached calendar. First quarter tends to be the best time of year to reach people with financial products and services as they start thinking about taxes/refunds and planning for the coming year. Since 2012 is a Presidential campaign year our initial launch should maximize exposure in first quarter, with a follow‐up blitz at the end of the year and/or in conjunction with our scheduled outreach events. Proposal Parameters
Sample paid and pro‐bono advertising schedule including agency fees Sample one month TV schedule, including proposed number of PSA spots and flight times Creative Production – we are hoping to get most of our creative production from Bank On Washington but there may be some creative needed. Please include recommendations and relative costs. News story commitment Media Partner proposals including demos and exposure Please submit your proposal by October 1, 2011 to abby.koder@globalcu.org
Proposal Selection All proposals will be reviewed and a selection made by Bank On Spokane by November 1, 2011. Each agency submitting a proposal will be notified of proposal selection. Spot production for the month of January will be initiated immediately. Questions: Bank On Spokane Co‐Chair & Marketing Committee Chair Abby Koder, Global CU VP Marketing & Strategy (509) 455‐4700 dial 1 then ext. 4223 Abby.koder@globalcu.org (preferred)
Bank On Spokane Media Partner Benefits The stations will receive: Opportunity to expand the campaign by selling sponsorships to local organizations, not typically television or radio advertisers (a potential new revenue source) Increased community goodwill with “cause marketing” – demonstrating commitment to community’s financial health, featuring station talent interacting in spots with local service groups Opportunity to build on news coverage, public events, special reports ‐ we’ll do the legwork and provide list of resources Access to a wide variety of individuals in our community who are committed to improving and maintaining a finically sound community and reducing/eliminating poverty. Exposure through Bank On Spokane’s public information activities, including print materials, websites, programs for major financial institutions, community events, website links and more. Potential Bank On Spokane Financial & Community Partners: Spokane Housing Authority Department of Social Services SNAP DSHS Global Credit Union City of Spokane American West Bank Work Source Spokane City Credit Union Habitat for Humanity Spokane Teachers Credit Union Community Colleges of Spokane Numerica Credit Union YMCA Horizon Credit Union YWCA WSECU VOICES Inland Northwest Bank Empowering Inc Columbia Bank Spokane Public Schools US Bank Communities in Schools Washington Trust Bank Money Management International (MMI) State Bank Northwest United Way Mountain West Bank Center for Justice Banner Bank Community Minded Enterprises/AHANA
October 2011:
April 2012 ‐Financial Literacy
‐ Branch training begins ‐ Outreach to community organization continues ‐ Launch event coordination begins
November 2011: ‐ Branch training wraps up ‐Launch event coordination continues
September 2011: ‐Founding financial partners established ‐ Public offering for participation to all area banks and credit unions ‐Strengthen financial education resource/ referral network ‐Branch training program developed
December 2011 ‐ Community partners begin referring to Bank On ‐ Launch event coordination is completed
Month ‐CA$H event??
January 2012 PROGRAM LAUNCH ‐ Launch event‐ ‐ Marketing Campaign kick‐ off
August 2012 Mid Year report available
December 2012 Pilot year wrap‐up Quarter 4 data due
May 2012 Quarter 1 Bank On report available
March 2012 End of Quarter 1 Data due
January‐April 2012 ‐Coordinate outreach with VITA and AARP
November 2012 Quarter 3 report available
June 2012 End of Quarter 2 Data due ‐Outcome assessment
September 2012 End of Quarter 3 Data due ‐Back‐to‐school outreach event ‐ Round 2 marketing campaign begins ‐ 2013‐2014 budget review