"In early 2025, Ipava State Bank, a tiny community institution in western Illinois, embedded a small amount of life protection into every eligible checking and savings account. No app to install, no portals, no extra steps-coverage was calculated from balances and capped per account. Six months in, reported results included $3.45 million in protection delivered, 7% deposit growth, 4.8% higher average balances, and a 25% increase in customers reaching maximum coverage levels-at a time when many peers were losing deposits."
"The program, developed in partnership with Wysh, is part of a growing wave of fintech innovation that's meeting people where they already are-at their local banks and credit unions. For The National Alliance for Financial Literacy and Inclusion (NAFLI), it's exactly the kind of progress we champion: Technology designed not just for scale, but for inclusion. Let's talk about why it worked-and how other banks could adapt the idea without copying the setting."
Ipava State Bank implemented automatic small life-protection on eligible checking and savings accounts in early 2025, with coverage calculated from balances and capped per account and no additional apps or portals required. The program, developed with Wysh, delivered $3.45 million in protection within six months and produced measurable business benefits including 7% deposit growth, 4.8% higher average balances, and a 25% rise in customers reaching maximum coverage. The design emphasized default-on enrollment, leveraging the bank's trust to present the benefit, and aligning coverage to local household risks to increase relevance and uptake.
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