AUSTIN, Texas--(BUSINESS WIRE)--More than 400 community banks and credit unions have signed with Kasasa®, formerly BancVue, to offer its premium, rewards-based Kasasa checking and savings account products.
A testament to the growing popularity of their accounts, the company’s network of clients offering its checking and savings account products has experienced a 45 percent annual growth rate per year since 2009. Representing more than 2,358 branches across 49 states, Kasasa is the 6th largest branch banking network in the nation if all its clients’ branches were combined into a single institution.
“Despite consumer sentiment of large, national banks, market share at community banks and credit unions continues to diminish, from 70 percent share of the deposit market in the mid-90’s to less than 30 percent today,” said Gabe Krajicek, CEO of Kasasa. “Our goal is to help community institutions build stronger relationships with their customers by providing outstanding products that consumers want, effective and contemporary marketing capabilities, and all of the support services they need to ensure long-term success.”
If all things were equal, two out of three U.S. adults would rather bank at a community financial institution than one of the big national banks, according to the 2015 Consumer Banking Insights Study. Moreover, one in four customers at megabanks feels guilty for banking with a big bank, however, they chose not to switch to community institutions because they believe they lack the products and financial tools they want and need, such as free checking accounts and reward options. Kasasa gives community banks and credit unions the power and resources of a national product brand that enhances their unique, existing brand and service advantage, providing them a real way to compete.
“Kasasa was truly a game-changer for our credit union,” said Thad Angelle, President and CEO of MCT Credit Union. “In addition to coupling a nationally recognized brand with our local, community-oriented service, Kasasa helped us develop a streamlined marketing program that gave us a more efficient way to promote new products and services to our existing and prospective members. They provided us with all the tools we needed to align with our objectives, while also placing us in the forefront to contend with our largest competitors.”
“Acquiring and retaining core deposits continues to be a challenge for financial institutions, largely due to the seemingly endless options of savings and investment accounts,” said Sharon Anderson, Senior Vice President of Williamstown Bank. “In fact, the percentage of household assets in deposit accounts has shrunk from nearly one-third in 1985 to less than 10 percent today, according to the Federal Reserve. For community banks like us, being top of mind is crucial to overcome this challenge.”
Anderson continued, “By offering Kasasa accounts, we’ve seen a dramatic increase in customer engagement, which has significantly lowered cost of deposits and broadened our customer base. This has certainly been a factor in our success.”
Currently, Kasasa is experiencing record sales growth with more community institutions using their products and services than ever in their 12 year history. As the popularity of the Kasasa accounts grows, so will the advantages to community banks and credit unions. With Kasasa, community institutions are able to offer accounts that are affordable and deliver superior value, while also continuing to provide extraordinary service to each of their customers.
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.