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Customer Story: KeyBank

How KeyBank, XUP Payments and Boomtown partnered to transform the merchant services experience.

Overview:

KeyBank is creating an unparalleled business 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 XUP Payments and Boomtown to implement some of the most leading-edge technologies that creates an unparalleled client experience.

Approach:

With this partnership, KeyBank brings the power of banking with digital servicing to create the merchant experience customers are looking for.

Every financial transaction requires a bank, meaning the bank has access to both sides of a transaction—payer and payee. Having a vertical strategy for all industries across your footprint will go a long way in speaking their language and driving revenue. Here are some ideas to approach this revenue opportunity:

Customers are now able to:

  • Open a merchant account via the web, phone or in branch with a new digital application in 5 minutes or less 
  • 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 to KeyBank’s product portfolio (checking, savings, loans and treasury), customers can now easily manage all financials in one location while on the go.

Results:

In under 3 months, KeyBank has:

  • +5%  – Increased lead generation by 5% through digital presence

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

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

  • +67% -Improved NPS

“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

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