Success Story: Mike Bowers

Testimonial

“We couldn’t have grown profitably and comfortably without Storyminers.”

Mike Bowers, CEO

succeSs story

Situation
This electronic bill pay company focused only on credit unions and community banks. As a brand with a small business feel, it focused obsessively on one customer—the technology platform provider that gave it access to financial institutions across the country. As the independently-owned operation grew steadily, it needed a way to maintain its growth and preserve its business culture.

Approach
Storyminers started with discovery around customers’ needs and the business ecosystem. Quickly, a disconnect between the platform provider and the depositor arose. Interviews with executives and customers, brainstorming, and design thinking sessions were used to socialize the idea that the depositor, not the platform provider, should be the focal point of the business design. The ideal customer experience and a matching Promise Map were developed to introduce the necessary changes.

Results
iPay adopted a new Business Design and matching Employee and Customer Experiences. It successfully recruited top execs from major financial centers to its Elizabethtown, KY headquarters location. The company continued operating ‘profitably and comfortably’ as it doubled sales several years running. The company was sold in 2010 to Jack Henry & Associates for $300 million, the largest private company sale in Kentucky history.

 

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