Fiserv, Inc. (NASDAQ: FISV), the 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% of U.S. consumers believe it is important or very important to know their credit scores. In addition, 39% 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. Financial journalist and author Jean Chatzky discussed how financial institutions can close this credit score gap in a recent video.
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.