A segment of consumers prefer credit cards as their primary method of payment for convenience and budgeting instead of using debit cards, checks or cash. By using CCAAQ, community financial institutions (CFIs) can attract this segment of consumers by rewarding them for using their credit cards.
The product encourages credit card adoption and usage and drives both interest and noninterest income through credit card loans and interchange. CCAAQ feature is available with Kasasa Cash®, Kasasa Cash Back® and Kasasa Tunes accounts.
"The competition for wallet share has never been higher," said Gabe Krajicek, CEO of Kasasa. "Through CCAAQ, Kasasa institutions now have the opportunity to increase interchange revenue, credit card loan balances and product penetration per consumer while providing accountholders with a product unique to their marketplace.
"Our goal is to provide CFIs with products that deliver a compelling consumer value, and with CCAAQ, they now have another tool to do so."
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 374 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.
