OMB Announces Agreement with Bits of Stock to Enable Stock Purchase Reward Program for Customers
Groundbreaking Partnership Provides Capability for OMB Customers to Earn Fractional Shares on Debit Card Transactions, Round Up Opportunities on Purchases and Full-Service Brokerage Access
SPRINGFIELD, Mo., Feb. 7, 2023 /PRNewswire/ -- Springfield, Mo.-based financial institution OMB and Bits of Stock – a leading digital platform powering stock loyalty and rewards programs – today announced an agreement that will enable OMB to provide customers the ability to earn fractional stock rewards on debit card transactions and to automatically round up purchases for additional investment opportunities.
The first-of-its-kind partnership will enable the rapidly growing community bank – which held approximately $1.2 billion in total assets as of Dec. 31, 2022 – to offer an industry-defining rewards program while expanding its retail banking operation into taxable personal investment accounts.
The agreement brings together two innovative players in the financial services space. OMB's consumer and digital banking tools are recognized nationally for their high yields and outstanding rewards. Bits of Stock's Growth RewardsTM technology has helped tens of thousands of customers earn shares of stock on their purchases.
"OMB is an ideal partner," said Arash Asady, CEO of Bits of Stock. "Both companies are committed to finding innovative ways to empower consumers to build wealth and develop healthy financial habits."
OMB is exploring an array of transactional rewards and round up opportunities as well as customer access to a full-service brokerage account, all powered by Bits of Stock. Bits of Stock will provide its services to OMB through Jack Henry core baking and Banno digital banking platforms.
"We're very excited to be able to offer our customers another way to reach their financial goals," OMB Chief Operations Officer Steve Bishop said. "Providing customers with new ways to build wealth is fundamental to our commitment to community. There is often a barrier to entry into the stock market, but Bits of Stock's technology helps make investing more accessible and, in turn, helps our customers build healthier financial habits, which is our ultimate mission."
A study conducted by NYU Stern and Bits of Stock found that offering stock rewards yields a 16x ROI for issuers, making it more than 50 times more effective than cash back. The same study found that customers increased spending frequency and amount by more than 20% with a card from which they can earn stock rewards.
Founded in 1999, OMB is committed to making banking better for families, businesses and communities in southwest Missouri with its best-in-class consumer, commercial and mortgage offerings. OMB is headquartered in Springfield, Mo., and operates eight full-service branches in Ash Grove, Buffalo, Carthage, Mt. Vernon, Springfield and Walnut Grove as well as 24/7 online banking and mobile banking. Please visit www.OldMissouriBank.com for additional information.
About Bits of Stock
Bits of Stock enables financial institutions and brands to reward their customers in fractional shares of stock. Please visit www.bitsofstock.com for additional information.
Contact: Ryan Bowling
Director of Marketing
Contact: Adam Gleicher
VP of Marketing
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SOURCE Bits of Stock