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Checking with Benefits (BaZing)

kitVirtual Marketing Kits


 


"Checking with Benefits" is a rewards program that can make checking accounts more attractive to members. Checking with Benefits strengthens member engagement with the credit union and generates fee income.

Offered in conjunction with StrategyCorps, the BaZing mobile app enhances a checking program with a on-demand benefits. BaZing may be customized with the credit union's own branding.

Catalyst Corporate can assist a credit union in evaluating its existing checking program to determine profitability and appeal. With that information in hand, Catalyst Corporate can make recommendations for a tailored Checking with Benefits program. This can delight members, set the credit union apart in the marketplace and be easy to promote by front-line staff.

Features & Benefits:

  • Detailed analysis of existing checking program that includes segmenting and ranking member account relationships.
  • Catalyst Corporate will recommend checking account structures with various levels of benefits.
  • The credit union’s members can access benefits from the BaZing app, the credit union’s website or the Internet.
  • BaZing benefits include:
    • 360,000 local and online discounts from name brand retailers to help members save money on shopping, groceries, dining, travel and entertainment
    • Cell phone protection that pays to replace a broken or stolen cell phone. (if the cell phone bill is paid through the credit union BaZing checking account
    • Round-the-clock roadside assistance
    • Travel accidental death coverage
    • Personal identity theft protection offers:
      • A personal fraud specialist
      • Reimbursement of covered expenses for identity recovery
      • Ongoing support, should an identity theft occur
    • Pharmacy, vision and hearing discounts to help members save money on prescriptions, eye exams, frames, lenses and hearing services
  • The app engages a member's participation – no enrollment forms or paper kits are necessary. This happens from the moment an account is opened.
  • BaZing representatives will solicit merchants in the credit union's area to increase the number of discounts available to members. The service is free to merchants. BaZing mobile app users can also refer merchants to be added.
  • Scroll to see deals nearby, or browse by category and location.
  • Deals are delivered right on a phone. Show the mobile coupon to the retailer for instant savings. 
  • Every time members open the app, a savings calculator reminds them how much the credit union has helped them save. 
  • Catalyst Corporate holds strategy meetings with the credit union to determine account features and develop launch and marketing plans.
  • Training is provided for credit union front-line staff on how to best present new accounts to members.
  • StrategyCorps data indicates that financial institutions on the program experience:
    • An average 12 percent increase in deposits
    • 17 percent increase in debit interchange fee income
    • 37 percent increase in service charges.


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