Backbase and SavvyMoney Partner to Help FIs Promote Financial Wellness

  • A pair of Finovate alums – Backbase and SavvyMoney – have forged a new partnership.
  • The partnership will integrate SavvyMoney’s Credit Score Insights into the Backbase Engagement Banking Platform.
  • The integration will enable customers to access real-time credit scores from within their banking apps.

Engagement banking company Backbase announced a strategic partnership with credit score solutions firm and fellow Finovate alum SavvyMoney. The partnership will integrate SavvyMoney’s credit score solution, Credit Score Insights, into the Backbase Engagement Banking Platform. This will give community banks and credit unions the ability to provide their customers with real-time credit scores directly from their banking app.

“There’s a growing demand from consumers for guidance from their banking apps to help them make informed financial decisions,” Backbase VP of Product Management for the U.S. mid-market Brian McNutt said. He added that it was “crucial” that customers and members see community banks and credit unions as “trusted financial advisors,” and that doing so would help these FIs compete with their larger rivals. “That’s the idea behind our Fintech-as-a-Service offering,” he added, “to reduce our customers’ time-to-market and time-to-value, so FIs can focus on innovation.”

SavvyMoney’s Credit Score Insights helps FIs offer tailored financial recommendations and advice to their customers and members. The technology also helps FIs manage their marketing efforts to build hyper-personalized offers and deals. The increased value brought to banking apps courtesy of the Credit Score Insights integration also will help improve stickiness and app usage trends. At the same time, end users will benefit from a deeper understanding of the factors that contribute to their credit score. They will also be able to update their credit report, run credit score simulations, and build an action plan to set and meet credit score goals.

“As a company, we are committed to empowering individuals to achieve their financial goals and improve their overall financial well-being,” SavvyMoney President and CEO JB Orecchia said. “We’re thrilled to collaborate with Backbase to make crucial credit score functionality easily accessible via banking apps.”

Formerly known – and first appearing on the Finovate stage – as DebtGoal, the company rebranded as SavvyMoney in 2011. In the years since then, SavvyMoney has forged partnerships with more than 1,150 financial institutions and driven $3.8 billion in loans for clients courtesy of its SavvyMoney offer engine. The company unveiled its pre-approval marketing solution earlier this year – in partnership with Credit Union of Southern California (CU SoCal). SavvyMoney was named a “2023 Best Place to Work in the Bay Area” by Fintech Finance in May.

A Finovate alum since 2009, Backbase has won Best of Show on four different occasions. Most recently demoing its technology last September at FinovateFall, Backbase serves more than 120 financial institutions around the world. The company’s Engagement Banking Platform gives FIs a unified platform designed to respond to every step of the customer journey – from onboarding and servicing to loyalty and loan origination. Founded in 2003 and headquartered in Amsterdam, Backbase also recently announced partnerships with Vietnam’s Orient Commercial Joint Stock Bank (OCB) and business and IT consulting provider Valleysoft.

Photo by Ingo Joseph

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