Fiserv Inc, a leading global provider of financial services technology solutions, has launched Credit Sense, a solution that enables financial institutions to meet consumer expectations for personalized credit information by integrating credit scores into the digital banking experience. Credit Sense provides a credit score, daily credit monitoring, insight into factors influencing credit score and free financial education resources. Credit Sense also helps financial institutions strengthen and grow member relationships through customized lending offers.
With Credit Sense, a person’s credit score can be displayed within the online or mobile banking user interface alongside their account information. Additional insights and offers are tailored to each user. Credit Sense incorporates technology from SavvyMoney, and will be available through multiple core account processing and online and mobile banking platforms from Fiserv.
According to the Expectations & Experiences: Channels and New Entrants consumer trends survey from Fiserv, 64 percent of U.S. consumers believe it is important or very important to know their credit scores. In addition, 39 percent said they know their credit score, 48 percent said they know the general range of their score and 13 percent did not know their score. Among early millennials ages 18 to 24, one third (33 percent) said they did not know their score. Financial journalist and author Jean Chatzky discussed how financial institutions can close this credit score gap in a recent video.
The Expectations & Experiences survey also revealed that 81 percent of U.S. consumers say there are one or two financial institutions they always turn to first for their financial needs. Credit Sense allows financial institutions to make pre-qualified lending offers based on a consumer’s credit score and their individual needs. The financial institution can then capture loans that might have been lost had consumers visited non-financial institution sites to obtain their credit score, and consumers are able to get a loan from their trusted financial institution rather than an unfamiliar provider.
“Star USA Federal Credit Union has been using Credit Sense for several months. We are seeing our members become more financially savvy as they monitor their credit scores,” said Tammy Wells, CFO of Star USA Federal Credit Union, a $155 million credit union based in Charleston, West Virginia. “Our ability to customize lending offers for our members’ needs has also allowed us to make a substantial number of new loans. We are extremely impressed by the potential this technology has demonstrated to benefit our members.”
Community Service Credit Union, based in Huntsville, Texas, has $94 million in assets and also recently started using Credit Sense.
“We are always looking for new ways to expand relationships and provide more value for our members, and Credit Sense is helping us do so,” said Brenda Hooker, CEO, Community Service Credit Union. “We also strongly support the notion of providing our members with free financial education, and allowing them to access credit scores and advice on how to improve their scores.”
“It’s a natural fit for financial institutions to provide credit monitoring capabilities and financial literacy resources,” said Byron Vielehr, group president, Depository Institution Services, Fiserv. “People trust their financial institutions and will turn to them first for their financial needs, including loans, particularly when they are able to access customized offers directly within digital banking.”