Over 300 community financial institutions (CFIs) are banding together to enjoy the benefits of Kasasa’s increasing power of scale. So many, in fact, that if all the CFIs offering Kasasa were a single bank, it would be the 5th largest bank in the nation. That’s bigger than Citibank®, bigger than Capital One®, and bigger than Fifth Third Bank. In fact, Americans have chosen Kasasa accounts 823,000 times!
Rather than trying to make you the same as everyone else, we complement what makes you successful. At its core, Kasasa is a rewards checking account, similar in most aspects to a white label rewards checking account. The difference is the power of a national brand backed by scale-driven marketing. Community banks and credit unions maintain their unique brand identity while also benefitting from the web traffic and foot traffic a national brand like Kasasa creates. As the number of CFIs offering Kasasa grows, the more powerful they become.
Here are 3 ways you can get on the Kasasa bandwagon (or get left behind):
Research shows people shop product first – they choose what they want, then choose where to get it. And consumers want what everyone else is talking about. According to the 2015 Consumer Banking Insights Study, 71% of consumers believe a recognizable brand name is important when choosing where to bank. Many consumers—including 31 percent of megabank customers and 38 percent of Millennials—say CFIs lack the products (such as free checking, rewards checking and financial management tools) they need. Offering a nationally branded product overcomes these objections.
Imagine someone from your town is on vacation in another city and sees a billboard advertising Kasasa. When she gets home, that consumer then hears a radio ad from your financial institution advertising Kasasa. Suddenly, your FI is in her consideration set because she recognized the branded product.
Megabanks can’t compete with the superior service of community financial institutions. While technology and products are important, personal service is very relevant. The majority of Americans – 86% in fact – still prefer to do at least some banking in person. The convenience of a local branch is important to Millennials too – 88% of Millennials would prefer to do at least some banking in person and 42% want to receive financial advice in person.
This Kasasa “branch network” of community financial institutions serves as a megaphone for a message that matters: choosing a CFI makes a difference. The magnified voice is telling consumers they can have it all – products they want at a financial institution that treats them like a real person and not a number. If we can keep deposits local, we can keep communities strong. If we can do that across the country, we can make a big difference.