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The H

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The card is FREE... H&R Block Services, Inc. Contents may be ... Esteem...access to mainstream financial services: Savings, Credit, Bill Pay, etc. ... – PowerPoint PPT presentation

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Title: The H


1
The HR Block Emerald Card
  • Innovation in Unlikely Spaces

2
  • Tax Preparation Industry an unlikely space for
    product innovation!
  • -Huge- 130 million taxpayers
  • -Regulated (IRS)
  • -Decentralized..300,000 EROs
  • -Stagnantsame retail business model
    50 years
  • -SafeWho wants their tax preparer to
    be innovative?

3
HR Blocks Footprint
  • Serves 20 million Clients
  • 15 Mkt share
  • Assisted and DIY
  • 11,000 offices
  • 100,000 Tax professionals
  • 2.5 Billion Revenue
  • Facilitates 35 Billion refunds

4
Enter. The HR Block Emerald Card
  • Introduced in 2007
  • Over 2 million cards issued!
  • An innovative solution that provides a better
    way to disperse tax refunds

5
Understanding the Tax Context
  • The world before
  • Majority of Tax refunds dispersed using paper
    checks
  • Wasted time
  • Inconvenient
  • Safety concerns
  • Downstream costs
  • For un-banked client the cost of converting from
    check to cash3-5
  • (Limited access to mainstream financial
    services)

6
HR Block Emerald CardWhat is it?
  • A prepaid debit card that works like an
    electronic bank account
  • Issued by HR Block Bank Mastercard branded
  • Distributed by Tax pros at Block retail offices
  • Card is automatically loaded with customers tax
    refund-- avoiding need for a paper check
  • The card is FREE

7
Emerald Card features
Line of Credit
Savings
Money Transfer
Bill Pay
Spending Account
Its like a Mini-Bank on a card
8
A compelling set of benefits
  • FastInstant Distributionprovides quicker access
    to tax proceeds
  • Convenient accepted everywhere MasterCard is
    accepted access to cash at over 1 million ATMs
  • Safer than cash or check protected with an
    electronic PIN all accounts are FDIC Insured
  • Saves Money.no check cashing or overdraft bank
    fees, Save on loan costs
  • Year round use Card is reloadable
  • Esteemaccess to mainstream financial services
    Savings, Credit, Bill Pay, etc.

9
Results
  • More than 2.6 Million cards issued in
    2008largest prepaid program in US!
  • Nationally Recognized
  • Embraced by 100K Tax professionals
  • Over 7.5 Billion refunds loaded on card
  • 100 Million in total bank fee savings
  • 3 pt lift in client loyalty

10
Lessons in Innovation
  • Passion and personal commitment are the
    foundation
  • Knowing your customer means walking in their
    shoes
  • Dont underestimate inertiastart with the
    clearest case for change
  • Look for partners inside and outside
  • Learn to assess market readinessbeing first is
    not always the path to glory

11
Lessons in Innovation
  • 6. Research helps but it can only take you so far
  • 7. Unprompted word of mouth is an early clue
    your onto something
  • 8. Expect to fail. help your organization learn
    how to deal with it then move on
  • 9. Think End to End expand your definition of
    the thing you call a product
  • 10. Dont be afraid to look in unlikely spaces

12
Thanks
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