Credit Score Insights positions community banks, credit unions as partners in financial wellness by enabling users to make well-informed financial decisions directly from their banking app.
Atlanta, GA – August 22, 2023 – Backbase, the global leader in Engagement Banking, announced today its strategic partnership with SavvyMoney, the leading company powering innovative credit score solutions, market-leading analytics and personalized loan marketing. Through this partnership, SavvyMoney’s robust credit score solution, Credit Score Insights, will be integrated into the Backbase Engagement Banking Platform, enabling community banks and credit unions to provide their customers and members with access to real-time credit scores directly within their banking app.
SavvyMoney’s Credit Score Insights provides reports and insights to these financial institutions (FIs) to help them offer tailored financial recommendations and advice to their users, as well as marketing tactics to create hyper-personalized deals and offers. By working with partners like SavvyMoney, Backbase is able to equip FIs with an in-app solution to help their users find more value in their primary banking app, thus increasing stickiness.
The integration will allow end-users to understand all of the score factors that make up their score, daily update their full credit report, run credit score simulations and set credit score goals that includes an action plan to help improve their score. This empowers customers and members to make well-informed, data-driven decisions regarding financial life events.
“Giving financial institutions access to their consumers’ full financial picture has become essential to their long-term success and growth,” said Chris Fraenza, chief revenue officer at SavvyMoney. “Those consumers can now manage their credit and finances as they plan for significant life events, while their financial institution can create a deeper relationship through personalized offers.”
“As a company, we are committed to empowering individuals to achieve their financial goals and improve their overall financial well-being,” said JB Orecchia, president and CEO at SavvyMoney. “We’re thrilled to collaborate with Backbase to make crucial credit score functionality easily accessible via banking apps.”
This latest partnership with SavvyMoney reinforces Backbase’s commitment to enhancing its Fintech-as-a-Service (FaaS) offering, which allows community banks and credit unions to elevate their customer and member experience by seamlessly incorporating cutting-edge features into their apps. By teaming up with leading technology partners, Backbase accelerates the integration of best-in-class capabilities into the Backbase Engagement Banking Platform.
“There’s a growing demand from consumers for guidance from their banking apps to help them make informed financial decisions,” said Brian McNutt, vice president of product management for the U.S. mid-market at Backbase. “It’s crucial that banks and credit unions become trusted financial advisors to help end-users improve their credit health. By integrating SavvyMoney’s credit score solution into our platform, we’re helping financial institutions accelerate their time to market, giving them a chance to truly compete. That’s the idea behind our Fintech-as-a-Service offering, to reduce our customers’ time-to-market and time-to-value, so FIs can focus on innovation.”
Backbase will continue its integration with SavvyMoney over the coming months with an ongoing focus on innovation. To learn more about Backbase, its partnership with SavvyMoney and its FaaS offering, visit www.backbase.com.
About Backbase
Backbase is on a mission to re-architect banking around the customer.
Backbase created the Backbase Engagement Banking Platform – a unified platform with the customer at the center, empowering banks to accelerate their digital transformation. From customer onboarding, to servicing, loyalty and loan origination, our single platform — open and frictionless, with ready-to-go apps — improves every aspect of the customer experience. Built from the ground up with the customer at the heart, our Engagement Banking Platform easily plugs into existing core banking systems and comes pre-integrated with the latest fintechs so financial institutions can innovate at scale.
Industry analysts Gartner, Celent, Omdia and IDC continuously recognize Backbase’s category leadership. Over 120 financials around the world have embraced the Backbase Engagement Banking Platform – including AIB, Banorte, Barclays, BIAT, Bank of the Philippine Islands, BDO, BNP Paribas, Banque Saudi Fransi, BRD, Citibank, Citizens Bank, Discovery Bank, First National Bank, HDFC, Ila Bank, KeyBank, Lloyds Banking Group, NatWest, Navy Federal Credit Union, OTP Group, PostFinance, Raiffeisen, RBC, Standard Bank, Saudi National Bank, Société Générale, Truist, and TPBank.
Backbase is a private fintech company, founded in 2003 in Amsterdam (Global HQ), with regional offices in Atlanta (Americas HQ), Boise, Cardiff, Dubai, Hyderabad, Kraków, London, Mexico City, Milano, New York, Singapore (Asia HQ), Sydney, and Toronto.
About SavvyMoney
A leading provider of credit score solutions, SavvyMoney serves over 1150 banks, credit unions, and fintechs across the country. Combining real-time data with digital personalization tools, SavvyMoney’s solutions integrate seamlessly with over 40 online banking platforms. SavvyMoney’s innovative technology is backed by hands-on service and a commitment to helping financial institutions strengthen and deepen their customer relationships. To learn more about SavvyMoney, visit beta.savvymoney.com.
CONTACT:
Backbase
Caliber Corporate Advisers
backbase@calibercorporateadvisers.com
SavvyMoney
BLASTmedia for SavvyMoney
savvymoney@blastmedia.com
Ryan Sonnenberg
Director of Marketing, SavvyMoney
ryan.sonnenberg@savvymoney.com