SavvyMoney Debuts Personalized Loan Offer Automation Tool

Credit score solutions company SavvyMoney has debuted an offer automation tool for financial institutions (FIs).

The offering, dubbed “Get My Rate,” is the first personalized offer automation tool created specifically for FIs, the company said in a news release Monday (July 22).

“Unlike other conventional, single-stop pre-qualification solutions in the market, Get My Rate allows users to get pre-qualified for multiple offers simultaneously and receive ongoing alerts when rates change in their favor,” the release said.

In addition, users get continuous credit monitoring and a comprehensive set of financial wellness tools, helping them improve their financial profile over time, which can in turn lead to better loan opportunities and cost savings. The tool also lets FIs identify and market personalized offers to consumers, SavvyMoney said.

“Get My Rate also seamlessly integrates consumers into the FI’s marketing efforts, ensuring that as their credit profile improves over time or as rates improve, they are presented with pre-qualified loan options featuring the latest rates in line with their credit qualifications,” the company added.

PYMNTS examined the roles personalization and customization play in credit union loan offerings last year in an interview with Denise Stevens, senior vice president and chief product and digital officer at PSCU, now known as Velera.

She said that these two factors are vital to offering the right credit products to members, making it possible to greenlight loans that might be rejected by traditional banks.

“When you look beyond the traditional ways used in this industry to approve consumers, credit unions really can get creative in that area, and they usually do,” Stevens said. “[Credit unions] need to be very focused on the innovation side of lending to ensure they have a large reach.”

Meanwhile, PYMNTS spoke earlier this year with Michael Haney, head of product strategy at Galileo Financial Technologies, who said AI will usher in a new age in which financial services organizations use data to provide hyper-personalized experiences.

Generative AI can improve loan decisioning and other interactions, supporting loan lifecycle management from applications to credit collections, he told PYMNTS.

“In more commercial settings, AI is already helping treasury managers within the various banks examine cash flow and interest rate changes and navigate liquidity risk,” that report said. “Hyper-personalization will be a natural by-product of AI,” Haney said, while also warning that models must be examined to safeguard against bias.