How to Fight the Deposit Slump

Few people get excited about basic banking – paying bills, managing account balances…

However, credit unions can augment mundane banking functions with lifestyle-based banking features to help consumers save money when they need to spend it. 

Doing this offers a unique level of value that connects credit unions to their members' lives more directly and differentiates from the basic banking features offered by nearly every competing institution.

Financial first responders
Creating value for members isn’t all about just the fastest and most convenient way to bank at the lowest fees and the highest rates. 

Recent StrategyCorps consumer research shows many people are also very focused on products that help them control their financial lives beyond what a routine checking account provides. It’s about connection – tangibly helping them save money on everyday purchases and protecting important things they need in their daily lives outside of basic banking. 

That’s precisely why the BaZing checking rewards program exists.

The goal of BaZing is for you to be financial first responders for your members by giving them the tools to help manage more of their financial life than just deposits, withdrawals and payments, all in one convenient place – their checking account.

For the credit union, being the financial first responder extends the member relationship. This means building more and stronger primary accounts that are financially productive in terms of more relationships (deposit and loan) and increasing non-interest income in the form of member-friendly subscription fees and increased interchange income.

For members, BaZing offers the opportunity to have significant and unique advantages that they can use and experience in life’s everyday transactions and financial activities. 

Features people want…and need
For example, say a member is stranded on the highway and needs a tow. Where do they turn for help? How relevant would your credit union be if they could easily access and use the roadside assistance that’s part of their checking account with you. With BaZing, help is right there. A AAA experience without being a AAA member!

And that’s the whole point of all the curated features. Be the financial first responder beyond just basic banking needs. Here are some of the features BaZing can bring to your members:

• Local and national shopping discounts
  Unique deals at more than 400,000 local stores and national chains.
• Travel and entertainment discounts
  Saving money on airlines, hotels and rental cars takes some of the anxiety out of traveling. Plus, enjoy theme parks like DisneyLand with discounts that aren’t Mickey Mouse.
• Fuel discounts
  Everybody wants the cheapest gas price in town. BaZing Fuel provides a consistent, material discount on fuel purchases.
• Credit/identity monitoring and credit score
  Get the edge on the cyber criminals with best-in-class tools and info to help members make better decisions as they manage their financial health.
• Buyer’s protection
  Don’t you hate it when something breaks and the warranty expired last week? Extended warranties on products, along with buyer’s protection, ensure every dollar matters and is protected when you buy stuff.
• Identity theft assistance
  Sometimes, despite the best efforts, the cyber criminals get through. When that happens, your credit union has your member’s back in recovering from an incident and restoring a secure identity.
• Bill negotiation
  Everyone has bills - mobile service, subscriptions, etc. – they pay where they know there’s a better deal out there, but there’s never enough time to seek it out and change providers. BaZing’s bill negotiation services ensures clients are getting the best deal available for monthly expenses and reducing costs of services they no longer need or have duplicated. 

These benefits represent how BaZing works to bring the best products to your members and help make your credit union even more of a hub – not just of their financial lives, but of their lives in day-to-day activities beyond banking.

Imagine being able to positively impact your members with your traditional banking services combined with the non-traditional banking services that BaZing brings. You’ll help your members save money, provide protection, and help them build their dreams of living their best financial life.

Catalyst would love to share how BaZing can help this become a reality. Contact us to get started today.