Central Pacific Bank on Monday announced the launch of its new all-digital checking account, touting "Shaka" as the first of its kind for a Hawaii banking institution.
Shaka account holders do not have to ever step foot into a physical branch to open and maintain an account, but still receive local customer service, CPB said. Buildup to the launch was accompanied by a social media campaign to help broaden its appeal for younger customers.
“As a digital-first bank with a strong legacy of exceptional customer service, we feel like Shaka is the right product for CPB and the Hawaii market," said Paul Yonamine, CPB executive chairman, in a statement. "We expect it to continue to fuel our growth in a key demographic area that is consistent with our new brand and approach. We are pleased to provide Hawaii’s tech savvy consumer with a product that suits their lifestyle and, in turn, helps the bank further our long-term strategic objective of digital adoption.”
CPB President Catherine Ngo first told Pacific Business News about the Shaka program on Oct. 27.
Shaka offers customers the ability to retrieve money from a direct-deposit paycheck up to two days earlier than usual; get reimbursed up to $20 per month for ATM fees accrued at any bank's ATM; a checking account and debit card without monthly fees; and the opportunity to earn 0.50% Annual Percentage Yield interest if a threshold of 15 transactions and $75 spent per month is met for debit card transactions. There are no monthly fees.
Appealing to a younger crowd has consistently been part of CPB's strategy since its RISE2020 overhaul was completed at the start of 2021.
“CPB contracted with over 50 local social media influencers to communicate the benefits of the account to their followers in their own voice for authenticity and credibility,” said Brandt Farias, CPB senior vice president of marketing, in a statement. “We encouraged the influencers to be creative when curating messages to their followers within regulatory guidelines. The combined number of followers makes this the largest social media campaign ever in Hawaii."
