Enhance Member Loyalty by Adding Extra Value to Your Checking Accounts
November 19, 2019
Today, consumers expect to receive on-demand rewards and benefits that impact their everyday lives, delivered right to their phones. Strategic Link partner, Catalyst Corporate Federal Credit Union, makes it easy for credit unions to offer those enhanced services through its BaZing mobile app.
Loaded with added benefits for members and credit unions, BaZing delivers savings while generating member-friendly fee income for your credit union.
The BaZing mobile app uses a member’s physical location to offer discounts from more than 400,000 national, local, and online merchants – right on their mobile device. Along with BaZing shopping deals, members have access to other on-demand benefits, including cellphone replacement protection, 24-hour roadside assistance, personal identity theft protection, healthcare discounts, and travel protection. All are designed to drive added value and appeal to your credit union’s consumer accounts.
Credit unions that partner with Catalyst see significant growth. According to StrategyCorps, BaZing credit unions average increases of 42% in average balances, 31% in debit interchange fee income, 300% in service charge income, and 15% in total deposits.
“Member loyalty can be strengthened when credit unions add value to their checking accounts with on-demand benefits,” said Jason Smith, VP of Strategic Resources. “The BaZing app is an innovative way to build member loyalty while driving significant bottom-line growth for credit unions.”
Members who use BaZing have shared stories describing how they saved money on a variety of products and services. Recently a member received a 50% discount on a storage unit using a BaZing coupon, reducing a $96 monthly charge to $48. Another member used BaZing to book Disneyland tickets. The member saved $168 and received a restaurant gift card for $25.
Give More with BaZing
Members using BaZing receive:
- Instant mobile coupons for shopping, groceries, prescriptions, eye exams and eyewear, dining, travel, entertainment, and more.
- Access to an easy scrollable menu to view local deals by category or location.
- Mobile app notifications whenever a user is within 50 meters of a discounted retailer.
- An in-app savings calculator to remind them how much the credit union has helped them save.
Credit unions get:
- Expert assistance in evaluating their existing account structures, with segmenting and ranking of member account relationships.
- Access to professionally designed, member-facing marketing campaigns and training to make promotion easy for front-line staff.
- Benefits accessed via their own website or a mobile app customized with their branding.
By offering benefits that truly influence the financial well-being of members, credit unions are positively impacting members’ wallets, and that builds member loyalty.