Australian finance solutions company MONEYME (ASX:MME) has launched its app-based MONEYME Credit Score product after a 5 month beta trial.
The company says MONEYME Credit Score leverages credit file data from global information services company Experian, and allows users to check their credit score for free, as well as view what is on their credit file, and track how their credit score is changing over time.
The product also provides deeper insights to help consumers understand how their financial habits may impact their ability to access credit, such as any negative events listed on their credit file, and educational content.
MONEYME says the product development drew upon user insights from the group’s web-based credit score product under the SocietyOne brand, which has about 200,000 users.
Furthermore, the company states the Credit Score app is designed to increase customers’ awareness of their financial health, deepen the relationship with existing customers, and offer new value to costumes from the outset of their financial lifecycle.
During this trial, the company says the product attracted over 37,000 users without marketing spend, and customer feedback has been ‘highly’ positive.
“This strategic addition to our product range enables us to capture new customers early in their financial life cycle”
Commenting on the launch, MONEYME Chief Executive Officer (CEO) and Managing Director Clayton Howes said: “We are pleased to now offer an app-based credit score service to help Australians get a better understanding of what impacts their credit score, and ultimately their ability to access credit in the future.
This strategic addition to our product range enables us to capture new customers early in their financial life cycle, while creating opportunities to engage with our customers in a meaningful and ongoing way. The tremendous asset that SocietyOne’s credit score product has been, in providing value to existing customers and drawing in new customers at the start of their financial journey, has made the introduction of an app-based credit score tool under the MONEYME brand a logical next step.
The majority of our credit score users to date fall in an age group that is now only building up their credit profile, or who might be considering taking out a loan on a car or even entering the property market for the first time. We want this group to be in the best possible financial position when they apply for these loans.”
MONEYME is an Australian financial solutions company using technology to become the number 1 challenger to the major banks. The company is focused on leveraging artificial intelligence (AI), and cloud-based technology to offer ‘highly’ automated credit products across personal, auto, and real estate finance.