AUSTIN, Texas--(BUSINESS WIRE)--A recent consumer study by Kasasa® revealed that 85 percent of consumers would interact with a Kasasa Loan™ at least once a month when paired with a sleek, mobile-friendly dashboard that allows them to visually manage their debt. The 2017 study garnered responses from more than 1,025 U.S. adults age 18 and older.
Kasasa’s latest study revealed that of the 85 percent of consumers who would check their Kasasa Loan at least once a month, 34 percent of respondents would check it once a week. Furthermore, where loan interaction is concerned, of consumers desiring to manage their debt by keeping track of their loan, 44 percent of those aged 18-29 would prefer to track their loan at least once a week. These findings suggest that community financial institutions should take a serious look at offering a simple way for consumers to interact with their loan digitally.
While consumers have long been able to manage their checking and savings accounts visually using online personal financial management (PFM) software, this practice has not typically carried over into lending – until now. Borrowers’ ability to use a mobile dashboard that allows them to manage their debt by viewing, editing and making payments as well as withdrawing from their take-back balance – a unique feature of the Kasasa Loan allowing borrowers to take back extra payments if needed – may influence consumer behavior. As a result, borrowers are more likely to expect to easily engage with their loan regularly, and therefore, community financial institutions must be able to achieve frequent digital interactions to meet modern consumers’ expectations.
“PFM dashboards have made it easy for consumers to visualize their personal finances online, but incidentally, they offer very few actionable features that actually help the consumer manage their finances day to day, particularly with regard to their debt. That’s changing,” said Gabe Krajicek, CEO of Kasasa. “The Kasasa Loan makes it simple and convenient for borrowers to interact with and manage their loan through its mobile dashboard. They can make payments, visualize the impact of additional payments and access the loan’s unique take-back feature all on their mobile phone. This adds value to consumers’ lives and makes the financial institutions that offer it more competitive. Being able to connect with a loan digitally truly enhances a borrower’s experience, and the financial institutions that don’t offer a loan that does this risk being displaced by those that do.”
A game-changer in lending based on consumers’ wants and needs, the Kasasa Loan features a sleek mobile app that allows borrowers to manage their debt by showing them the status of their loan in seconds. Borrowers can also see the impact of payment changes before they make them, providing more control and enabling them to make better financial decisions. The Kasasa Loan is also the first and only of its kind to feature a new concept called “take-backs,” allowing borrowers to pay ahead to reduce debt, but unlike other loans, take that extra back if they need it. The take-back functionality eliminates the fear of parting with ‘extra money’ and reinforces positive financial decisions like paying off debt early.
About Kasasa
Kasasa® is an award-winning financial technology and marketing provider. Based in Austin, Texas, with 400 employees, Kasasa® helps more than 800 community financial institutions establish long lasting relationships with consumers residing in their local markets through its branded retail products, world class marketing capabilities, and expert consulting. The company reinvented checking and is now reinventing lending through its latest patent-pending offering, Kasasa Loans™. Learn more about Kasasa®’s innovation products and services:
Reward
Checking Accounts
Kasasa
Loan™ – The only loan with take-backs
Marketing
& Technology
Websites
That Sell
Consulting
& Insights
For more information, please visit www.Kasasa.com, follow our blog Kasasa.com/blog, or share with us on Twitter, Facebook, or LinkedIn.
