Empower your consumers with personalized financial management tools, pre-approved offers, and so much more!
The financial landscape is evolving, and today’s consumers expect more than traditional services from their financial institutions. They want personalized tools, actionable insights, and solutions that align with their financial goals. With these expectations in mind, SavvyMoney is revolutionizing how financial institutions empower consumers. Let’s explore SavvyMoney’s transformative impact, as highlighted in our 2024 Big Bright Minds presentation.
The Growing Demand for Financial Wellness
Financial stress is a widespread issue, with 77% of Americans reporting anxiety about their finances. Despite this, only a tiny percentage of financial institutions (FIs) fully meet the demand for wellness tools, even though 70% of consumers express interest in them. Meeting this need isn’t just good for consumers—it’s critical for financial institutions to drive loyalty. Consumers with access to financial wellness tools are twice as likely to stay with their financial institution.
How SavvyMoney is Driving Change
Comprehensive Financial Education
Education is the foundation of financial empowerment. Consumers of all ages are asking for their trusted financial institutions to tell them how to be better consumers, especially with the increased cost of borrowing. With the right tools, modern financial institutions can give their consumers access to their entire financial picture, not just the balances in their accounts. Integrating credit education directly into the banking experience enables consumers to improve their credit scores and financial literacy. A mid-size credit union from the Western United States found that consumers who engage with these tools see significant results, with average credit score increases of 31 points. For consumers with scores below 600, the results are even more dramatic, with increases of up to 168 points after a year.
Personalized Financial Solutions
Today’s consumers expect personalization, with 66% of consumers wanting companies to understand their unique needs and deliver tailored experiences.
SavvyMoney leverages data to deliver personalized, pre-approved offers that reach consumers at the right time. Financial institutions that use this strategy can see:
- A 74% increase in digital application volume.
- A 53% growth in funded loans through digital channels.
- Over 50% click-to-offer acceptance rates.
Financial Checkup for Holistic Wellness
SavvyMoney’s Financial Checkup tool provides a personalized wellness score and actionable recommendations to help consumers minimize expenses and improve debt-to-income ratios. This tool ensures financial institutions can support every consumer, no matter how they bank.
Driving Engagement Through Digital Channels
Consumers are always connected, and financial institutions must meet them where they are. SavvyMoney creates engagement through in-app messaging, streamlined applications, and proactive communication. These strategies ensure consumers are consistently supported and informed.
Actual Results and Case Studies
SavvyMoney’s solutions don’t just meet expectations—they exceed them. For example, BCU members working with BCU Financial Coaches and using SavvyMoney tools increased their credit scores by an average of 66 points. Additionally, financial institutions using SavvyMoney report 2.3x higher profitability from these consumers than others, thanks to personalized loan offers and better financial decision-making.
Why Financial Institutions Choose SavvyMoney
SavvyMoney offers more than just technology; we provide:
- Seamless Integration: From implementation to ongoing optimization, we act as an extension of your team.
- Award-Winning Tools: Our platform delivers cutting-edge credit and financial wellness solutions.
- White-Glove Support: We are committed to your success every step of the way.
- Marketing Resources: Customizable tools to engage your consumers effectively.
A Partner in Success
PeoplesChoice Credit Union’s experience exemplifies SavvyMoney’s impact. When using SavvyMoney’s streamlined loan application process, PeoplesChoice was able to increase their applications by 110% and increase their funded loans by 102%. According to VP of Marketing & Technology John Laverriere:
“SavvyMoney is a win for our members in terms of credit score awareness, fraud protection, money-saving offers, and overall financial wellness, and a win for PeoplesChoice in being able to offer a solution that aligns with our desire to educate, assist, and support our members.”
Ready to Drive Financial Wellness?
The demand for personalized financial solutions is clear, and SavvyMoney is here to help your institution meet and exceed it. Empower your consumers, deepen relationships, and drive growth with a proven partner.
Let’s map out your path to success. Book time with our team here. Together, we can transform the financial wellness journey for your consumers.
