SavvyMoney and Constellation Partner on Credit Union Financial Management Tools

SavvyMoney and Constellation Digital Partners teamed up to deliver credit decisioning, analytics and financial wellness solutions to credit unions.

Via collaboration, SavvyMoney’s personalized financial management tools will be made available to users of the Constellation Digital Banking platform, the companies said in a Tuesday (Aug. 6) press release.

“Constellation’s goal has always been to help credit unions develop the technology roadmap they need to meet their unique business demands and address the needs of their members to thrive in today’s digital banking environment,” Constellation founder and CEO Kris Kovacs said in the release.

Constellation’s open development platform allows credit unions to deliver a customized digital banking experience to their members by connecting to FinTechs like SavvyMoney, according to the release.

SavvyMoney’s credit scoring solutions and analytics help community financial institutions provide better, faster decisioning, while its interactive digital tools and personalization capabilities enable them to support the financial wellness of their customers and members, per the release.

“By integrating SavvyMoney’s market-leading credit monitoring solutions and offers engine into Constellation’s platform, we aim to enhance digital engagement and provide credit unions and their members with invaluable insights and resources to effectively manage financial health,” SavvyMoney Chief Revenue Officer Chris Fraenza said in the release.

In another move, SavvyMoney debuted an offer automation tool for financial institutions in July. The offering, dubbed “Get My Rate,” allows users to pre-qualify for multiple offers simultaneously, receive ongoing alerts when rates change in their favor, and get continuous credit monitoring and a comprehensive set of financial wellness tools designed to help them improve their financial profile over time.

The PYMNTS Intelligence report “Bolstering Credit Union Membership With Superior Lending Options” found that credit unions have the qualities and values borrowers seek, as they can offer better lending rates and personalized customer service that are especially valuable during economic downturns.

Credit unions can use a personalized approach to work with new and existing borrowers, find ways to help borrowers rejected on their first try and keep delinquency rates low by applying a personalized touch.