Millennials say the biggest benefits of monitoring their credit score are advice and education
San Francisco, CA, December 5, 2017: Many Americans monitor their credit score at a bank or credit union rather than through online apps. Among Millennials this is especially true as 2 in 3 monitor their score at their FI vs. about half use a non-bank online service or mobile app.
“More than ever, lenders can actively help customers build their borrowing power,” said Mark Schwanhausser
, Director, Digital Banking at Javelin Strategy & Research. “Banks and credit unions have the digital tools — or can develop them — to have a daily role in coaching customers how credit works and what customers can do to improve their ability to borrow and manage debt wisely. This is a win-win scenario, benefiting both consumers and financial institutions.”
The report, Credit Scores in Digital Banking: How to Help Customers Become Better Borrowers
, outlines how banks and credit unions and consumers can mutually benefit from digitally powered advice. Notably, building trust and an advisory relationship increases the odds that an FI will be the first choice when an applicant hits “Apply Now.” Insight and coaching also can make customers more willing to shoulder prudent debt, and improve an applicant’s creditworthiness and ability to repay.
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About Javelin Strategy & Research
Javelin Strategy & Research, a Greenwich Associates LLC company, is a research-based advisory firm that helps its clients to make better-informed business decisions in a digital financial world. Our analysts offer unbiased, actionable insights and unearth opportunities that help financial institutions, government entities, payment companies, merchants, and other technology providers sustainably increase profits.