Digital Banking Analyzer

Leading retail banking institutions are providing customers with spending, savings, and planning advice as they look to create better awareness of financial health on digital channels. 

The availability and access to credit scores continues to grow, reaching beyond credit scoring agency sites into everyday banking. With financial health much higher on the agenda, banks are adding insights and guidance for the benefit of both the customer and the bank. Curinos research however suggests a dichotomy in capability across institution: 53% of US retail checking providers with assets over $150bn show customers their credit score in app and make suggestions for improvement, but just 30% of institutions with assets under $150bn support the same functionality.   

While the spectrum of financial health tools is broad, it is not simply determined by size of institution. Indeed, some smaller, flexible institutions tracked by the Digital Banking Analyzer provide advanced credit score and product recommendations. What’s critical is that institutions are realizing the opportunities to tie in credit scoring with cross-selling deposits and lending products.