Alabama Credit Union scores with ‘My Credit Score’
The cooperative has integrated credit score reporting and improvement tips into its mobile and online banking. So far, uptake has been strong.
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.
continue reading »