Modern Consumer Needs
Where Providers Struggle
Your Business Opportunity
Gen Z Spotlight
Why CreditView Dashboard
The Credit Education Edge
How CreditView Dashboard helps
financial institutions empower consumers with credit wellness tools they’ll turn to in times of uncertainty & prosperity
Personalized For All Types of Credit Stories
Not long ago, credit scores were the exclusive domain of lenders and credit reporting agencies.
Now credit scores are everywhere and, for the most part, regular access to them is free. That's why... 2 out of every 3 consumers now check their credit score more than once a year.
We are in the age of the credit score…
Lenders rely on credit to fairly and accurately evaluate consumers.
Consumers, in turn, rely on credit to power key life events.
Successfully managing financial health – especially during challenging times – depends on essential credit know-how.
Spotlight: Why understanding credit is so important
…but consumers still struggle to stay on top of their credit health.
Despite the wide availability of free credit scores, consumers still find managing their credit health challenging at times.
• Nearly 60% of consumers surveyed in our Consumer Financial Hardship Study said they
have experienced income loss or reduction in the past 6 months.
• The percentage of accounts in a hardship status increased significantly across all loan
categories and risk tiers in recent months.
Third, modern consumers now contend with extreme market volatility and financial stressors threatening their credit health in unprecedented ways.
• More than 1 of 10 consumers admit to having avoided looking at their credit score.
Second, managing personal finances and credit can still be a major stressor, even for those consumers who have credit score access.
• In fact, 12.5 million consumers are “unscorable” today.
First, not everyone has a credit score.
What modern consumers are seeking
True credit guidance & reassurance, not just a score
Less than 30% of Americans feel comfortable with the amount of knowledge they have about managing
More than 3 in 5 (66%) believe monitoring their credit score is moderately to extremely important and almost 1 in 3 (30%) check it monthly.
2 in 3 Millennials say advice and education are the biggest benefits of credit score monitoring.
Engaging digital experiences
73% say a good experience is a key influence on purchasing decisions.
77% say a bad customer experience detracts from their quality of life.
U.S. consumers spend an average of 7.8 hours per day engaging with digital content.
Highly personalized content tailored to their needs
More than half (63%) of consumers expect personalization as a
standard of service.
79% of consumers would like to receive personal recommendations
and insights based on their unique data.
More than 4 in 5 (82%) of consumers are willing to share their data to
receive personalized product recommendations.
Where traditional providers struggle today
Many rely on generic content that
lacks personalized insight and advice
Many providers remain dependent on one-size-fits-all educational
material and tools for already-self-motivated consumers.
Some fail to provide the information consumers want in the appropriate channels
More than three-fourths (78%) of U.S. retail bank customers say they are interested in receiving financial advice or guidance from their bank.
Nearly 6 of 10 customers (58%) say their preferred means of receiving advice is digital content delivered through a bank website or mobile app.
Others fail to create differentiation in the eyes of consumers
• 1 in 3 Americans agree “All banks are basically the same.”
• Current banking industry shortcomings stem largely from a focus on
static & commoditized transactional competence rather than on
cementing dynamic, differentiated long-term relationships.
Taken together, all of these dynamics point to an existing unmet consumer need. Consumers are looking for businesses to turn to for help in understanding their comprehensive financial picture in channels that are modern and accessible to them.
What does this mean for your business?
Financial institutions have an opportunity to meet that unmet need by serving
as the vital link between consumers and their credit profile as they’re:
• Making their most important life decisions
• Strengthening their financial health
• Recovering from financial hardship
We know that consumers with a clear understanding of their credit profile – when it’s used and how their actions affect it – can take meaningful steps toward managing their financial future and gaining access to the goods and services they desire.
The opportunity is there for the taking: given a choice, many consumers would prefer credit guidance from their bank or credit union. They turn to third parties because their primary financial institution simply doesn’t offer such services.
Financial institutions have a real opportunity to address current consumer needs for comprehensive credit education and to build empowering, loyal relationships.
Spotlight on Generation Z: Be the helping hand they need now
What do Generation Z consumers want?
The common denominator? Good credit.
Engage them where they are today, and you’ll have the chance
to build loyalty for life.
56% want to earn high salaries or be wealthy.
52% want to buy homes of their own.
45% want to have children and start families — they’ll need appropriate financial
means to do so.
Consumers get credit guidance. WIN. Your business gets all the credit. WIN.
Create a revenue-generating consumer engagement machine with minimal technological investment and resources via CreditView Dashboard, a comprehensive consumer education platform.
Here’s what CreditView Dashboard can help your organization do:
Aim for a personalized experience from login to logout. Attract consumers with their free credit score, then offer tailored messaging and tools to keep them engaged with their credit and your brand.
Help consumers understand their current credit profile and how specific actions can influence it. The majority of consumers today want proactive advice on how they can improve their credit health.
Draw consumers in with timely information delivered via credit alerts that help consumers stay on top of their financial pictures.
Equip consumers with tools to manage and protect their personal information in an ongoing manner. Strong protections like credit monitoring and credit lock can help consumers protect their personal information in meaningful ways.
In the event a consumer is unable to keep up with financial commitments, consumer-first debt resolution helps educate them about their past-due account and empowers them with a user-friendly option to resolve it. Your brand can play a strong, proactive role guiding consumers back to credit health.
Now your business has a new, larger pool of engaged consumers and more insight into their needs. This makes it even easier to target specific consumers with offers that are most relevant to their needs, enabling a new acquisition and revenue channel.
The solution –
Why CreditView Dashboard?
Because the credit education market
is growing, consumers are ready and there’s no time to waste.
Modern consumers seek a trusted source to guide them to financial freedom. They want tailored advice, personalized experiences and to know that the tools and offers they receive are the best fit for their personal circumstances. They also want to know that they have the expert advice they need in times of uncertainty and prosperity.
1 Mintel, “Perceptions of Credit and Credit Monitoring, US,” August 2018
2 TransUnion, 2020 Consumer Database Analysis
3 TransUnion Consumer Financial Hardship Study, Week 9
4 TransUnion Monthly Industry Snapshot, May 2020
5 Principal, “We make 35,000 decisions per day, but 7 in 10 postpone major financial decisions,” April 19, 2018
6 TransUnion Consumer Financial Hardship Study, 2020
7 Mintel, “Perceptions of Credit,” August 2018
8 PwC, “Experience is everything: Here’s how to get it right,” 201
9 Oracle, Modern Experiences for Connected Consumers, 2018
10 Giselle Abramovich, Adobe, “Consumer Demand For Personalized Content Reaches All-Time High”
11 Retail Customer Experience, “Consumers expect personalization, reveals report,” April 8, 2019
12 Salesforce Research, “State of the Connected Customer,” Second Edition, 2018
13 Smart Insights, “Majority of consumers will only engage with personalized marketing messages,” July 29, 2019
14 Javelin, “Credit Scores in Digital Banking,” Nov. 2017
15 J.D. Power, “U.S. Retail Banking Advice Study,” 2019
17 Forrester Research, Inc., “Financial Services Firms Should Personalize Across The Lifecycle And On All Touchpoints,” 2019
18 Javelin Strategy & Research, “Gamification Reaches a Pivotal Point in 2020,” December, 2019
19 Mintel, “Perceptions of Credit,” August 2018
20 TransUnion, “Gen Z Uncovered,” January 2020
CreditView Dashboard puts your customers’ needs
front-and-center. It benefits them and your bottom line:
CreditView Dashboard is your chance to empower consumers with the financial tools they need,
when they need them most.
Improved credit health
& financial standing
Greater access to wanted goods & services
Deeper engagement and ability to manage data
New scalable consumer engagement channel
Opportunity for new/
additional revenue streams
Financially healthy consumers
& increased brand affinity
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At the same time, their expectations are higher than ever before, and businesses must find a way to develop and deploy robust solutions that can shift as new market needs arise.
Organizations that figure out how to best build effective experiences that meet these needs will attract new consumers and establish lifelong loyalty and trust.
Many organizations have cracked the code by leveraging CreditView Dashboard to launch a branded consumer credit education program with minimal lift on their side.
Learn more about CreditView Dashboard and find out how you can join these top organizations here.
Consumers, in turn, rely on credit to power key life events.
• Making their most important life
• Strengthening their financial health
Improved credit health &
Greater access to wanted goods
Financially healthy consumers &
increased brand affinity
Opportunity for new/additional