Strategists at Alabama Credit Union ($1.3B, Tuscaloosa, AL) figured they were on the money when the cooperative integrated a credit score app into its member-facing digital displays, and they were right.
The My Credit Score opt-in feature has sailed past its first-year adoption goal of 20% since its launch in October 2020. The feature should easily reach 40% to 50% penetration among digital bankers in its first 18 months, says Kelley Porter, ACU’s vice president of member experience.
Interest in credit scores is a large vein to mine. According to an annual Discover survey at year’s end 2020, 93% of millennials know their credit score. That’s a big jump from 57% in 2017. But, the survey also found just 43% of Gen Z and 46% of millennials are satisfied with their credit standings compared to 54% of Gen X and 81% of boomers.
That coterie of younger consumers is the sweet spot for most retail financial institutions. According to Porter, the credit union advises members not to obsess over a few points change here and there, but ACU is happy to provide a way to easily keep up.
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