Bringing New Life to Checking Account Acquisition

Kasasa, Strategy Corps, and M6 Marketing all offer products to improve checking account acquisition and increase lifetime customer revenue. Why should financial institutions consider working with a partner to enhance their checking products, and what are the differences between these companies' offerings.

The first reason is substantially more accounts are being opened online so consumers can easily comparison shop. According to Ron Shevlin from Fortune.com, checking account online openings exceeded branch openings in 2019 and grew to 66% of the volume so far in 2020. As consumers comparison shop, value-added benefits help set accounts apart. Additionally, as customer acquisition moves online, marketing activities have to increase to replace walk-in traffic and one-to-one selling by bank and branch staff. Companies like M6 Marketing, Kasasa, and Strategy Corps provide strategies and value-added programs to set your checking account apart in the marketplace and marketing programs to support on-going customer acquisition.

Here is a breakdown of the different companies and what they offer.

Strategy Corps offers the well-known value-added program BaZing®. Benefits include Roadside Assistance, Cell Phone Protection, and discounts at local and online merchants nationwide. Strategy Corps calls it accessorizing your checking account to deliver more value to consumers.

Where BaZing® is an accessory pack for existing checking accounts. Kasasa is prebuilt checking products, each tailored to a different set of consumer preferences. These include a high-interest account, a cashback account, and an account that rewards accountholders with refunds on iTunes® and Google Play®. Kasasa accounts are marketed uniformly with the same brand name by hundreds of institutions across the country. Kasasa also provides institutions with marketing programs to drive up the lifetime customer value.

M6 Marketing's ReImagine Checking® is a more recent entrant to the market. As the ReImagine Checking® name suggests, M6 Marketing addresses the fundamental sameness of checking products by restating the product attributes to highlight the FIs own brand, along with outcomes and benefits that matter to today's consumers. No changes to the product or core are required, and there are no on-going fees, making the ReImagine Checking® a potentially game-changing option.

Financial institutions squeezed between Challenger Banks and Mega Institutions' large marketing budgets and compressed margins on the asset side will need new strategies to maintain momentum. Looking at new options for checking accounts is a way to sustain growth and build more profitable customer relationships.

M6 Marketing helps financial institutions target and build engaged communities of customers. M6 Marketing's ReImagine Checking®, joined with Community Engagement Marketing (CEM), drives checking account acquisition outside of the paid media marketplace. Let's talk if you are interested in learning more.