Catalyst BaZing is a rewards program that makes checking accounts more attractive to members. BaZing 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 on-demand benefits for members and bottom-line benefits for the credit union. BaZing is also customizable with individual credit union branding.
Catalyst Corporate assists credit unions with evaluating existing checking programs to determine profitability and appeal. With that information in hand, Catalyst Corporate can make informed recommendations for a tailored BaZing program. This can delight members, set the credit union apart in the marketplace and front-line staff can easily promote the personalized checking rewards program.
Credit Union Income Benefits:
Credit unions experience immediate bottom line and member retention benefits. On average, credit unions experience:
- 15% increase in total deposits
- 31% increase in debit interchange fee income
- 300% increase in service charge income
- 42% increase in average balances
Reinvesting these tangible income benefits can contribute to increased member benefits overall. Not only do members enjoy checking rewards, they also reap additional benefits when the credit union bottom line strengthens.
BaZing Member Benefits:
BaZing offers competitive local and online shopping discounts from name brand retailers to your local bakery. Accessible via your mobile device, BaZing places desirable discounts straight into members’ pockets. Members do not fuss with clipping coupons or hidden requirements; they simply share their mobile screen to realize their savings.
- Cell phone protection that pays to replace a broken or stolen cell phone if the member’s phone bill pays through the credit union BaZing checking account.
- Fuel rewards at participating Shell gas stations – accumulated through use of a debit card linked to the checking account.
- Round-the-clock roadside assistance.
- Travel accidental death coverage.
- Personal identity theft protection, including a personal fraud specialist and identity recovery expense coverage.
- 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 Checking Rewards Program Merchants Love
The benefits and savings do not stop with the credit union and its members. What makes BaZing unique is the relationships built with local businesses and merchants. BaZing representatives solicit merchants in participants’ areas, but the service is free of charge for the merchants.
Unlike many rewards programs, the benefits are not built on the backs of your community businesses.
Not every merchant will hear about BaZing, which is why both credit unions and members can refer businesses they would like to see in the BaZing app.
How Catalyst Will Help Your Credit Union Join the Movement:
- Detailed analysis of the existing checking program, which 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.
- Member integration is seamless through the BaZing mobile app. No enrollment forms or paper kits are necessary.
- Invites to businesses and merchants from the credit union’s surrounding community, free of charge, to participate in BaZing.
- The app allows members to scroll to see deals nearby or browse by category and location.
- Deals arrive right to the member’s 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 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 a 375% increase in service charge income and a substantial improvement in deposits and interchange fee income.