In the wake of the COVID-19 pandemic, consumers are operating in two modes when it comes to their finances: ensuring they have access to cash if needed and, simultaneously, spending more time on their digital devices in distraction mode.
So, what can community financial institutions do to support the needs of their customers and members during times of economic uncertainty?
Poised to help
One way is to offer checking and saving accounts that reward consumers in ways that consumer research proves they want and expect.
As people are spending more time online, it only follows that they will look for a financial resource that lets them shop and play online without a hit to their budget.
Kasasa Tunes checking account offers financial rewards that consumers can use now to save on Amazon®, iTunes® and Google Play®.
“People need to know that the very financial institutions in their own neighborhoods provide accounts that reward consumers for easy, everyday actions,” said Gabe Krajicek, CEO of Kasasa. “Who wouldn’t want a guaranteed $5, $10 or $12 a month in Amazon credits right now? Or iTunes? Or Google Play? It’s there for them at local banks and credit unions across the country.”
Kasasa's free rewards-based checking and saving accounts has paid out over $1 billion in interest and over $416 million in other rewards to date.
Serve your community like never before
Additionally, Kasasa accounts enable community financial institutions to increase non-interest income, reduce overall expenses and compete with megabanks. In fact, Kasasa accounts deliver 50 percent more accounts in the first year, up to two times annual profit per account and 45 percent more non-interest income when compared to standard accounts. To date, institutions offering Kasasa accounts have earned over $3.2 billion in non-interest income.
Kasasa was created to help community financial institutions to not only survive any economic climate, but to be successful and continue to help their communities. We were the first to offer these types of consumer-first, proven rewards. There are no tricks – we want to help local banks and credit unions reward their customers for doing things that are beneficial for everyone, like signing up for e-statements rather than mailed paper statements.
Our network of financial institutions is working harder than ever before to support the communities they are in and we want to provide them with the world class products and solutions to do so in the best way possible. We know we are stronger together as one collective voice, encouraging our customers and the communities we love in this difficult time.