As customer service continues its rapid shift to digital channels, consumer-finance companies have a powerful opportunity to engage customers and add value to the user experience. Credit education solutions can give customers valuable, personalized information and help lenders deliver relevant, prequalified credit offers that meet customers’ needs.
Secured credit cards are time-tested vehicles for enabling consumers with no or limited (thin-file) credit history to build their credit score profile. Pairing secured cardholders with individualized credit education services can help consumers and credit card issuers reach that goal.
Recent Experian research found that innovative digital resources are highly effective at informing, educating and energizing millennial audiences. That makes credit education services, delivered over the digital and mobile channels where millennials are most at home, an ideal millennial-outreach vehicle.
By helping consumers become more financially capable, fintechs build goodwill and help customers become better prospects for additional financial products: Equipping users with better credit management skills is one way fintechs can cultivate more qualified candidates for mortgages, auto loans, larger lines of credit, and other product offerings.
Consumers love to use fintech services for the instant accessibility and convenience they provide; but as more and more providers are entering the financial technology space and offering the same services, it’s harder for consumers to tell providers apart.
Today, Fintechs have a significant opportunity to educate and empower millennials with impactful credit education services. We know millennials are technologically savvy, but studies suggest that they need help building financial wellness.
Fintech companies can get ahead of consumer demand by offering identity protection solutions that cover individuals and their families. Offering solutions that detect cyber threats to personal data, can help Fintechs build loyalty with their customers while gaining a competitive advantage. Bundled identity-protection solutions give fintechs an edge in the market by providing an additional [...]
Offering interactive credit education tools that give customers actionable insights into their financial health is a promising tactic for fintechs seeking to deliver more valuable customer experiences—and opportunities to offer new products and services.
After pushing the limits of digital innovation, fintechs still face the challenge of finding new customers while continuing to engage and retain loyal ones. For fintechs, success will depend on the acquisition of new customers by offering personalized credit education products and the ability to cross-sell bundled offerings at key points during the customer life [...]
Consumers don’t always understand the context of their credit score and it’s not always obvious what is needed to do to improve their creditworthiness. The truth is there’s a lot more to a credit score than just a number, and the stakes can be high for everyday people.