AUSTIN, Texas—Kasasa®, formerly BancVue, an award-winning financial technology and marketing provider, announced availability of its new auto loan direct marketing program, Kasasa FuelTM. This turnkey program is designed to generate profitable auto loans for community financial institutions (CFIs).
Kasasa Fuel uses credit bureau data to identify households that are paying substantially higher interest rates on their auto loans than the CFI charges. It only targets consumers that meet the CFI’s credit criteria, which dramatically improves their approval rate. CFIs pay only for successful responses. Kasasa Fuel incents households to open additional accounts at no cost to the CFI. The CFI, in turn, begins generating income immediately.
"With analysts predicting a strong year for the auto industry, more CFIs are focusing their resources on offering auto loan programs that meet consumer's needs," said Gabe Krajicek, CEO of Kasasa. "We developed Kasasa Fuel to help CFIs increase their loan portfolios by providing relevant and tailored marketing offers to consumers who meet specific criteria. This eliminates the marketing cost to the institutions, but still enables them to leverage their strength in customer service. As a result, CFIs are providing more products and services that deliver a compelling consumer value, which enables them to better compete with megabanks."
Kasasa Fuel increases cross sell ratios up to 94 percent for checking accounts and provides individual consumer offers through a use of multiple marketing channels including direct mail, calling campaigns and microsites. All incentives, credit bureau data, packaging, telemarketing expenditures and microsites are paid by Kasasa Fuel, eliminating all marketing costs for the CFI. Through the Kasasa Fuel program, CFIs can see an average funded loan amount of $17,000 with an average booked loan life of 55 months, resulting in an average interest income of $1,200 in the first 24 months.
Kasasa provides premium rewards-based checking and savings accounts to consumers, which enables institutions to foster deeper relationships, deliver increased consumer lifetime value, increase operational savings and generate noninterest income. Currently, Kasasa has more than 370 community banks and credit unions offering its rewards checking and savings accounts across 47 states. The company was also named to the 2015 FinTech Forward 100 list of leading financial technology providers in the world.
About Kasasa
Kasasa® is the innovative leader in branded, community-powered banking products proven to drive profit and growth for community financial institutions. With unprecedented access to training, compliance, research, support resources and customized consulting, Kasasa's flagship suite provides a research-based strategy leveraging the power of a branded relationship platform. Kasasa is making community financial institutions the topic of conversation for happy consumers nationwide.
