BROOKFIELD, Wis.– Fiserv 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.
The company said 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, Fiserv added.
“With Credit Sense, a person’s credit score can be displayed within the online or mobile banking user interface alongside their account information,” Fiserv said. “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% 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% said they know the general range of their score and 13% did not know their score. Among early millennials ages 18 to 24, one third (33%) said they did not know their score.
The Expectations & Experiences survey also revealed that 81% 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 the $155-million Star USA FCU in Charleston, W.V., in a statement. “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.”
“It’s a natural fit for financial institutions to provide credit monitoring capabilities and financial literacy resources,” SSWS 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.”