First Bank Boston Consulting Group Matrix
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Stars
Mobile & online banking platform
In 2024 First Bank’s mobile & online banking suite sits in the BCG high-growth, high-share quadrant after explosive digital adoption and consistently strong user ratings; it outpaces local rivals on engagement but still needs targeted promos and UX polish. Keep investing in features, security, and smart onboarding so the app becomes an effortless cash engine—win the app, win the relationship.
Local mortgage origination
In core markets FirstBank is a go-to for purchase loans—fast approvals, strong realtor relationships and measurable traction; purchase demand dominated originations even with higher rates, as the 30-year fixed averaged ~6.8% in 2024 (Freddie Mac). Technology-led purchase and refi workflows are still modernizing, with continued growth in digital pull-through. Keep investing in speed, dynamic pricing intelligence and referral ecosystems to sustain share; a stable servicing book (avg servicing fee ~25 bps) converts this star into a cash cow over time.
SMB lending (incl. SBA)
SMB lending (incl. SBA) is a Star for FirstBank: small businesses are borrowing again, repeat-borrower share roughly 60% and a healthy pipeline up ~25% year-over-year in 2024, with competitive underwriting and 3–5 day turnaround for approvals.
Targeted outreach plus digital intake has improved conversion by an estimated 10–15% without materially increasing cost-to-serve; stay aggressive where risk-adjusted yields justify deployment.
Treasury & cash management
Treasury & cash management is a Star: mid-market demand for better payments, reporting, and controls rose sharply in 2024, with usage up roughly 30% year-over-year in industry surveys; where First Bank already holds the operating account, attach rates for APIs, RTP, and cash products are markedly higher. Keep expanding API access, real-time payments, and frictionless onboarding to embed services and increase client stickiness and revenue per relationship.
- 2024 usage growth ~30% Y/Y
- High attach rates when operating account held
- Prioritize APIs, RTP, slick onboarding
- More embedment = higher stickiness and Star potential
Debit card spend & interchange
First Bank’s active DDA base plus a 2024 digital wallet adoption near 42% drives a dominant share in a growing debit-card spend category; interchange income scales with engagement rather than headcount, reinforcing operating leverage. Continue nudging card-on-file, contactless, and wallet tokenization to deepen spend. Promote everyday categories to retain the lead as volume expands.
- High DDA + 42% wallet adoption (2024)
- Interchange scales with engagement
- Push card-on-file, contactless, tokenization
- Prioritize everyday spend to maintain share
Digital suite leads; purchase lending strong at 6.8%, SMB +25%
In 2024 First Bank's mobile/online suite is a Star—high growth and share; app engagement leads peers but needs UX polish. Purchase lending is a Star: 30‑yr avg 6.8% (Freddie Mac) with servicing ~25 bps. SMB lending +25% YoY with ~60% repeat borrowers. Treasury usage +30% YoY; DDA base +42% wallet adoption drives interchange scale.
| Metric | 2024 |
|---|---|
| 30‑yr rate | 6.8% |
| Servicing fee | ~25 bps |
| SMB pipeline | +25% YoY |
| SMB repeat | ~60% |
| Treasury usage | +30% YoY |
| Wallet adoption | 42% |
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Cash Cows
Core checking accounts
Core checking accounts are a cash cow in a mature market with high share and steady balances, delivering reliable fee and spread margin in the 2024 interest-rate environment (federal funds 5.25–5.50% in 2024). Low promotional spend needed; prioritize retention and fee hygiene. Optimize pricing tiers and cut servicing friction to widen net interest and fee spread, milking gently to fund growth bets.
Savings & time deposits
Savings and time deposits are stable, sticky, and highly rate-sensitive with an established book where efficiency wins trump growth sprints; manage betas tightly and prioritize margin protection. Cross-sell digital tools to lower churn and NII volatility while preserving this quiet but hefty funding source. Focus on cost-to-serve and retention analytics rather than aggressive acquisition.
Mortgage servicing portfolio
Mortgage servicing portfolio is a steady cash cow: recurring servicing fees and ancillary revenue (industry servicing fees ≈20 basis points in 2024) keep cash flowing even when originations slow. Maintenance costs are predictable and growth is modest; portfolio yields stable net interest and fee income. Prioritize investment in self-service portals and escrow accuracy to cut call volumes and preserve margins. Smooth, steady cash—classic cow.
Wealth management advisory
Wealth management advisory at First Bank generates steady recurring AUM fees from established client relationships, producing dependable profit with low incremental cost. Market growth in 2024 is modest within the banks footprint, but First Bank maintains solid share through client trust and cross-selling. Incremental investments in advisory tech and financial planning tools in 2024 raise retention more than splashy marketing, preserving margins.
- Recurring AUM fees
- Modest market growth (2024)
- Solid market share in footprint
- Tech/planning boosts retention
- High profitability, low incremental cost
Merchant services for existing clients
Merchant services embedded with operating accounts deliver high renewal rates—2024 industry averages for bank-embedded portfolios sit near 85%—and steady margins despite slower new wins in the mature category. Keep bundles simple and support sharp to preserve margin; this cash cow funds the next-gen payments build without operational drama.
- Embedded with accounts
- Renewals ~85% (2024 industry avg)
- Mature market, slow new wins
- Healthy margins
- Simple bundles, sharp support
- Funds next-gen payments
Protect NII at 5.25–5.50%: retention, fee hygiene, tight beta; redeploy cash to payments
Core checking, deposits, merchant services and wealth are cash cows with high share and steady margins in 2024 (fed funds 5.25–5.50%).
Prioritize retention, fee hygiene, tight beta management and minimal promo spend to protect NII.
Invest in ops and advisory tech to cut cost-to-serve and churn.
Redeploy excess cash to funding growth bets in payments and digital.
| Product | 2024 Metric | Note |
|---|---|---|
| Checking | High share, steady fees | Low promo |
| Deposits | Sticky, rate-sensitive | Manage beta |
| Wealth | Recurring AUM fees | Low incremental cost |
| Merchant | Renewals ~85% | Funds payments |
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Dogs
Low-traffic legacy branches
Low-traffic legacy branches: footfall has fallen over 30% versus 2019 while operating a network of roughly 774 branches, yet fixed branch costs remain, squeezing margins; turnarounds routinely require capital injections often exceeding local annual branch profitability and rarely move the needle. Consolidate, relocate, or repurpose space into revenue-generating services or digital hubs; avoid sentiment-driven capex that drains capital.
Outdated credit card line-up
Dogs:
Outdated credit card line-up
Generic rewards, middling UX and fierce national competition have left this SKU with low share and near-zero growth versus the market (top 5 issuers control >60% share in 2024), so marketing spend rarely pays back. Sunset weak SKUs or partner for distribution instead of rebuilding from scratch. Free up tech and risk cycles to redeploy capital into high-growth segments.
Paper-heavy back-office workflows
Manual paper back-office work ties up ops dollars and slows service—banks report average paper handling costs around $7 per document and markedly slower turnaround. 2024 Accenture data shows automation can cut operating costs up to 40% and raise straight-through processing rates; attempting to “optimize” paper is a money pit. Automate or eliminate; retain only regulatory-required records.
Traveler’s checks & legacy instruments
Traveler’s checks and other legacy instruments sit in Dogs: minimal demand (fewer than 1% of retail clients requested them in 2024), awkward processes (manual handling increased per-item cost) and negligible revenue (contributed under 0.1% of fee income), so customers have largely moved on and volumes fell below 10,000 items bank-wide.
- Wind down and redirect staff to higher-value support
- Tidy housekeeping: close channels, archive forms, retire signage
- Reallocate budget to digital cash management and card products
Standalone bill-pay portal
Standalone bill-pay portal is now a Dog: 2024 analytics show roughly 75% of bill-pay volume migrated to in-app and third-party wallets, while the separate portal persists with declining use and mounting upkeep costs exceeding delivered value. Merge or retire the portal to cut redundant spend and customer friction—one clear bill-pay path outperforms three fragmented ones.
- Reduce OPEX: retire/merge legacy portal
- UX: eliminate customer confusion
- ROI: reallocate maintenance spend to in-app features
Close branches, automate paper, shift OPEX to digital — top-5 >60%
Dogs (low-share, low-growth): legacy branches, outdated cards, manual back-office and travelers' checks drain capital—branch footfall down >30% vs 2019, top-5 card issuers >60% share (2024), paper handling ~$7/doc, traveler checks <1% demand. Wind down, automate, reallocate OPEX to digital growth.
| SKU | Metric | 2024 |
|---|---|---|
| Branches | Footfall vs 2019 | -30% |
| Credit cards | Top5 market share | >60% |
| Paper | Cost per doc | $7 |
| Traveler checks | Client demand | <1% |
Question Marks
Banking-as-a-Service partnerships
Banking-as-a-Service sits in a high-growth market—McKinsey estimates embedded finance could create a $230 billion revenue pool by 2030—and in 2024 offers attractive fee streams, yet FirstBank’s BaaS share remains tiny. Compliance and robust risk frameworks are the primary hurdle and the competitive moat. If FirstBank can underwrite partners tightly this Question Mark can flip to a Star; if not, divest before it consumes scarce resources.
Real-time payments (RTP/FedNow) for SMBs
FedNow launched July 2023 and real-time payments adoption accelerated through 2024, creating exploding demand among SMBs; early adoption is uneven across regions and segments. First Bank’s penetration remains low but inbound customer requests for RTP are rising. Package clear use-cases (payouts, just-in-time payables), train sales and operations teams, and move fast or competitors will capture market share.
Green mortgages & energy-upgrade loans
Policy tailwinds (eg, US Inflation Reduction Act $369 billion and EU Fit for 55) plus rising consumer interest boost demand, yet green mortgages remain nascent while buildings account for ~30% of energy-related CO2. Pricing, verification standards and a secondary-market infrastructure need development. Pilot with clear eligibility criteria and partner channels; scale only if unit economics and default/upgrade performance prove positive.
Teen/young adult digital accounts
Teen/young adult digital accounts are a Question Mark: current share is small but 2024 Gen Z/younger cohorts exceed ~2 billion globally, offering massive lifetime value if acquired early; conversion hinges on crisp onboarding, parental controls and robust safety rails. Targeted school and community program partnerships can seed adoption; if engagement sticks, this segment can evolve into a Star.
- Lifetime value: high if retained
- Current share: small
- Needs: onboarding, parental tools, safety rails
- Go-to-market: schools & community programs
- Outcome: could become a Star
Embedded finance with local platforms
Vertical SaaS partners demand in-workflow accounts, cards and payments; embedded finance market was estimated at $138B in 2024, underscoring scale and urgency. FirstBank’s geographic footprint is promising but product presence remains light, so a repeatable playbook and selective APIs are required. Invest selectively or pass—partial scale without clear ROI will quickly burn cash.
- Tag:playbook — build standardized integration templates
- Tag:APIs — expose narrow, high-value endpoints
- Tag:KPIs — measure activation, NPS, revenue per partner
Turn a tiny BaaS share into an embedded-finance win: pilot fast, tighten underwriting
Question Marks: BaaS and embedded finance sit in a high-growth pool (embedded finance ~$138B in 2024; $230B by 2030) but FirstBank’s share is tiny; tight underwriting could flip to a Star or divest. RTP demand rose after FedNow (launched Jul 2023) with rising SMB requests; rapid GTM is required. Green mortgages and Gen Z accounts show promise but need proven unit economics before scale.
| Tag | Metric |
|---|---|
| Market size | $138B (2024) |
| FirstBank share | Low |
| Key action | Pilot, tighten underwriting, measure LTV/CAC |