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Citizens Financial Group

ABA11 Winner / How to Enter

Company: Citizens Financial Group, Providence, RI
Company Description: Citizens Financial Group is a $130 billion commercial bank holding company. It is headquartered in Providence, R.I., and through its subsidiaries has more than 1,500 branches, approximately, 800 ATMs and 21,400 employees. It operates its branch network in 12 states and has non-branch retail and commercial offices in about 40 states.
Nomination Category: New Product Awards & Product Management Categories
Nomination Sub Category: New Product or Service of the Year - Financial Services

Nomination Title: Citizens Financial Group's GoalTrack SavingsTM

    Tell the story about this nominated product or service (up to 500 words). Describe its function, features, benefits, and sales to date. You may include hyperlinks to product photos and data sheets. IMPORTANT: Begin each link with http://, and enclose each link in square brackets; for example, []:

        At Citizens Financial Group, we keep the customer at the heart of everything
we do. To meet this mission, we utilize consumer insights to make smart
decisions to meet consumer needs.   Beginning three years ago, we sought to
understand consumer needs during the recession.  Research surfaced that
consumers wanted to manage their money better, save more and pay down debt –
yet they did not know how to get started.  They found it hard to save, had
trouble staying on track and wanted help. Savings is at the heart of
prosperous citizenship.

        In 2009, Citizens launched two specific goal based savings programs –
HomeBuyerSM Savings and CollegeSaverSM to, respectively, save for a down
payment for a home and save for college. The launch of GoalTrack SavingsTM in
2010 completed this savings suite and to date has helped 31,000 customers
start saving.  GoalTrack Savings allows a high level of personalization where
consumers choose their own goals, the monthly savings amounts that works for
them and their savings time horizons.  Knowing there is a reward is the
motivation to get started and keep going. Similarly to the first generation of
savings programs, GoalTrack Savings provides the means to stay on track,
achieve their goals and be rewarded. 

        GoalTrack SavingsTM allows you to set your own savings plan and earn the bonus
of your choice when you achieve your goal.
–     Set your savings goal (dollars and time) with easy-to-use
calculators.  Give it a name too.
–     Save regularly.
–     Track your progress online. Receive reminders to stay on track.
–     Select your bonus when you reach your target (merchandise discounts,
$5 to $250 gift cards or a cash deposit into your account).

        Customers can experience GoalTrack Savings where and how they prefer to do
their banking – either online, over the phone or in a branch. Chosen goals
vary in size and length of time; some customers save for a small $200 pleasure
while others’ goals are in the tens of thousands of dollars. The average goal
size is $300.  Emergency fund is the most popular goal category with 27%
choosing that goal.  This program helps those customers save for a rainy day
should emergencies arise.  Vacation at 14% and a New Car at 8% are the next
most popular goals. 

        Regardless of the goal, GoalTrack Savings provides an easy structure and
program to get there. Customer stories include saving for an engagement ring,
setting up three savings plans for three grandchildren, being “thrilled” that
a bank allowed her to save and be rewarded, and as one customer said as he
looked at his wife, “don’t touch this money – I want to go on a cruise next
winter.” From the banker’s point of view, “I love GoalTrack Savings. It gets
customers disciplined on saving money.”

        We’re helping consumers save toward prosperous citizenship and rewarding them
for their progress. Personalization makes it that much more meaningful. If
it’s meaningful then that is good banking and at Citizens Financial Group we
believe that Good Banking is Good Citizenship.

    List hyperlinks to any online news stories, press releases, product reviews, or other documents that support the claims made in the section above. IMPORTANT: Begin each link with http://, and enclose each link in square brackets; for example, []:

        GoalTrack Online Page -

        GoalTrack Savings Demo – bottom of Details page -

        GoalTrack Savings TV Spot -   
After clicking link choose either MOV to save all or MPEG to view quickly

    Provide a brief (up to 100 words) biography about the leader(s) of the team that developed this nominated product or service:

        Theresa McLaughlin is Group Executive Vice President of Citizens Financial
Group, Inc., responsible for all company-wide marketing for the Citizens Bank
and Charter One brands. This includes product management and development,
pricing, segmentation, customer analytics, brand development, direct and
online marketing.

        McLaughlin’s team develops the core marketing strategies that drive the retail
and business banking growth for the company in addition to the development and
execution of the company’s brand with the advertising agency, Ogilvy & Mather.
Her advertising contributions have been recognized twice by the American

        Marketing Association for effectiveness through the Effie awards