Why
% of new checking accounts opened at Fintechs in 2023
47%
The # of POS transactions to post and settle to qualify
14
The below and above cap rates on Cash
5% APY up to cap
0.25% above cap
Potential root causes for not wanting eStatements
- Concerned about information security
- Prefers printed for record keeping
- I don't know how
What does FRAN stand for
Free
Rewards
Ask to Qualify
No penalties
What can you get at a community bank that you can't get at a mega or fintech?
the human connection...YOU
This qualifier is in place to create stickiness of the account
Direct Deposit or ACH Payment
The cap on Cash
$25,000
Potential root causes for concerns about having to qualify
Sounds too good to be true
What's the catch
Don't want to jump through hoops
How many debit card transactions on avg. does a Kasasa Cash Back account holder have at Connection Bank?
37
Community banks matter to their community
They put money and support back into their communities
This qualification saves you at least $2 per account per month
eStatement
How much Cash Back I can get per cycle
$5.50 max
Potential root causes for not using a debit card
- Concerned about Safety or fraud
- Prefers rewards credit card
- Prefers Cash
- Don't think they can use it 12 times
- Don't understand how it works
How much in Kasasa rewards has Connection Bank given out since we launched?
$1.18 MILLION
3 ways Kasasa accounts are the best accounts for Connection Bank
1. Higher avg. balance
2. More POS
3. Younger
4. Longer life-cycle
5. More products
6. Profitable
This encourages people to rely less on the CSR to answer questions
Online banking
What do I get if I don't qualify
Cash and Saver get a 0.05% non-qual rate
Nothing in Cash Back
Why should I have to do all of this to get the reward
We ask you to do these behaviors that will either make or save the bank money. We can then turn around and pass those rewards on to you.
What is it called when only growing deposits with CD's?
Phantom Growth
Why can a 5.00% Cash account have a lower cost than a 5% CD
Breakage on the cap of $25,000, and only those qualifying get the 5.00% rate
This is how you qualify in Saver
Qualify in your checking account
What is the avg. balance that determines whether Cash or Cash Back is better for the consumer
$2,400
This is the first step in handling an objection
Ask "why" to determine the root cause
Why should you add Saver to every account
- Higher avg. balances
- More POS
- Deeper product penetration
- Stays on avg. 2-years longer