Backbase partners with SavvyMoney to equip FIs with in-app credit scores for customers
Atlanta, GA – August 22, 2023 – Backbase, the global leader in Engagement Banking, announced today its strategic partnership with SavvyMoney, a company powering innovative, market-leading credit score solutions. 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 customers, as well as hyper-personalized deals and offers. This is critically important because 68% of consumers report being stressed about money each month, according to FICO, and uncertainty is driving consumers to turn to non-traditional financial services. With Backbase’s partnership with SavvyMoney, community banks and credit unions are equipped with an in-app, value-added solution that will help customers and members find more value in their primary banking app, thus increasing stickiness.
The integration will allow end-users to compare their credit scores against credit score ranges and run simulations and scenarios for better financial planning based on overall credit health. By consolidating information from various accounts, debit and credit cards and other sources, customers and members gain a comprehensive view of their credit score. This empowers them to make well-informed, data-driven decisions regarding financial life events.
"Keeping track of credit scores has become essential for individuals looking to manage their finances as they plan for significant life events," said Chris Fraenza, chief revenue officer at SavvyMoney. "As a company, we are committed to empowering individuals to achieve their financial goals and improve their overall financial well-being. We’re thrilled to collaborate with Backbase to make crucial credit score functionality so 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 for the U.S. mid-market at Backbase. "To avoid losing out to fintechs, 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, provide the plumbing so FIs can focus on innovation.”
Backbase will continue its integration with SavvyMoney over the coming months with a continued 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 1,100 banks and credit unions 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 www.savvymoney.com.
Press Contact
Backbase
Caliber Corporate Advisers
SavvyMoney
(placeholder for PR contact)