Getting customers on track for financial health is a top priority for most banks. But while major FIs have the resources and tools in place for helping customers manage and monitor credit, smaller players often lack that crucial infrastructure.
In comes Wallaby Financial.
The company, acquired by Bankrate in 2014, rolled out its FI-facing app Score & Report, last year. The app provides customers with insights into their credit scores, and suggestions on improving it. The FIs, on the other hand, get a view into the user’s financial behavior, allowing them to send personalized product offers.
After signing about 100 financial institutions since the launch, the company is now adding new features to the app, looking into the personal finance management space as well, Bank Innovation learned.
“That’s one of the directions we see our app developing,” said Kim Fraser, SVP of business development. “Our clients are already structuring PFM services around the app on their own, since they are able to provide notifications and communicate through the tool, but more features will be added soon.”
The PFM features may include things like setting savings goal, and suggestions on better money management, she added.
Score & Report is a standalone app, separate from banks’ own mobile apps. “Many of the big banks provide credit score services through their apps, but we feel like building those capabilities on top of core banking features, it’s likely to get lost among other features, and will yield lower engagement rate,” she added.
The tool is targeted at community and regional banks, aiming to provide “a new level of trusted advisory services,” Fraser said. “So the bank can see that Customer X’s score went down, how can they help? What can be an actionable advice or offering?” The app also enables banks to send out personalised bonuses, incentives, or raffles to their customers.
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