Kasasa®, an award-winning financial technology and marketing provider, announced that in the wake of the COVID-19 pandemic and economic uncertainty, its free, rewards-based checking and savings accounts are helping community financial institutions support their customers and members with rewards they expect and want, with total rewards to date reaching over $1 billion in interest and over $416 million in other rewards.
Consumers tend to operate in two modes in the wake of the pandemic 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. Kasasa Tunes checking account offers financial rewards that research proves consumers want.
“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 mission is to help local community banks and credit unions meet their accountholders’ needs through innovative products that deliver strong value. The company is known for reinventing checking with its rewards checking and savings accounts that require no minimum balance and that are actually good for consumers. Kasasa accounts provide rewards for millions of customers such as ATM fee refunds, interest, cash back and Amazon®, iTunes® and Google Play® credits.
“In a time where consumers are feeling the economic pressures of the coronavirus outbreak, community financial institutions are poised to help them,” said Gabe Krajicek, CEO of Kasasa. “We created these accounts to allow institutions to help consumers, which is crucial right now. 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.”
Additionally, Kasasa accounts enable community financial institutions to increase noninterest 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 noninterest 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,” said Krajicek. “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.”
Krajicek continued, “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.”