Why
% of new checking accounts opened at Fintechs in 2023
47%
True or False: everyone gets rewards in Kasasa powered accounts
False, only those qualifying
The below cap RATE on Cash
5.12%
What does FRAN stand for
Free
Rewards
Ask to Qualify
No Penalties
Saver should only be targeted to these Kasasa powered accounts
Everyone
What can you get at a community bank that you can't get at a mega- or fintech?
The human connection...YOU
The # of POS transactions to post and settle needed to qualify?
12
The cap on Cash
$25,000
How much in Kasasa rewards has First Bank given out?
$4,474,756
This is the primary driver for deposits
Cash
Why do local banks matter to their communities?
They put money and support back into their community
This saves you $2/acct/mo
eStatement
Max cash back I can get per month
$9
2/4 reasons Saver should be added to every account
- Higher avg. balances
- More POS
- Deeper product penetration
- Stays on avg. 2-years longer
This is the primary driver for NII and engagement
Cash Back
3/6 ways Kasasa powered accounts are better than others
- Higher avg. balances
- More POS
- Younger
- Longer life-cycle
- More products
- More profit
This creates stickiness
Direct deposit, ACH, bill pay
What I get if I don't qualify
Cash and Saver get 0.05%
Nothing in Cash Back
NO penalties, it's still a FREE account and you can try again next cycle
Why is Kasasa a win-win?
Rewards customers, and makes or saves the bank money
This is the above cap rate in Cash and Saver
0.75%
Why can a 5.12% Cash account have a lower cost than a 5% CD (or be higher than the national rate)
Breakage from money above the cap, only those qualifying get the 5.12% rate
How do you qualify in Saver
Qualify in Cash/Cash back
Avg. balance that determines whether Cash or Cash Back is better for the consumer
$2,110
Who determines if First Bank is successful?
YOU
What you should do when you get an objection
Ask why...get to the root cause before giving a rebuttal