Fiserv, a provider of financial services technology solutions, announced Wednesday (Mar. 8) the launch of Credit Sense, a solution that enables financial institutions to integrate credit scores into digital banking.
In a press release, Fiserv 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. According to Fiserv, 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 based on their credit score. Credit Sense incorporates technology from SavvyMoney and will be available through multiple core account processing and online and mobile banking platforms from Fiserv, the company said.
Fiserv said 64 percent of U.S. consumers think it’s important or very important to know their credit scores, while 39 percent said they already know and 48 percent said they know the general range of their score. Thirteen percent have no clue what their score is. That gets worse when asking early millennials or those ages 18 to 24. Thirty-three percent said they don’t know their score. Fiserv noted 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 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, in the press release. “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.”