Banks and Financial Services can Engage Customers with Credit Health Monitoring Tools

We live in a fast paced digital era. That's why banks and financial service providers are looking for innovative ways to engage customers and offer valued services. One effective strategy is integrating credit health monitoring tools within banking apps. By offering features such as credit score checking and personalized financial tips, institutions can empower their users to take control of their financial well-being. Especially, while fostering a stronger connection with their customers. 

The Top Three offers consumers seek:

1. Credit Score Checking: A Gateway to Financial Empowerment

Credit scores are crucial in an individual's financial journey. Credit scores influence individual’s ability to:

• secure loans,

• access favorable interest rates, 

• and even rent an apartment. 

By integrating credit score checking functionality into their apps, banks, and financial institutions can give users real-time access to their credit health.

Consider the following: According to a Consumer Financial Protection Bureau survey, approximately 45 million Americans actively use credit monitoring services to keep track of their credit scores. This detects potential fraudulent activity. 

• A study by Credit Karma revealed that users who check their credit scores at least once a month are more likely to see an increase in their credit scores over time compared to those who check less frequently or not at all.

These statistics show that users seek tools to monitor and improve their credit health. By offering credit score checking within their apps, banks can become trusted partners in their customer’s financial journey. 

2. Personalized Financial Tips: Guiding Users Towards Financial Success

Beyond credit score checking, financial institutions can enhance user engagement by providing personalized financial tips tailored to each individual's unique circumstances. Such guidance can cover various areas, including debt management and credit score improvement strategies. Consider the following:

• A survey by J.D. Power reveals that 72% of banking app users expressed interest in receiving personalized financial advice within their apps.

• A study by Accenture found that customers who receive personalized financial advice from their banks are 2.4 times more likely to be highly satisfied with their banking experience.

These statistics highlight the demand for personalized financial guidance and show its positive impact on user satisfaction and engagement. Banks can deliver tailored tips and insights by leveraging data analytics and artificial intelligence, empowering their users to make informed financial decisions.

3. Boosting User Engagement and Loyalty

Credit health monitoring tools within banking apps help to enhance user experiences and strengthen customer loyalty. Banks can foster deeper connections with their customers by providing valuable features and services that empower users to improve their financial well-being. For example:

• A Javelin Strategy & Research study revealed that customers using mobile banking apps are 33% less likely to switch banks.

• According to a survey by Accenture, 43% of customers would be willing to share their data with their banks if it resulted in personalized offers and recommendations.

These findings prove that banks can differentiate themselves in the market by offering credit health monitoring tools and related services, boosting user engagement, and cultivating lasting customer relationships.

Incorporating credit health monitoring tools within banking and financial service apps offers significant advantages for both institutions and their customers. By providing functionalities such as credit score checking and personalized financial tips, banks empower users to take control of their financial well-being, fostering loyalty and engagement. 

Ready to start incorporating credit health monitoring tools into your app? Experience the power of the Consumer Engagement Suite for:

•  an improved digital experience,

•  better credit scores,

•  and easy finance management. 

Our solutions integrate into your app with a custom interface. This provides  you with screen time and opportunities to connect with customers. 

 

 

Sources:

1. Credit Score Checking: A Gateway to Financial Empowerment

a. The Consumer Financial Protection Bureau. (n.d.). Get Your Credit Score. 

b. Credit Karma. (2020). Credit Karma Annual Credit Score Study. 

2. Personalized Financial Tips: Guiding Users Towards Financial Success

a. J.D. Power. (2019). J.D. Power 2019 U.S. Banking Mobile App Satisfaction Study. 

b. Accenture. (2018). The Right Offer at the Right Time: Generating value from customer data in banking. 

3. Boosting User Engagement and Loyalty

a. Javelin Strategy & Research. (2019). Mobile Banking App Users More Likely to Stay Put.

b. Accenture. (2018). The Right Offer at the Right Time: Generating value from customer data in banking.