The consumer trend data shows consumers are resolving to improve their credit score in 2020 by increasing their income and paying their bills on time. The recent consumer survey showed that 51% of consumers are making plans to increase their income potential in 2020.
By helping customers to improve their finances and to safeguard their personal data, these high-value services also give lenders insight into customer needs and creditworthiness, and can help uncover a new revenue source. Greater understanding of customer priorities in turn enables timely, targeted product offers that address customer needs and offer great ROI potential.
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.
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.
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 [...]
There’s no denying it: we’ve all become addicted to personalized, immediate, and friction-free experiences via our favorite channel. And that has created the new competitive landscape in financial services. Our expectations have been fueled by rapid technology adoption and our experiences with the likes of Apple, Facebook, and Amazon.
Aside from baking the perfect, Instagram-worthy pie and keeping their relatives from roasting each other over politics while passing the potatoes, your customers face many more important hurdles, challenges, and frustrations during the holiday season. The list-topper: their finances.
When your customers have stable finances and better credit they're not only likely to pay their bills to you on time, they're also likely to qualify and be interested in purchasing additional products and services. And it is credit education tools provided by you that helps them get and stay fiscally fit and turn them [...]