AUSTIN, Texas--(BUSINESS WIRE)--Kasasa®, an award-winning financial technology and marketing technology provider, will present its latest Kasasa Loan™ on May 8 during Session One at FinovateSpring 2018, which takes place May 8-11 in Santa Clara, Calif. This will be the fourth year Kasasa will present, and the company was previously recognized as “Best of Show” based on attendee votes during its last three appearances.
This year, Kasasa will showcase its Kasasa Loan™, the first and only of its kind that features 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.
This new loan is a game-changer for financial institutions based on consumers’ wants and needs. In fact, a recent consumer study by Kasasa® revealed that when shopping for loans, interest rate and speed, like quick lending decisions, remain top factors that influence consumer decision, however, these are not the only factors now considered. The overall experience beyond the initial application and decisioning process are critical factors across all generations, often outweighing rate and speed alone. In response, financial institutions must reevaluate their lending products and marketing approach.
Ron Shevlin, Director of Research for Cornerstone Advisors and author of the report, "Reinventing Consumer Loans: How Community Based FIs Can Win the Millennial Lending Market," supports this notion. “Touting superior rates and service is not a winning competitive strategy for community-based FIs,” Shevlin noted. “And according to consumers themselves, speed of the application and the decision process is not that big a factor-meaning that competing on “experience” is no ticket to success, either. Competing on product superiority and innovation is the direction mid-size FIs must pursue to take market share from the megabanks.”
In addition to its innovative take-back functionality, the Kasasa Loan™ also 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 them more control and enabling them to make better financial decisions.
Consumers have shown a strong preference for this concept. Nine out of ten consumers prefer a take-back loan over comparably priced loans, and 98 percent of consumers say they would refinance existing debt at the same rate for the flexibility that the take-back functionality provides.
“Until now, community banks and credit unions have had practically nothing to differentiate their loan products on beyond interest rates,” said Gabe Krajicek, CEO of Kasasa. “Instead of competing by offering “bottom of the barrel” prices, financial institutions must evaluate the overall experience beyond instant lending decisions and great front-end experiences. What consumers really want is get out of debt faster, but they’re not comfortable parting with extra money in case they need it later. We’re changing that.”
Krajicek continued, “Known for reinventing checking, we are now reinventing lending with the first-ever take-back loan. Revolutionizing the customer experience of paying off debt early, the Kasasa Loan™ is the most people-friendly loan available on the market today and a true game-changer for financial institutions. We look forward to showing it at FinovateSpring this year.”
For more information about FinovateSpring and to view the agenda, visit https://finance.knect365.com/finovatespring/.
Finovate is a demo-based conference for innovative startups and established companies in the fields of banking and financial technology. Held in San Jose, the event offers an insight-packed glimpse of the future of finance via a fast-paced, intimate, and unique format. FinovateSpring is organized by The Finovate Group. For more information on the event or to view videos of previous demos, please visit www.finovate.com.
Kasasa is an award-winning financial technology and marketing technology 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 LoansTM. Learn more about Kasasa’s innovative products and services: