AUSTIN, Texas--(BUSINESS WIRE)--Kasasa®, formerly BancVue, announced that it now has more than one million rewards-based checking and savings accounts. Since 2009, Kasasa has continued to increase its client base. At the close of 2015, it achieved a 45 percent annual growth rate, demonstrating Kasasa’s increasing popularity.
Currently, 395 CFIs (community financial institutions) offer Kasasa’s premium checking and savings accounts, representing nearly 2,500 branches across 47 states. If all of the Kasasa CFIs that offer its branded checking and savings account products were combined into a single bank, it would be the sixth largest bank in the country, as measured by branch reach.
“Today’s highly competitive environment has made it even more crucial that community financial institutions leverage every advantage they have,” said Gabe Krajicek, CEO of Kasasa. “With Kasasa, community banks and credit unions are more able to compete than ever before, by harnessing product development and marketing scale previously reserved for the nation’s largest banks. In fact, Kasasa accounts are 49 percent longer-lived than average free checking accounts. As the popularity of our Kasasa accounts continues to grow, so will the advantages to CFIs.”
According to the 2015 Consumer Banking Insights (CBI) Study, more than half of consumers say rewards and few or no fees on checking and savings accounts are important when choosing a financial institution. In fact, two in five Americans would switch institutions for lower fees and one in two would switch for higher interest rates.
To help CFIs meet consumer needs, Kasasa provides products and services that deliver superior value. Its free, rewards-based checking and savings accounts require no minimum balance and enable CFIs to increase noninterest income, reduce overall expenses and compete with megabanks. Kasasa accounts have a 92 percent annual retention rate, which represents 33 percent lower attrition than the average free checking account.
“Today’s consumer expects superior service coupled with innovative products and services that provide compelling value,” said Tracy Downs, VP Compliance & Marketing at German American State Bank. “With Kasasa’s rewards accounts, we’re not only offering products and services that meet those expectations, but also provide substantial value to our bank. The Kasasa brand continues to grow, and in turn, we increase our competitiveness among megabanks, especially as consumer sentiment of larger financial institutions remains low.”
Kasasa®, formerly BancVue®, is the innovative leader in branded, community-powered banking products proven to drive profit and growth for community financial institutions. With unprecedented access to training, compliance, research, support resources and customized consulting, Kasasa’s flagship suite provides a research-based strategy leveraging the power of a branded relationship platform. Kasasa is making community financial institutions the topic of conversation for happy consumers nationwide. For more information, please visit www.kasasa.com, or visit them on Twitter @Kasasa, @KasasaNews, Facebook, or LinkedIn.