Central Pacific Bank debuts all-digital checking account

Central Pacific Bank today is launching the state’s first all-digital checking account.

The Shaka account offers the account holder the opportunity to receive a paycheck up to two days early, reimbursement of fees from ATMs anywhere in the world, and a higher-than-­market ­annual percentage yield on funds in the account, among other benefits.

“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,” Central Pacific Chairman Paul Yona­mine said. “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.”

The state’s fourth-largest bank began marketing Shaka on Oct. 1 with a campaign involving local social media influencers designed to get people to sign up for the “Shaka Crew.” They asked their own followers to spread the word about the account, and everyone who signed up was given free Shaka merchandise.

“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, senior vice president of marketing at CPB. “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.”

Shaka Checking is available online at shaka.cpb.bank, and Central Pacific said it will promote the new product with a mass media launch that includes television, radio, newspaper, digital advertising and ongoing social media.

Central Pacific, which had about $7.3 billion in assets as of Sept. 30, operates 31 branches and 70 ATMs in Hawaii.