Going the Extra Mile: Forward Thinking on Customer Experience
The latest Finovate eMagazine takes the hottest topic in fintech right now - customer experience - and puts it under the microscope.
Going The Extra Mile: Forward Thinking on Customer Experience
Michael Albanese, CEO, Tradewind Markets
Archie Ravishankar, Founder & CEO, Cogni
Mark Sullivan, Global Business Leader, Banking & Capital Markets, Genpact
Vivek Bedi, Head of Consumer Experience Digital Products, Northwestern Mutual
Vishal Garg, Founder & CEO, Better.com
Luvleen Sidhu, Co-Founder, President & Chief Strategy Officer, Bank Mobile
Jessica Turner, EVP - North America Product & Innovation, Mastercard
John Rethans, Head of Digital Transformation Strategy, Apigee
"Innovation Can Come From Anywhere"
Greg Palmer, VP of Finovate gives his thoughts on the state of the fintech industry
As we approach the end of 2019, it’s worth noting how much progress the fintech industry has made this year. We’ve seen major gains in customer experience, wealth management, financial inclusion, and many more. What’s been most striking to me, though, isn’t the progress that’s been made in any one area; it’s the way that this progress has come about.
Several years ago, there were a lot of small, early-stage fintech startups that were working on creative solutions to challenges within the financial industry. As some of those startups started to scale up, VC funding going into fintech began to concentrate around a smaller number of companies. There’s nothing wrong with putting financial muscle behind companies with good initial traction, but problems can arise when VC’s focus too much on established companies, and don’t engage with early-stage companies.
Through our 2019 shows, we’ve seen a greater number of seed stage and early-stage companies, and the shows have been stronger for it. While established fintechs are in a position to bring technology into the real world, a healthy ecosystem of new, young companies is vital to make sure that the industry doesn’t rest. Small companies bring creativity, energy, and a hunger to the table that pushes more established parts of the industry to be better.
There’s nothing wrong with putting financial muscle behind companies that have good initial traction, but problems can arise when VC’s focus too much on more established companies, and don’t engage as much with early-stage companies.
It’s this hunger and creativity that is bringing personal finance back to relevance – existing tools that offer monthly budgeting are not enough, consumers need guidance around the biggest financial decisions of their lives. It’s this hunger and creativity that’s pushing financial inclusion forward – using tools like AI and big data to identify creditworthy individuals who are currently excluded. And it’s this hunger and creativity that’s reshaping online customer interactions with their banks.
It’s been exciting to watch the huge strides that fintech has been making, but it’s more exciting to see those strides coming from young companies challenging the status quo. In this issue, you’ll read about the established leaders and early-stage startups who are pushing fintech forward and revolutionizing the customer experience. At Finovate, we’ve always believed that innovation can come from anywhere, and it’s great to see that thesis being proven in practice.
Happy reading, and as always, keep innovating!
The Best of FinovateFall 2019
Finovate’s flagship event returned to New York this September in what was a record-breaking year for attendance, with an atmosphere full of energy, ideas and tangible solutions.
From the latest innovations from our wide variety of over 70 demos, to the 150 thought leaders from across the sector sharing their insights, FinovateFall truly showcased the latest innovations in financial services - but what were the key ideas that emerged, and what does this say about our sector as a whole?
Arguably the biggest change in financial services in the past few years has been the increased focus on the customer: creating an amazing customer experience, and innovating to meet and solve customer needs. Given this, it was perhaps no surprise that the overriding theme of FinovateFall 2019 was responding to rapidly-shifting customer needs, behaviors and expectations, and how institutions need to leverage technologies and respond to this in order to remain relevant.
In our afternoon keynote, BankMobile’s Luvleen Sidhu made the point that Americans interact with their banks 20-30 times a month, but “on average are walking into a bank branch once a year”. What is clear is that the banking experience is changing, and so much of the conversation at FinovateFall was around how to serve customers better in this evolving environment. It is also increasingly clear that customers are also demanding more of their financial institutions, are expecting tailored experiences relevant to them, are constantly looking for the next, most exciting features and, crucially, are not afraid to move banks if they do not find what they are looking for.
How, then, do banks respond to this, and deliver digital banking solutions that solve customer pain points? In the Wealthtech Summit, Northwestern Mutual’s Vivek Bedi told the crowd that “beautifying the client experience works”, and showcased how his team releases new features every fortnight in order to “keep it fresh”. Many other speakers and demoers across the four days echoed these principles, with the key takeaway being that iterating quickly with products and product features that resonate with the end user will prove ever more important in the coming years.
What also became evident across four days of innovative demos and insight from industry experts is that the bank of the next generation likely looks nothing like a bank. Jeremy Balkin, HSBC’s Head of Innovation, reminded us that “customers aren’t comparing banks to other banks. They’re comparing banks to the last great digital experience that they had.” It is clear, then, that there has never been a more important time for meaningful partnerships and collaboration between “banks, fintechs, and other partners to deliver a world-class experience for customers.”
Customers are demanding more of their financial institutions, are expecting tailored experiences relevant to them, are constantly looking for the next, most exciting features and, crucially, are not afraid to move banks if they do not find what they are looking for."
These nonbanking brands not only deliver a great digital experience, but also are increasing entering the financial services space to compete directly - the fact that Google’s Head of Global Strategy and Market Enablement, Sean Ginevan, delivered a morning keynote on digital transforming and the digital journey in fintech, is testament to this fact.
These new entrants, from Google to Apple to Amazon, are well-known brands with whom customers have strong emotional connections - it has never been more important for banks to adapt accordingly. As Luvleen Sidhu of BankMobile stated in her presentation, “emotion is the biggest driver of loyalty”, so building that connection is going to prove ever-more critical in the coming years.
Banking, then, is moving from being product-centric to experience-centric: in our ‘delivering the next generation of customized customer experience’ panel, experts from Bank of America, Citi and others reflected on how to shift the entire experience around client interactions, above and beyond simply selling a product, and how to integrate your services into digital channels clients are already familiar with, and building a banking-as-a-service strategy that will attract, engage and, crucially, retain customers. One of the Best of Show winners, ebankIT, demonstrated a great example of this extension of the customer experience, moving beyond transactional banking into banking lifestyle platforms.
Integral to delivering an experiential banking service are personalization, trust and, central to both, speaking to customers in an authentic, human voice. Forrester’s Alyson Clarke reminded us that, given the different experiences we all have, “our banking experiences should be personalized, based on our life events”, and shared insights in to how to build customer relationships through personalization.
"Creating technology to serve human needs also requires, at the most fundamental level, strategies to uncover those customer needs and segment your customers to meet those needs."
Meanwhile, Archie Ravishankar from Cogni stated that, in an age where customers are “hyper informed”, the key is to “build trust, and get to know people before trying to sell to them”. Building on this, Beaumont Vance from TD Ameritrade showed the Wealthtech Summit audience the power of chat and voice to build that trust: “Get whatever you want wherever you are using natural language.” This need to how to engage with customers authentically in order to improve trust and loyalty, was a recurring one.
Creating technology to serve human needs also requires, at the most fundamental level, strategies to uncover those customer needs and segment your customers to meet those needs. The need to work from the problems clients face, to then identifying technologies to solve those challenges, was another recurring theme across the conference, including from Bank of America’s Brent Brooks, who touched on how best to uncover those customer needs in order to solve for them. This mindset also requires, as Jeremy Balkin put it, fostering innovation by upgrading “not only legacy systems but also legacy mindsets.”
The mood of FinovateFall was an optimistic and energized one. As Luvleen Sidhu mentioned in closing, “every threat presents an opportunity”: a focus on creating a great customer experience, improving product design, incorporating a human touch, building trust, and leveraging technology for banking services that resonate with your customer, will all prove key to delivering a best-in-class user experience in the rapidly-evolving world of financial services.
We look forward to seeing how these concepts have continued to have been built on, and to seeing the next wave of exciting innovation, at FinovateFall 2020!
Is the Customer Always Right?
Hear it from the experts
Customer experience continued to dominate the conversation on stage at FinovateFall. Sit back and listen in as our expert speakers delve into case-studies, lessons learned and top tips for building a strategy to get you customer-centric.
The expert panel explores mirroring the digital experiences that customers are used to, and integrating your services into their world and identifying the sweet spot for serving all customers, regardless of their generational differences.
Featuring: Michael Albanese, CEO at Tradewind Markets; Brent Brooks, SVP, XD Design Director at Bank of America; Mayank Mishra, Managing Director; Global Head Digital Channels at Citi; Mark Sullivan, Global Business Leader, Banking & Capital Markets at Genpact; Archie Ravishankar, Founder & CEO at Cogni and Vivek Bedi, Head of Consumer Experience Digital Products at Northwestern Mutual
Keep reading for more insight >>
With alternative lending having had a definitive impact on financial services, what solutions have emerged for people with low credit scores, or those living paycheck to paycheck? Featuring Vishal Garg, CEO and Founder at Better.com
Beyond talking the talk, learn how a true innovator has disrupted banking, to launch and deliver digital banking that works for and serves Americans, particularly amongst millennials and Gen Z. Featuring: Luvleen Sidhu, Co-Founder, President, & Chief Strategy Officer at BankMobile
Digital Trends: Reshaping the Consumer Experience. Featuring Jessica Turner, EVP - North America Product and Innovation at Mastercard
Cirrus Secure Implements PrizmDoc Viewer and ImageGear to Aid in Solving Content Challenges
Lending comes with many challenges for banks and other financial institutions. Between rigid security regulations and various file types coming in for verification, lenders are often overwhelmed with manual paper processes.
Cirrus Secure is a secure document collection portal that helps lenders with business development, credit, processing, and closing. Its secure platform enables banks to administer loans more efficiently, giving structure to the process and enabling a more efficient workflow.
Cirrus Secure’s mission is to create harmony and security between lenders and borrowers. When lenders need to verify documents of different types and sizes for a loan, they need an efficient way to process all the paperwork. Email just isn’t cutting it. In fact, there is an extreme security risk of not being able to view and store documents in a centralized location.
Many banks are using assistants to print documents and file them on a server digitally. That process takes, on average, four hours per loan. Cirrus Secure hopes to streamline that process with a platform that helps with content routing, annotations, and eSignature.
Cirrus Secure is a cloud-based system that enables collaboration on the entire loan from anywhere, streamlining the process. To do this efficiently, they needed to integrate a document viewer and conversion tool that would enable their platform to provide these capabilities.
Before discovering Accusoft, Cirrus Secure used competitor, Aspose. “In 2018, we ripped out Aspose and replaced it with PrizmDoc Viewer and ImageGear. Aspose was very hands off where Accusoft was very hands on. It’s a big deal for us to rip something out. We needed more functionality, and the timing for us was ideal. We were working on a new version with several enhancements and that enabled us to add the features we needed by integrating PrizmDoc Viewer and ImageGear during that transition,” states John Steele, President & CPO at Cirrus Secure.
Accusoft was ready to address some issues right out of the gate with our specific needs. After talking at the show, we did some research. It really came down to the demos."
John Steele, President & CPO, Cirrus Secure
“One of the reasons that Accusoft stood out from the crowd is its comprehensiveness. The products are easily customizable, but also work together. We’re definitely getting our money’s worth with PrizmDoc Viewer and ImageGear. Together, these two integrations fit our needs perfectly.” John Steele, President & CPO, Cirrus Secure.
When Cirrus Secure decided to look for a new document viewing and conversion solution, they spent a lot of time online researching. Cirrus Secure was looking for ways to add features to their current solution, enabling different departments to speed up their loan processing and use eSignature for approval.
Cirrus Secure needed an integration that could help do it all. They wanted to replace their current integration for a variety of reasons, including:
- It wasn’t very flexible and they had to develop workarounds for customization
- It didn’t offer a solution for approvals like eSignature
- They needed a way to extract data, rotate files, and convert different documents into PDFs
The new version rolled out a variety of improvements and one of those included the PrizmDoc Viewer and ImagdocumentseGear integration. After talking to Accusoft at Finovate in 2018, Cirrus Secure decided to make the switch.
“Accusoft was ready to address some issues right out of the gate with our specific needs. After talking to Accusoft at the show, we did some research on your site. It really came down to the demos. We decided to prioritize some of the things we wanted to do with our software, and you had the integrations to help us do it,” reinstates Steele.
Today, Accusoft helps Cirrus Secure facilitate the lending process through content management. When loose documents come into the platform, PrizmDoc Viewer and ImageGear help the end-user view and separate the documents within the Cirrus Secure platform.
“This integration really supports the lender workflow process from business development to processing. It truly makes the process more efficient,” emphasizes Steele.
After implementing PrizmDoc Viewer and ImageGear into their application, Cirrus Secure was pleased with the result. “The integrations are extremely valuable. A lot of the prospects we speak to have to view a variety of different documents individually, so having a stable viewer and conversion system in place is crucial to our business. The integration didn’t hold us up either. The process was stable and fast. We like that PrizmDoc Viewer and ImageGear were easy to customize to fit our unique needs. I’m extremely happy we decided to make the switch,” summarizes Steele.
Learn how PrizmDoc Viewer and ImageGear can help your business solve document management challenges.
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Best of Show
Who impressed the crowds at FinovateFall 2019?
It’s always interesting to dive into the Best of Show roster more deeply; not only does each individual winner have a compelling story to tell, the overall group of winners says a lot about the ecosystem as a whole. As a reminder, Finovate’s Best of Show awards are 100% decided by our audience, and the winning companies not only have amazing technology in their own right, but they also tell us a lot about what types of solutions are resonating among the industry.
In alphabetical order, the Best of Show winners at FinovateFall 2019 were:
- College Aid Pro
- MX Technologies
- Pinkaloo Technologies
- Zogo Finance
It’s worth noting right out of the gate that only three of these companies are previous Finovate Best of Show winners (BlytzPay, Glia, and MX). It’s also worth noting that only MX, Glia, and ebankIT have been around for more than four years, making this one of the youngest pools of Best of Show winners that we’ve ever had.
MX took home their seventh Best of Show win with a demo with its platform that helps financial institutions and fintechs quickly and easily collect, enhance, analyze, present, and act on their financial data. Their inclusive offering is enabling innovation across the fintech spectrum by making it possible for fintechs to engage more quickly and more fruitfully with banks, making it a very popular demo across our entire audience.
Zogo Finance is working on increasing financial literacy among young people and helping banks connect with a new generation of potential customers. Founder Bolun Li, currently an undergrad at Duke, is the youngest person ever to win a Best of Show trophy at Finovate, and his demo had a ring of authenticity as he told a room full of older people that they’re not engaging with his generation effectively. College Aid Pro is also targeting high-schoolers and their families, helping prospective college students understand the financial implications of the college that they’ll attend and how much debt they’ll be incurring. Financial literacy (or the lack of it) among young people is increasingly popping up as an important theme in fintech, and it’s an area that’s starting to get more and more attention.
Engaging with customers more effectively to provide a better experience isn’t something that’s limited just to young people, of course. ebankIT won with a very impressive omnichannel engagement platform that anticipates customers’ needs and makes it easy for them to find solutions to the problems they’re facing. Pinkaloo seeks to connect with customers in a more emotional capacity by powering customers’ charitable giving. Through connecting with people over something they’re passionate about, Pinkaloo showed how they’re able to help financial institutions attract and retain customers.
The undisputed king of customer interaction (at least as far as the Finovate audience is concerned) remains Glia, who took home their seventh overall trophy for their work in digital engagement across platforms. In a fast-moving seven minutes on stage, the audience saw a customer interaction moving seamlessly across phone, chat, and web, that integrated both AI and human customer-service.
Moving away from the front-end of banking, we have two winners working in a more back-office capacity. owl.co eases the KYC and AML processes for banks, directly addressing one of the biggest pain points that financial institutions of all sizes experience. Cinchy takes the arduous process of collecting, cleaning, and managing data, and turns it into a visually pleasant, collaborative process that allows multiple parties to see and work with the same data in real time without having to worry about compromising the integrity of the data while it’s being used.
Finally, BlytzPay rounds out our FinovateFall Best of Show winners, with a payments product that allows any user to pay instantly, whether they prefer to use a card, check, or cash. While it’s nominally a payments platform, there is a significant financial inclusion angle as well, bringing people into the digital payment space who have so far been forced to sit on the sidelines.
While all worthy winners, Finovate events are about much more than the handful of companies who win Best of Show. Not all of our previous Best of Show winners have had the impact they would have liked in the industry, and many of the companies that slip under the audience’s radar go on to do great things. It is absolutely worthwhile to watch as many demo videos from FinovateFall as you can. The nine Best of Show winners are just the tip of the iceberg when it comes to the variety of solutions on display at Finovate’s flagship event, and there are a lot of other fascinating companies who weren’t quite able to crack into the top group. With so many diverse solutions coming from such a wide variety of sources, you ignore any of the solutions and technologies on display at your own peril.
Watch all the FinovateFall demos
Watch the Best of Show Demos
So You Want to Monetize Your APIs?
Application programming interfaces, or APIs, are the way developers leverage data, functions, and apps to create new things, and when companies make their APIs available to others, remarkable things can happen. John Rethans, Google, explores.
When we use a voice assistant to order coffee, for example, systems across a range of companies communicate — inventory APIs that let us pick our drink, payment APIs that let us pay for it, voice APIs that let the coffee app utilize a new interface, platform APIs that let the coffee app exist within a mobile ecosystem, etc. If rather than being its own app, the coffee-ordering experience were to surface within the context of another app, such as a location-aware mapping app with contextual search, still more APIs would be involved. With more developers getting their hands on more APIs, the diversity of use cases multiplies by the day.
All of this is to say, APIs aren’t just some systems integration detail — they’re products that empower developers to delight end users. But not all products come with a price tag.
Some companies offer free, open APIs in an attempt to build developer communities around their brand and unlock ecosystem opportunities by adding partners at scale. In other cases, the API provides access to data or functions that are so valuable, the API can be monetized and even create new lines of business. How does an enterprise know which path to pursue?
Creating Direct and Indirect Value With External APIs
APIs can come in many varieties and drive both direct and indirect value.
For example, many enterprises make their store location APIs available for free to third-party developers. For these third parties, the value proposition is data and functionality to enhance their apps, and for end users, the value is being able to access the things they need within a continuous experience, without having to hop between apps. A developer might combine mapping APIs, restaurant location APIs, and restaurant ordering APIs to let users search for nearby restaurants, browse their menus, and make orders all within the same interface. The company providing the store location APIs does not derive direct monetary value from the process, but it may enjoy indirect value in the form of increased customer engagement, increased ecosystem reach, and increased variety of ecosystem partners and participants.
"Some companies have digital assets so valuable, the best option is to charge for API access — that is, to create direct value."
On the other hand, some companies have digital assets so valuable, the best option is to charge for API access — that is, to create direct value. AccuWeather — the world’s largest weather big data company and a customer I’ve worked with through my employer, Google’s Apigee team — is a good example.
AccuWeather’s leaders recognized that the next breakthrough weather app could come from an independent developer as easily as from a big company. They also realized their APIs might be monetizable because they could offer unique functionality and data to small businesses, independent developers, and others outside its traditional enterprise partner pipeline. To capitalize, AccuWeather launched a self-service developer portal that serves as an online store for its API packages and a hub for its external developer community. Within 10 months of launch, the portal had attracted more than 24,000 developers, issued 11,000 API keys, and generated hundreds of paid package purchases.
Not Everything Can — or Should — be Monetized
Unused APIs are of no value to anyone. As noted, having developers consume your APIs is often more valuable than trying to pin a price tag on each API call.
If the value of your API is chiefly indirect, chances are, you shouldn’t charge for it. The better bet is likely to give the API away to drive adoption or perhaps even to incentivize developers to use it. A retailer, for instance, might not only offer developers free access to inventory, ordering, and payments APIs, but also incentivize them with a share of profits. Because the retailer should reach more users as more developers use its APIs, it is still positioned to come out ahead, even as it gives away a cut of its earnings.
Needless to say, before monetizing an API, you should understand if there is a market for the service — and if there are any competitors. If there’s no existing market for your offer, ask why. Have you done any market testing with a minimum viable product to assess your core proposition? If your API is about data, how rare is your data and how difficult is it to obtain? If your data isn’t as rare, how are you adding value? If you’re going to charge, make sure you’ve thought it through.
Planning a Monetization Strategy
Okay, you’ve thought about it, and you’ve determined you want to charge for your APIs. That means you will likely need a store — which is to say, you need a developer portal, including documentation, sample code, testing tools, and other resources to get developers up and running quickly. It also means you should focus on making your APIs as user-friendly as possible. Exposing data or a service isn’t enough in a competitive market. The best APIs are designed to be highly consumable.
But APIs and a portal are just the beginning. There is no “if you build it, they will come” in the digital world, so you may need marketing to get the word out. What’s your go-to-market plan? Who’s doing the selling? Organizations with successful API programs often invest in an API evangelist to help collaborate with and nurture the developer community, and they typically work to establish a presence at conferences and events where their target developers will already be present. An architect dedicated half-time to “developer relations” may not cut it.
"Exposing data or a service isn’t enough in a competitive market. The best APIs are designed to be highly consumable."
Goals and metrics are also important. How much do you charge? Is some sort of freemium model optimal, with a basic API made available for free alongside escalating pricing tiers based on increasing traffic needs and add-on services? Do you need to offer developers any incentives after they’ve paid to use the API? Do you have mechanisms to detect and react to changes in user behavior, such as support for dynamic pricing? Have you identified metrics to track not only financial returns but also usage patterns that may inform iterations to API products?
Enterprises that don’t have answers to these questions are not positioning themselves for success. Many of them will need to invest in tools that make it easy to test the market, make adjustments to pricing, and run concurrent strategies to A/B test them. Ideally, insights and adjustments are quick and accelerated by technology, not the result of a labor-intensive, months-long approach.
API Monetization Means You’re Launching a New Software Product
Never forget: if you’re monetizing an API, you’re launching a new software product, not just exposing a system.
Just because you launch an API doesn’t mean you will succeed. Successful APIs — and successfully monetized APIs in particular — demand all the product management attention that any software release would, from finding ways to improve the user (i.e. developer) experience to marketing the product. Businesses can generate tremendous value by opening their APIs to new audiences — but only if those APIs are designed, managed, and brought to market the right way!
Finovate Awards Winner
Hear from Best Consumer Lending Platform: Kasasa
At the inaugural Finovate Awards in New York, over 200 of the industry’s brightest stars gathered fora gala dinner and night of entertainment, to celebrate the fintech industry's best and brightest. We sat down with winner of the Best Consumer Lending Platform, Kasasa to hear about their success story.
For those not familiar with Kasasa, give us a bit of context around Kasasa as a brand.
Kasasa grew from a desire to help community banks and credit unions to not just stay in business and help their local communities as they’re known to do, but to grow, thrive and meet their goals. Kasasa works with more than 3,500 branches to attract, engage, and retain consumers with branded retail products, world class marketing, and expert consulting. Our mission is to enable a powerful network of community financial institutions to reestablish themselves as the go-to place for banking products and services. This means winning consumers’ attention, engagement, and loyalty. It means taking back the community financial institutions’ rightful share of marketplace and wallet. It means taking back banking.
Kasasa's consumer loan product uniquely uses a concept called "take-backs," how does this concept work?
We’ve all faced situations that we wish we could erase, change or otherwise go back in time to alter in some way. This is especially true when it comes to finances, since one mistake can impact a consumer for years. When it comes to loans, consumers know it’s smart to pay them off sooner, but the nagging “what if” scenarios prevent them from doing so. What if a consumer puts more money toward their loan and unexpectedly needs that money back?
Kasasa’s new concept of “Take-Backs™” allows the borrower to pay ahead to reduce debt, but take that extra back if they need it, making it the most revolutionary loan on the market today. Thanks to the Take-Back, the Kasasa Loan® does not force borrowers to choose between saving for unexpected expenses or paying off debt.
This is a unique concept! Have you found that a lot of consumer education is needed when introducing the loan to consumers? If so, how do you handle that aspect?
The Kasasa Loan is the most consumer-friendly loan available on the market today. This is in part due to a dashboard that helps borrowers to manage their debt by transparently showing them the status of their loan and what it would mean to pay ahead or use the Take-Back functionality. This hands-on platform allows consumers to see changes they’re considering, giving them control and simplifying the payoff process.
Though the loan is easy to use, Kasasa always provides dedicated, lifetime support to community banks and credit unions. We work with each institution to set the groundwork and execute a plan that delivers on their individual goals. This support includes marketing, staff training, consulting and Builder™, a tool that helps educate consumers throughout the loan-opening process.
What has been consumers' response to Kasasa's loan?
Consumers want to get out of debt faster – who doesn’t? But they’re afraid to pay more toward loans in case they need the money. What we found is that the majority of people say they’d refinance at the exact same rate they’re paying now to get the Take-Back benefits of the Kasasa Loan. They prefer this loan, they prefer the dashboard – 85 percent of people say they’d log in monthly to manage their loan – and more than half of them say they’d open a checking account at that institution if that’s what was required to get access to the Kasasa Loan.
What else does Kasasa do to keep consumer lending user friendly?
The mobile dashboard has also been a total gamechanger in making consumer lending more user friendly. 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. Through the app, borrowers can manage their debt by viewing, editing, and making payments as well as withdrawing from their Take-Back balance. As a result, borrowers are more likely to engage with their loan regularly, which encourages better financial decisions.
How does it feel to win the first ever Finovate Award for Best Consumer Lending Platform?
When we started Kasasa, we were a small company with a dream to change the face of banking and lending. Back then, we never could have predicted we’d be among companies nominated across all of fintech globally, let alone named a winner.
It is an honor to have the Kasasa Loan recognized as Best Consumer Lending Platform. Winning an inaugural Finovate Award validates what we are doing at Kasasa and is a testament to the hundreds of employees who worked tirelessly, and continue to do so, to make our dream a reality. With this win, we are even more motivated to continue to create products that revolutionize the financial industry and support community banks and credit unions in the fight to take back banking.