Product

Scores in Online Banking

Grow fee income and improve customer loyalty with an integrated online credit score product

Product Overview

Today, roughly 62% of U.S. adults prefer online banking over other banking methods*—and that number will only increase. This means your ability to offer differentiated and customer-focused online banking tools is more critical than ever.

Equifax Scores in Online Banking fills this need by delivering a solution that allows your customers to access and review their Equifax Risk Score® directly from your online banking portal. Customers will appreciate quick access to meaningful financial information about themselves, and your financial institution will acquire a new source of fee income, making it a win-win for everyone.

Drive income and differentiate your institution

Over the last year, fee income for financial institutions has dropped 25 percent to 40 percent due to new regulations. Scores in Online Banking helps replace the loss of this income.

From the customer perspective, banking is often viewed as a commodity. However, you add a deeper layer of service when you offer customers tools and information that can improve their financial literacy and better understand their credit score.

How it works

Customers enrolled in Scores in Online Banking receive their credit score and the top two reason codes, updated monthly—all through your online portal. With these scores, consumers can gain visibility into the credit scoring process.

In addition to providing a new monthly source of fee income, your financial institution can confidently promote this client-focused competitive differentiator, and potentially reap a wealth of ancillary benefits including:

  • Improved customer retention
  • Expanded upsell/cross-sell opportunities
  • Increased online banking usage and engagement
  • Enhanced customer advocacy

 

Three simple steps will make your customers' lives easier

With Scores in Online Banking, your customers can monitor and better understand their credit score. With three new Web pages, everything is securely integrated into your online portal and at your customers' fingertips.

Awareness

Banner ads/links take customers to a generic landing page that describes the program and highlights its benefits. They simply click "Learn More" to advance to the enrollment phase.

Enrollment

The Enrollment Page provides program details and allows customers to sign-up. The customer must provide consent and agree to your terms of use.

Engagement

Within a day, customers can sign in to your online banking portal and access the Score Presentment Page, which displays their credit score and top two reason codes.

Equifax Scores in Online Banking—Distinguishing your financial institution with a higher level of online banking service.

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