Fintech lender MONEYME launches Credit Score, expands its app-based capabilities
MONEYME’s new Credit Score product is available through the MONEYME app, allowing Australians to keep track of credit score developments.
A customer survey conducted by digital lender MONEYME (ASX:MME) last year revealed that many Australians are still in the dark when it comes to credit scores.
Only a third of the 1,596 respondents knew about their credit score before being prompted to check it, while 61% were surprised when they received the score.
However, almost all (97.7%) said they believed it was important for Australians to know their credit score.
Indeed, recent data shows that consumer awareness of their credit scores is increasing. According to global credit agency Experian, there was a 45% increase in the number of consumers checking their Experian credit reports in the 12 months ending August 31.
MONEYME follows this trend and has officially launched a free credit score product after a successful beta test.
The company says the product has already seen over 37,000 customers flock to discover their score during the beta trial, despite zero marketing of the product so far.
While most credit score products out there are web-based, MONEYME’s credit score is app-based, allowing consumers to check their score from the palm of their hand.
It leverages credit file data from Experian, and was built on MONEYME’s proprietary technology platform, Horizon.
The service allows users to check credit scores, see what’s on their credit file, track how their score changes over time, and understand the likelihood of being approved for credit products.
“We are delighted to now offer a free credit score service to help Australians gain a better understanding of what affects their credit score, and ultimately their ability to access credit in the future,” said Clayton Howes, CEO in MONEYME.
MONEYME continues to expand its product range
MONEYME has positioned itself to be a major player not only in the rapidly growing Australian fintech lending industry, but the overall lending sector, as traditional lenders struggle to catch up with technology capabilities.
The acquisition of SocietyOne in March last year has strengthened MONEYME’s loan book and put the company in a leading position when smaller players are fighting to build scale.
MONEYME has since turbocharged the SocietyOne customer experience with MONEYME’s proprietary technology platform, reducing the time to settlement of loan applications from an average of 1-2 days down to one hour.
The new credit scoring product, which leveraged user insights from SocietyOne’s Credit Score product, adds another financial wellness tool to MONEYME’s vast offering.
The company has previously highlighted the business value of a free financial wellness offering, emphasizing how it can drive customer engagement and retention, as well as provide opportunities for cross-selling.
MONEYME says the new Credit Score product was designed to increase customers’ awareness of their financial health, create more meaningful engagements with existing customers and attract new customers early in their financial journey.
With an easy-to-use interface and a range of engaging features, the company hopes the product will encourage more Australians to learn how their financial habits affect their ability to access credit in the future.
“Most of our credit score users to date fall into an age group that is just building their credit profile, or perhaps considering taking out a loan on a car, or even entering the real estate market for the first time,” Howes said.
“We want this group to have the best possible financial position when they apply for these loans.”
Incredibly positive feedback
Feedback from customers on the Credit Score product has so far been incredibly positive.
A survey by the company revealed that 94% of customers found it helpful to know their credit score and understand how to improve it, while 40% found it “extremely” helpful.
The vast majority (93%) said they checked their score at least every few months.
The reasons for this vary – they wanted to apply for a loan (31%), were worried about their debt (24%), or wanted to know how they compared to others (17%).
Among the many features available on MONEYME’s credit score product are the ability to gain insights such as repayment history, how the credit score has moved over time, and how likely the customer will be approved for MONEYME’s credit products.
The app also provides valuable information such as any negative incidents listed on your credit file and tips on how to improve your score.
This article was developed in partnership with MONEYME, a Stockhead advertiser at the time of publication.
This article does not constitute advice on financial products. You should consider obtaining independent advice before making any financial decisions.
