AUSTIN, Texas--(BUSINESS WIRE)--Kasasa®, an award-winning financial technology and marketing technology provider, ended the year with more than $558 million in non-interest income generated for community financial institutions.
Kasasa accounts also paid consumers more than $293 million in rewards in 2016, including refunding more than $41 million in ATM fees as well as paying out more than $227 million in interest and $2.2 million in Tunes grants. In fact, rewards are now a primary motivator for consumers to switch to another community financial institution. According to the 2015 Consumer Banking Insights (CBI) Study, more than half of consumers say rewards and few or no fees on checking and savings accounts are important when choosing a community bank or credit union. Additionally, the recent Kasasa Explores 2016 survey found that eight out of 10 Millennials – the nation’s largest living generation – would switch financial institutions if one offered more or better rewards than another.
“At Kasasa, we believe in building products that are fair, transparent and tailored for consumers that are also profitable for the community institution offering the product,” said Gabe Krajicek, CEO of Kasasa. “Kasasa was designed to give consumers a better choice through products that take the consumer’s best interests to heart offered only by community institutions that feel the same way. These record numbers demonstrate our collective success in doing so and we’re excited about the future as Kasasa becomes a preferred financial product across the nation.”
The company ended 2016 with a total of 456 live and signed community financial institutions that offer Kasasa’s free, rewards-based accounts, representing more than one million accounts at 2,614 branches across 49 states. The company remains the 6th largest branch banking network in the nation if all its clients’ branches were combined into a single institution.
“At OakStar, our motto is ‘Experience the Difference.’ By this, it is our focus to create a unique experience for each of our customers, which aligned perfectly with Kasasa’s continued goal to help community banks’ thrive. The company has successfully worked with hundreds of institutions across the country. This was a clear indication to us that they would be a great long-term partner,” said Rob Buchanan, chief operations officer at OakStar Bank. “Kasasa’s innovative products and services have allowed us to remain competitive in the industry and provide our customers with the personalized service they most desire. We’ve experienced firsthand the benefits Kasasa can offer community institutions and we look forward to working with them for many years to come.”
Based in Austin, Texas with 350 employees, Kasasa is a financial technology and marketing technology company committed to driving results for community financial institutions by attracting, engaging, and retaining consumers. Kasasa does this through branded retail products, world class marketing, and expert consulting. For more information, please visit www.kasasa.com, or visit them on Twitter @Kasasa, Facebook, or LinkedIn.