AUSTIN, Texas (2/26/16)--Kasasa, a financial technology and marketing provider, has launched a direct marketing program designed to generate 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 who 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 consumers’ needs,” said Gabe Krajicek, Kasasa CEO. “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.”
Kasasa Fuel increases cross-sell ratios up to 94% for checking accounts and provides individual consumer offers through multiple marketing channels including direct mail, calling campaigns and microsites, the company said. All incentives, credit bureau data, packaging, telemarketing expenditures and microsites are paid by Kasasa Fuel, eliminating all marketing costs for the CFI.