Filene Fill-in Episode #17
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Ep. 17: What's So Savvy About SavvyMoney Anyway?
Born from credit score subscription services, SavvyMoney brings the benefits sought by consumers & creates a winning program for CUs.
- Introduction of SavvyMoney: The discussion revolves around SavvyMoney, a fintech company focused on providing comprehensive credit score products for credit unions. It includes tools like credit score monitoring integrated into online banking, credit monitoring alerts, and analytics to help credit unions run smarter campaigns.
- Origins and Development: The inception of SavvyMoney stemmed from an i3 idea called "Debt in Focus," a tool for consumers to anonymously assess their debt. Collaboration between the i3 team and a credit union in Colorado led to the creation of this successful tool, which eventually evolved into SavvyMoney through a collaboration with its founder, Gabriel Recchia.
- Differentiation from Other Services: SavvyMoney is often likened to "Credit Karma for credit unions," providing similar services but with a focus on educating members beyond credit scores. It offers alerts, notifications, and cross-sell opportunities tailored to credit union members' needs, thereby deepening the relationship between members and credit unions.
- Impact on Credit Union Members: By offering education and tools to understand credit scores and make better financial decisions, SavvyMoney intends to increase members' financial capabilities and, consequently, their credit scores.
- New Features and Future Plans: SavvyMoney continues to innovate, having recently launched SavvyMoney Analytics, an extension of their credit score platform. This analytics tool offers insights into members' credit profiles, loan opportunities, and trends in credit scores. The platform is piloting with select partners and aims for a broader launch soon.
