Customer Story
Strata Credit Union aimed to increase financial empowerment for members. Their objective was to attract new deposits and younger members, while driving subscription fee revenue.
Objective
Empowering Younger Members & Driving Subscriptions
Increase Investment Accessibility
Allow members to participate in the stock market by earning fractional stock rewards on debit card purchases.
Boost Member Engagement
Differentiate Strata’s checking accounts to increase transaction frequency and engagement.
Promote Wealth Building
Empower members to grow their wealth, making financial wellness an integral part of daily banking.
Thanks to Bits of Stock's white-glove support and expertise, our new account now represents over 20% of monthly openings and has garnered local press attention. I highly recommend Bits of Stock to any financial institution looking to innovate and provide real value to their members.
Brandon Ivie, CEO, Strata Credit Union
Thanks to Bits of Stock's white-glove support and expertise, our new account now represents over 20% of monthly openings and has garnered local press attention. I highly recommend Bits of Stock to any financial institution looking to innovate and provide real value to their members.
Thanks to Bits of Stock's white-glove support and expertise, our new account now represents over 20% of monthly openings and has garnered local press attention. I highly recommend Bits of Stock to any financial institution looking to innovate and provide real value to their members.
Brandon Ivie, CEO, Strata Credit Union
Objective
Empowering Younger Members & Driving Subscriptions
Empowering Younger Members & Driving Subscriptions
Increase Investment Accessibility
Increase Investment Accessibility
Allow members to participate in the stock market by earning fractional stock rewards on debit card purchases.
Allow members to participate in the stock market by earning fractional stock rewards on debit card purchases.
Boost Member Engagement
Boost Member Engagement
Differentiate Strata’s checking accounts to increase transaction frequency and engagement.
Differentiate Strata’s checking accounts to increase transaction frequency and engagement.
Promote Wealth Building
Promote Wealth Building
Empower members to grow their wealth, making financial wellness an integral part of daily banking.
Empower members to grow their wealth, making financial wellness an integral part of daily banking.
Solution
With Strata we set up a Stock rewards checking account for $3.00/month
With Strata we set up a Stock rewards checking account for $3.00/month
Stock Rewards
Stock Rewards
Customers earned 2.5% on all purchases, limited to $15.00 per month to a stock of their choosing.
Customers earned 2.5% on all purchases, limited to $15.00 per month to a stock of their choosing.
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Thresholds
Thresholds
Customers needed to log in to their account to “redeem” their rewards
Customers needed to log in to their account to “redeem” their rewards
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Full Brokerage
Full Brokerage
Customers had access to commission free trading stocks and ETF, including fractional shares as little as $0.01
Customers had access to commission free trading stocks and ETF, including fractional shares as little as $0.01
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Result
+27%
Monthly Spending
+22%
MoM Number of Swipes
$21.61
Monthly Revenue per User
*All metrics are based on averages over the period June - October 2024
Summary:
We converted 20% of new digital account openings to fee accounts.
We took averages swipes from 14 to over 30 per month. Well above the industry standard.
We converted 20% of new digital account openings to fee accounts.
We took averages swipes from 14 to over 30 per month. Well above the industry standard.
We converted 20% of new digital account openings to fee accounts.
We took averages swipes from 14 to over 30 per month. Well above the industry standard.
More Customer Stories / Use Cases
More Customer Stories / Use Cases
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How can we help?
Get in touch
Solution
With Strata we set up a Stock rewards checking account for $3.00/month
Stock Rewards
Customers earned 2.5% on all purchases, limited to $15.00 per month to a stock of their choosing.
LEARN MORE
Thresholds
Customers needed to log in to their account to “redeem” their rewards
LEARN MORE
Full Brokerage
Customers had access to commission free trading stocks and ETF, including fractional shares as little as $0.01
LEARN MORE
Result
+27%
Monthly Spending
+22%
MoM Number of Swipes
*All metrics are based on averages over the period June - October 2024