The Information Age is here to stay, and with it comes a more savvy consumer who is accustomed to researching products prior to purchase. To keep up with the times — and ahead of the competition — it’s essential to cater to current consumer purchasing habits.
That means offering the products and technology people expect in a retail experience, and making sure they’re able to find you in the place they’re most likely to look. Current research on consumer banking habits holds the key to both what people want and where they search for it — luckily we have it handy.
Meet People Where They Spend Their Time: Online
In 2016, the information highway is convenient to traverse. It’s literally at people’s fingertips via smartphone, tablet, or computer. The path to point-of-purchase for most people now begins not at a branch, but on the internet.
Eighty percent of consumers visit at least one bank or credit union’s website prior to opening a new checking account, and 63% visit multiple sites.1 A search-engine-optimized website is essential to getting your financial institution in front of potential new account holders.
Kasasa FIRSTBranch websites are a powerful mechanism for forging relationships with account holders. On average, FIRSTBranch websites with online account opening deliver:
- 120% average lift in first page rankings for Google searches2
- 7 times more funded accounts3
- 56% reduction in acquisition costs4
Kasasa websites aren’t just successful because they make it easy for people to find and open accounts online. Their results are intrinsically tied to offering Kasasa checking accounts — because they’re what people are searching for in the first place.
Build Profitable Relationships By Offering Products People Recognize
71% of consumers say a recognizable brand name is at least somewhat important when choosing a financial institution.5 This makes sense when you consider that people across industries shop product first. Consumers remember which boutique carries their favorite designer jeans label, or which grocery store has the brand of coffee they can’t live without.
Kasasa checking accounts operate in much the same way. Because they’re a national product brand, they carry name recognition.
Compared to standard free checking, Kasasa accounts deliver:6
- 2x annual profit per account
- 50% lift in account acquisition
- 45% increase in non-interest income
Recognition That Leads To Relationships
Kasasa checking accounts are popular among consumers because they offer rewards people are interested in, like high interest, cash back, refunds on purchases, and ATM fee refunds nationwide. They’re popular among CFIs because they incentivize account holders to adopt desirable behaviors like using their debit card and signing up for eStatements.
We know people care about rewards because we’ve researched it.
51% of consumers say rewards are a very important or important factor when choosing a financial institution — and 78% of consumers say cash back options are at least somewhat important.7
When people hear “Kasasa,” they associate the product with rewards that matter to them. When people hear about a generic free checking account, their mind doesn’t automatically go there — even if that account offers the rewards their looking for.
That’s the power of a recognizable brand. When combined with the right technology, the potential to drive growth reaches incredible new heights.
Innovative Technology Takes Profitability To The Next Level
Kasasa combines branded checking accounts with technology and tools that enable optimal profitability. All accounts come equipped with:
- Interactive selling technology that allows service representatives to walk account holder through the process of building their ideal account.
- The option to add-on premium ID theft prevention — a valuable product for consumers, and an excellent source of non-interest income for financial institutions.
- An automated, gamer-resistant, refer-a-friend program that incentivizes account holders to share their experience with friend via Facebook, Twitter, and email.
Websites that sell, products that attract, and tools that streamline the process set community financial institutions up to drive profit and growth like never before.
Ready to gain account holders by leveraging the power of a branded relationship platform? Contact us to get started.
1“Secrets of Customer Acquisition.” The Financial Brand. 22 September 2014. Web. 26 January 2016.
2Kasasa analytics, 2015.
3Compared to competitors. Forrester Research.
4Ibid.
5Consumer Banking Insights Study,” Kasasa & Harris Poll, 2015.
6Results on average. Kasasa analytics, 2013.
7Consumer Banking Insights Study,” Kasasa & Harris Poll, 2015.
