Technology also enables financial institutions to make pre-qualified
lending offers customized to individual needs
BROOKFIELD, Wis.--(BUSINESS WIRE)--
Inc. (NASDAQ: FISV), 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
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.
& 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."
Fiserv is the U.S. market leader in account processing services, and
more than one-third of U.S. financial institutions rely on Fiserv for
account processing solutions and expertise.
In a world that is moving faster than ever before, Fiserv helps clients
deliver solutions that are in step with the way people live and work
today - financial services at the speed of life. Learn more at Fiserv.com.
At SavvyMoney, we empower consumers to take control of their financial
future with easy to understand actionable advice about their credit. We
do this by partnering with credit unions, financial institutions and
digital banking providers to deliver integrated insightful solutions
that help deepen their relationship with their members and customers. www.savvymoney.com
Fiserv, Inc. (NASDAQ: FISV) enables clients worldwide to create and
deliver financial services experiences that are in step with the way
people live and work today. For more than 30 years, Fiserv has been a
trusted leader in financial services technology, helping clients achieve
best-in-class results by driving quality and innovation in payments,
processing services, risk and compliance, customer and channel
management, and insights and optimization. Fiserv is a member of the
FORTUNE® 500 and has been named among the FORTUNE Magazine World's Most
Admired Companies® for four consecutive years, ranking first in its
category for innovation in 2016 and 2017. For more information, visit Fiserv.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170308005753/en/
Director, Public Relations
Elizabeth McMillan, APR
Source: Fiserv, Inc.
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