BANKING TECH AWARDS USA 2023 FINALIST: SavvyMoney

SavvyMoney is breaking through the fintech space by building a true double-bottom line business. Driven by the mission to empower financial well-being through innovation and partnership, SavvyMoney has built integrations with over 36 digital banking platforms. Over 1000 financial institutions across the country have signed on to offer their market-leading credit score solution. “We give consumers the tools and knowledge to make smart financial decisions while also enabling financial institutions to tackle the industry’s biggest growth challenges. Doing the right thing for our partners and their consumers is ingrained into our DNA and at the forefront of every decision we make,” says SavvyMoney’s President & CEO, JB Orecchia.

SavvyMoney enables financial institutions to deliver credit score visibility and unlimited credit report access to consumers, an essential part and tool forf improving financial health. Consumers also get free credit monitoring and a deep understanding of the key factors and account details that impact their credit score. Over 40% of SavvyMoney users increase their credit score tier when using the solution for at least 12 months.

Through the integration with digital banking providers, financial institutions of all sizes can seamlessly integrate this feature within their existing digital banking infrastructure without extensive (and costly) development within mere weeks. As Kitty Hunter, Chief Marketing & Community Engagement Officer for SCE Federal Credit Union, shared, “Thank you for one of - if not the easiest - launches of a new product that I have ever experienced in over 40 years! The responsiveness and follow-up during the whole process was beyond amazing. You made us feel like we were your only client.”

This is just one piece of our incredibly powerful solution. SavvyMoney partners also get access to: Consumer Credit Data & Analytics – SavvyMoney’s one-of-a-kind analytics solution uncovers key competitive intel, giving institutions full visibility into where their customers are borrowing so that they have the tools to gain greater share-of-wallet. They can increase loan volume by easily identifying lending opportunities, making the right offer to the right customer - and streamlining marketing dollars. CoVantage Credit Union was able to use SavvyMoney’s data & analytics to drive significant loan growth - $8.1MM of funded loans - in just 60 days.

Across all channels, the SavvyMoney solution influenced $20MM in funded loans over a 120-day period. Offers Engine – We make it simple for financial institutions to target their customers with the right offer at the right time. With “always-on” pre-qualified and pre-approved loan marketing, FIs increase visibility and awareness around loan products and customers can more easily take advantage of the money-saving offers they are eligible for. Matthew Tully, VP of Marketing for Credit Union of Southern California (CU SoCal), exclaimed, “We attribute our success with retargeting to the coaching we received from the marketing experts at SavvyMoney. They gave us the strategy and showed us how to technically implement a campaign. We followed their advice, and it began paying off immediately.” Loan Application UX - Our proprietary solution streamlines the loan app process into a frictionless 3-click experience without increasing risk exposure. By eliminating unnecessary fields of information and steps, FIs see a significant lift in application completion rates as users apply at double the rate after implementation. All In Credit Union started to leverage the new 3-click application with SavvyMoney users in May 2022, and the results have been astounding, showing a 145% lift in loan application completion rate. Prior to leveraging the new loan submission product, the credit union was averaging about a 45% completion rate. After implementing the new application experience, All In started averaging a 63% completion rate.

As Todd Peeples, SVP, Sales & Lending for All In Credit Union puts it, “We were seeing good engagement with digital offers but low application 3 of 4 submission rates. Once we replaced our long application process with SavvyMoney’s streamlined 3-click experience, we saw application volume increase almost immediately.” Financial Education – SavvyMoney empowers customers to strive for financial freedom with personalized education and recommendations. Eric Bangerter, VP eCommerce at UW Credit Union said “SavvyMoney democratizes information so our members can learn more about the importance of credit and how to improve their own scores. And it works - over half of our B and C credit members and 80% of our D credit members have improved their credit tier over the last 12 months with the personalized support and guidance SavvyMoney provides them.

SavvyMoney Partner Hub - SavvyMoney partners get free access to the SavvyMoney Partner Hub, with thousands of resources and tools to maximize their success with the solution are available for download. The resources are also whitepaper, allowing the institution to put their own logo and branding to pass them along to their customers and members as their own. The Hub is consistently updated, and the SavvyMoney team provides users with monthly webinars, training sessions, and updates so they can stay abreast of the latest resources and campaigns available to them.

However, what really sets SavvyMoney apart goes beyond features and functionality. In addition to our double-bottom line, we are committed to a level of hands-on, white-glove service that is uncharacteristic of rapidly growing fintechs. Despite the organization's rapid growth consisting of signing 500+ financial institutions, and launching over 400 financial institutions in the last 24 months, we make each and every one of our customers feel seen and heard. In fact, our passion for customer success is overwhelmingly the #1 reason over 1,000 banks and credit unions choose SavvyMoney. At SavvyMoney, the team members operate as an extension of the financial institution’s team. All of their solutions are designed to help them retain customers, build brand loyalty, and drive growth. Acquiring a new customer takes money and time. SavvyMoney’s solutions help financial institutions efficiently spend marketing dollars to drive growth and maximize customer lifetime value. As Melissa Frohlick from 1st International Bank & Trust says, “I love how easy the integration was and with their personalized service, I still feel like I’m in the honeymoon phase 4.5 years later.” Matthew Tully from CU SoCal agrees: “I can’t thank the SavvyMoney team enough. They are entrepreneurial, experienced, super-skilled, and 100% committed to your success. That’s what I call a real partner!”