Why
What can you get at a community bank that you can't at a mega or Fintech
the human connection...You
The # of POS transactions to post and settle to qualify
12
The qualifying product design on Cash Back
4% up to $250; $10 max
What should you do when you get an objection?
Ask why. Get to the root cause of the concern before continuing the conversation:
1. Seek to understand, ask & educate
These two products are the primary drivers for deposits
Kasasa Cash & Saver
Why are these accounts good for the consumer?
Free and rewards
This creates stickiness
ACH/DD
True/false: the 12 debit card purchases/transactions must be in person purchases only
False: all transactions matter
Why is this program a Win-Win
Rewards consumers
Makes or saves the bank money
- higher avg. balance
- younger
- more POS and eStatement adoption
- stickier
- deeper product penetration
-longer life-span
What happens if a consumer doesn't qualify?
-It's still a free account and you can try again next month, plus in Kasasa Cash and Saver you get 0.05% on your balance still (PALI)
-Consecutive Months? CALL CAMPAIGN! Great way to reach out & offer intentional service!
What is the origin story of WCF - where was the single desk that started it all?
According to WCF website, for more than 80 years, WCF Financial Bank has served its communities...... beginning first in Webster City with a single desk in a
RENTED GROCERY STORE SPACE!
True or False: everyone gets the rewards in Kasasa accounts no matter what
False, only those qualifying
The qualifying product design on WCF's Kasasa Cash Account (which is even sweeter when you bundle it with your Kasasa Saver account)!
4.75% up to $25,000 and 1.15% above cap
What does FRAN stand for?
Free
Rewards
Ask to Qualify
No penalties
How much can I get back in ATM fee refunds?
$25
Why can a 4.75% checking account have a lower cost than a 4.75% CD
Double breakage; you ask customers to do things (that they probably are already doing) that make or save the bank money) and reward them for that relationship & there is a cap to that reward.
- qualifiers
- cap
How does adding Saver to consumer relationships benefit WCF?
More interchange income, more deposits (in attached dda & obviously, the savings account), more loan volume, longer relationships=
"Make the Region Better"
This question, coined the 'Kiss of Death,' often results in stifled conversations and should only be used by the most adept of Relationship Bankers when discussing accounts and determining needs.
"Do you use a debit card?"
Maybe they don't..... YET!
But they would - for 4.75% on their checking and 3% on their savings account!
Ultimately, who determines if this program is successful at WCF?
YOU
Avg. balance that determines whether Kasasa Cash or Cash Back is better for the consumer? (and why it is SO important to determine needs 4% vs 4.75% )
$2,600
($2526 to be more precise)
Why do community banks matter to their communities?
They put money and support back into the communities
This saves you $2/acct/mo
eStatement
What is the product design on the 'bundled' Saver product?
3% on balances up to $100k!
(do you have your calling / outreach list ready?)
Reasons why Kasasa 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
Kasasa Cash Back