BancVue launched an inspired idea for a checking account, Kasasa. Instead of charging you for services, they pay over 4% interest on your balance. Yes, you read that right. They shell out over 4%, even when CDs are paying north of 1%. What’s the catch? Account holders must have direct deposit and use their debit cards a specific number of times each month. Kasasa will even contribute your interest to charities, if you prefer. And if you do not keep a high enough balance to get interest or donate to charities–no worries–you can get iTunes instead. Better yet, Kasasa checking is only offered through community banks that have not forgotten the meaning of customer service, unlike the big banks.
In just over three months, so many new accounts outside of the six target regions were sold that they had to shut down the channel due to volume. (Social Media was their only form of non-regional marketing.) Conversify built a fully branded, integrated social media presence displaying Kasasa’s multimedia. With outreach limited to six tiny markets, Conversify was still able to obtain over 500 Friends, Fans and Followers in just over three months.
Since Kasasa is sold through community banks, Social Media is the only avenue through which BancVue/Kasasa can have a real conversation with its consumers.
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