Kasasa®, an award-winning financial technology and marketing technology provider, announced today that the company has been awarded "Best of Show" at FinovateSpring 2018 for its demo of Kasasa Loans™. The first and only of its kind, the Kasasa Loan™ features a new concept called “take-backs™,” allowing borrowers to pay ahead to reduce debt, but unlike all other loans, take that extra back if they need it.
Audience members voted to select Kasasa® as one of five Best of Show winners, accompanying Conversation.one, Dynamics, Inc., Trusona and Alpharank. Kasasa® was previously recognized as Best of Show based on attendee votes, including audience and consumer favorite Kasasa Checking, during three previous appearances at Finovate, which gathers together top innovators in the fintech industry.
"We consider it a true honor to be selected as Best of Show by our peers and colleagues who see the true value of the Kasasa Loan," says Gabe Krajicek, CEO of Kasasa. "We’ve created a new concept in lending that puts borrowers first, giving them unparalleled flexibility, transparency and the confidence to be financially responsible. Community banks and credit unions now have the means to truly take back banking by offering a groundbreaking, inventive lending product, and being recognized by Finovate confirms that the Kasasa Loan is exactly what consumers and community financial institutions are looking for.”
The Kasasa Loan‘s take-back™ functionality eliminates the fear of parting with ‘extra money’ and reinforces positive financial decisions like paying off debt early. 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.
Borrowers want these features embedded in a loan, and they are making their needs known. A recent report from Cornerstone Advisors emphasized that pushing rates and service is not a strong enough strategy for community-based financial institutions. The report noted that financial institutions should instead be focused on innovation and a superior product in order to compete with megabanks. Based on what consumers are looking for, this new loan is a game-changer for financial institutions. In fact, 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.
Krajicek continued, "The recognition we have received this year from Finovate and other organizations, as well as our growth, confirms the increasing demand among community financial intuitions for an innovative partner in fintech and marketing. The Kasasa Loan joins our ecosystem of innovative products and services as another tool for community banks and credit unions to use to compete and win.”