AiThority Interview with Einat Steklov, CEO and Co-founder at Kashable

Hi Einat, welcome to our interview series. Please tell us about your tech journey.

As the co-founder and CEO of Kashable, my goal has been to address the pressing issue of financial wellness and help improve access to low-cost credit for millions of hard-working Americans. As we moved more to the digital world, there was no better time to leverage the power of technology to create a platform that revolutionizes access to credit for employees, offering much-needed solutions conveniently.

Kashable helps manage financial challenges and can help set people on the path to creating wealth for their futures.

By thinking outside the box and deploying our patented technology, Kashable has managed to disrupt traditional financial models and foster a culture of financial empowerment within the HR organizations, become a trailblazer in the fintech space, and reshape how many employees approach their financial well-being. Our tech journey has been a testament to the pertinence of embracing innovation to navigate challenges and stay at the forefront of advancement – not to mention transform the lives of countless individuals and help provide them a path to achieve financial security.

How is AI disrupting the Fintech space in 2023?

Technology will likely maintain a significant role in shaping various industries, with AI taking center stage in enhancing efficiency, productivity, and accuracy.

AI is already revolutionizing the user experience, enabling personalized content, and streamlining marketing efforts, to just scratch the surface.

In fintech, AI’s impact is profound – it’s facilitating data-driven decision-making, risk assessment, and more, analyzing vast amounts of financial data, predicting market trends, optimizing investment strategies, and bolstering overall financial performance. The fusion of AI and fintech fosters financial inclusion, automates tasks, and ultimately can lead to more secure, efficient, and convenient financial services for individuals and businesses alike. As AI continues to advance, its implementation promises to drive innovation and propel industries into a future of unparalleled possibilities.

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Please tell us a bit about Kashable’s SaaS fintech offerings.

Kashable is a fintech (financial technology) company that offers socially responsible credit and other financial wellness solutions to employees as an employer-sponsored voluntary benefit. Founded in 2013, Kashable uses innovative technology to help improve the financial well-being of working America. Kashable offers a fast and responsible credit alternative to employees who may otherwise be driven to take loans against their retirement plans, rely on predatory lenders or utilize high-rate credit cards.

How is Kashable helping to alleviate this financial stress for Americans by providing access to savings and personal finance tools?

According to a recent survey, Americans worry about three main things: insufficient retirement funds, the challenge of keeping up with the rising cost of living and managing debt levels. The repercussions of financial stress can affect many aspects of someone’s life. Participants in the survey reported feeling fatigued, having trouble concentrating at work, and experiencing sleep disturbances. In addition, a significant portion of respondents indicated that financial stress takes a toll on their relationships.

Fortunately, Kashable’s financial wellness program can provide employees with quick access to socially responsible, low-cost credit which helps bridge the financial gap caused by personal emergencies and other times of hardship. Our mission is to provide a suite of solutions that empower employees to take charge of their wealth.

With access to financial coaching, credit monitoring, and a financial library, Kashable can provide a safety net to employees and give them access to resources to help them successfully navigate financial challenges. Since Kashable was founded in 2013, 64% of our borrowers have seen an increase in their credit scores.* Kashable reports to credit bureaus, which helps to create a unique opportunity for employees to build credit over time as their timely repayments are reported. We focus on helping people through some of the most challenging situations they face every day by prioritizing financial wellness.

74% of Americans are living paycheck-to-paycheck and lacking personal finance skills. What are your strategies to combat such a situation?

The most important thing is access to proper financial education. We provide both access to financial education and the tools to help resolve the limited access working Americans have to low-cost credit. Kashable’s financial literacy is available to everyone for free and helps to provide individuals with the knowledge and skills to make informed financial decisions. We start with the basics, covering topics such as budgeting, saving, and different types of bank accounts.

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We also help to educate people about credit, how to properly manage multiple credit cards, and how to pay down expensive debt which helps employees manage their finances more effectively. Kashable offers a solution to help improve access to credit by offering a smart personal loan product that employees can apply for online from the privacy of their personal phone or computer. The funds are disbursed to the employee’s personal bank account and repaid directly from their paycheck.

Recently Kashable has collaborated with SecureSave. What are your future integration plans?

In the future, employers may only need to integrate with one party instead of two, which could lead to a 50% reduction in administrative tasks. This integration would involve Kashable and SecureSave working off the same eligibility file and sharing a consolidated deduction slot for payroll. Plus, employees could have the convenience of viewing their account information on both platforms.

For instance, on the Kashable platform, an employee would be able to check their SecureSave account balance and vice versa. Once an employee completes paying off a Kashable loan, there is a plan to offer them the option to transition their payroll deduction from loan repayment to contributing to a savings account. This seamless transition would aim to move individuals from being borrowers to savers smoothly.

How is the role of a CEO in the fintech space different from those in other industries – such as retail e-commerce or software development?

The CEO of a fintech company must balance financial expertise, regulatory compliance, technology integration, customer trust, and adaptability to succeed in the evolving fintech landscape. Consumer trust holds paramount importance, especially considering the sensitive nature of financial transactions and the data involved. CEOs must prioritize transparency, data privacy, and exceptional customer service to build and maintain that trust. Additionally, the fintech industry is highly sensitive to macroeconomic trends, which have to be taken into account when setting up projections or budgets.

Before we wrap up, a few biggest learnings and tips you’d like to share with fintech innovators and leaders.

As an entrepreneur, it’s important to get started and take that first step. Building a strong team around the business idea, with people who believe in the mission and want to advance it with you is key to anyone’s success.

Thank you, Einat! That was fun and we hope to see you back on AiThority.com soon.

[To share your insights with us, please write to sghosh@martechseries.com]