Credit Karma Archives - Page 12 of 13

Alumni News — Week of July 4, 2011

By Julie Muhn (@julieschicktanz) Posted on July 11, 2011
Categories: Boku, BrightScope, ClairMail, Credit Karma, Credit Sesame, Dwolla, Dynamics, Enloop, eToro, Expensify, Finsphere, Geezeo, Guardian Analytics, Kony Solutions, Mint.com, Monitise Americas, PayNearMe, PayPal, ProfitStars, Prosper, Q2ebanking, Robot Dough, Silver Tail Systems, ThreatMetrix, TradeKing, Xero, Yodlee

Boku

CNNMoney examined Zong’s competition with Boku. Link

BrightScope

The Forbes blog recommended BrightScope as a tool to check your financial advisor’s history. Link
The Washington Examiner discussed how BrightScope helps consumers make informed decisions about their 401(k) plan. Link

Clairmail

Clairmail increased its security by using authentication from the RSA Secured Partner Program. Link

Credit Karma

The Forbes blog recommended Credit Karma as a tool to track and monitor your credit score. Link

Credit Sesame

The Forbes blog recommended Credit Sesame as a tool to track and monitor your credit score. Link

Dwolla

Dwolla updated its iPhone app to allow customers to send money via email. Link

Dynamics

American Banker discussed Dynamics’ adaptability to the mobile payment world. Link

Enloop

Small Biz Technology outlined three of Enloop’s features. Link

eToro

AlphaTrade Finance discussed eToro’s CopyTrader network. Link

Expensify

Expensify’s app was listed as Gearburn’s App of the Week. Link

Finsphere

GeekWire reviewed Finsphere’s new round of $1.75 million funding. Link

Geezeo

American Banker reported that Geezeo’s partnership with Sharetec Systems will help Geezeo reach more credit unions. Link

Guardian Analytics

The Street reported that Guardian Analytics’ Anomaly Detection & Fraud Monitoring will help financial institutions meet updated FFIEC guidelines. Link

Kony Solutions

Kony Solutions announced a partnership with Donriver for the delivery of multi-channel mobile apps. Link

Mint.com

The Quickbooks blog examined Mint.com’s PFM tool. Link

Monitise Americas

Monitise developed two banking apps designed for the iPad for NatWest and RBS. Link

PayNearMe

The Paypers interviewed Avangate and PayNearMe regarding their partnership and various future endeavors. Link

PayPal

TechCrunch speculated that eBay’s acquisition of Zong will advance PayPal’s mobile payments. Link

ProfitStars

Credit Union Times discussed ProfitStars’ partnership with Corporate One Credit Union. Link

Prosper

The Social Lending Network reviewed Prosper’s new Quick Invest feature. Link

Q2ebanking

Q2ebanking commented on the security implications of the new FFIEC guidelines. Link

RobotDough

The Motley Fool highlighted RobotDough as a powerful new tool for individual investors. Link

SilverTail Systems

Credit Union Times reported that SilverTail Systems’ capabilities enable financial institutions to comply with FFIEC guidelines. Link
Homeland Security Television profiled SilverTail Systems. Link

ThreatMetrix

ThreatMetrix enhanced its security in anticipation of FFIEC guidelines. Link

TradeKing

Stockbrokers4u.com analyzed TradeKing’s services. Link

Xero

Xero hired a CFO onto to its team. Link

Yodlee

Yodlee released its new MoneyCenter app. Link
Quickbooks’ blog examined Yodlee’s PFM tool. Link
TechCrunch reported that Yodlee reached 30M users. Link

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PayPal and Cortera Take Charge in May’s Web Traffic

By Julie Muhn (@julieschicktanz) Posted on July 7, 2011
Categories: Adobe, Andera, BancVue, Betterment, Bill.com, Billeo, BillFloat, Bills.com, BillShrink, Blippy, Boku, BrightScope, Bundle, Cardlytics, CashEdge, ChargeSmart, Check Point, CheckingFinder, Cortera, Credit Karma, Credit Sesame, Credit.com, DebtGoal, Discover, eRollover, eToro, Expensify, Experian, Fidelity National Information Services, Fiserv, HelloWallet, Infosys, Intuit, Jack Henry, Kapitall, Leadfusion, Lending Club, Lendio, Metavante, Mint.com, MoneyAisle, MyBankTracker, Online Resources, Outright.com, PayPal, Prosper, S1, SecondMarket, Seeking Alpha, Simple Tuition, smartcredit.com, SmartyPig, Standard Chartered Bank, Sybase 365, TransUnion Interactive, TrustedID, Wesabe, Wikinvest, wipro, Yodlee, Zecco

Each month we survey the Web-traffic performance of our alums, using data from Web-analytics company Compete to review the sites they operate.

Out of 255 alumni, 62 (24%) had more than 10,000 unique U.S. visitors in May 2011 (see tables below). Of the 62 reviewed, 25 (40%) had fewer visitors than in the previous month and 28 (45%) saw a decline year-over-year.

Private Companies
The 44 private companies are as follows:

Notable successes:

Cortera saw the highest number of unique U.S. visitors in May, with almost 2 million hits.
HelloWallet experienced the greatest month-over-month growth, with more than four times as many visitors.
Betterment saw its traffic increase an impressive 38 times from May of last year.

Private Finovate Alumni With More Than 10,000 Unique Visitors in May 2011

Source: Compete.com retrieved June 29, 2011

Public Companies
The 18 public companies are as follows:

Notable successes:

PayPal experienced the highest number of U.S. visitors in May, with over 32 million visitors.
TransUnion Interactive saw the highest month-over-month growth with more than two times the number of visitors in May than in April.
Sybase 365 experienced the highest year-over-year growth, with its traffic up almost 80% from last year.

Public Finovate Alumni With More Than 10,000 Unique Visitors in May 2011

Source: Compete.com retrieved June 29, 2011

_____________________________________________________________________________

Notes:

1. We reviewed 255 unique sites. Data was unavailable or irrelevant for 201 sites because:

They had been acquired.
They were no longer available online.
They were not covered by Compete for various reasons (including some that were not U.S. domestic companies).
The number of unique visits was too small to be considered accurate.
They were subdomains of larger websites.

2. Numbers have been rounded to three significant digits.

3. The charts include companies that did not have measurable traffic in May 2011, indicated by “N/A.”

4. Compete draws its information from the online activity of a panel of more than 2 million U.S. Internet users. It is only an estimate of traffic, and may undercount at-work usage.

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Alumni News — Week of June 27, 2011

By Julie Muhn (@julieschicktanz) Posted on July 6, 2011
Categories: ActivePath, AlphaClone, Bills.com, Blaze Mobile, Boku, Braintree, Credit Karma, Currensee, Doxo, Dwolla, Dynamics, eToro, eWise, Expensify, Fiserv, Guardian Analytics, HelloWallet, Intuit, Kony Solutions, Lendio, Outright.com, PayPal, ProfitStars, Prosper, Q2ebanking, Simple Tuition, SmartyPig, TradeKing, UBank, Voice Commerce, Wikinvest, Xero

ActivePath

A top Brazilian card issuer implemented an ActivePath solution. Link

AlphaClone

AlphaClone incorporated new sentiment scores into its stock view pages. Link

Bills.com

Bills.com released the results from its Consumer Money Survey that gauges money attitudes and behaviors. Link

Blaze Mobile

Blaze Mobile was awarded a patent for NFC on stickers. Link

BOKU

BOKU released 1-Tap Mobile Billing for the Android and took it live in 56 countries. Link

Braintree

Braintree received $34M in Series A funding from Accel. Link

Currensee

Reuters outlined the benefits of Currensee. Link

Credit Karma

Credit Karma CEO Ken Lin advised consumers how they should deal with credit card offers. Link

doxo

doxo won the Stevie Award for New Product of the Year for financial services in the 2011 American Business Awards. Link

Dwolla

Dwolla said its Grid payment network is more secure than Visa and MasterCard’s card networks. Link

Dynamics

Dynamics raised $35M for computerized smartcards and payment systems. Link

eToro

Reuters outlined the benefits of eToro. Link

eWise

gotoBilling, Inc. added eWise’s Secure Vault Payments as another payment platform. Link

Expensify

The Wall Street Journal listed Expensify as a must-have mobile tech tool for entrepreneurs. Link

Fiserv

Fiserv entered into an agreement to acquire CashEdge for $465 million to advance its digital payments and channel strategies. Link

Guardian Analytics

Yahoo! Finance reported that Guardian Analytics’ FraudMAP is helping financial institutions meet FFIEC guidelines. Link

HelloWallet

HelloWallet was added to Mercer’s Outsourcing business benefits administration. Link

Intuit

Intuit purchased Mobile Money Ventures’ web banking technology to augment its mobile banking capabilities. Link

Kony Solutions

The American Business Awards selected Kony Solutions as the Most Innovative Company of the Year. Link

Lendio

The Launch blog highlighted Lendio. Link

Outright

Outright rolled out a new report function allowing clients to view sales by state. Link

PayPal

PayPal reached 100 million active users. Link

Profit Stars

Profit Stars introduced its new Remote Deposit Anywhere solution. Link

Prosper

Former Lending Club director Joseph Toms joined Prosper as its Chief Investment Officer. Link

The San Francisco Times reported on Prosper’s growth. Link

Q2ebanking

Q2ebanking was noted as a service to help community financial institutions meet FFIEC Guidance. Link

SimpleTuition

SimpleTuition expanded its student loan payment options by partnering with Discover Card. Link

SmartyPig

SmartyPig was recommended by Mint.com as a way to save for impulse purchases. Link

TradeKing

TradeKing implemented SunGard’s MarketMap to deliver market data to its active trading platform. Link

UBank

Mashable highlighted UBank’s feedback forum. Link

Voice Commerce

Voice Commerce launched a payment solution for the iPhone. Link

Wikinvest

PC mag reviewed Wikinvest’s mobile app. Link

Xero

Tech Day assessed Xero’s Debtor Daddy service. Link

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More Than Just a Free Credit Score From Credit Karma

By Julie Muhn (@julieschicktanz) Posted on June 28, 2011
Categories: Credit Karma

Credit Karma, founded in May 2007, provides free ad-supported access to consumer credit reports. Based on website traffic, it is one of the most popular companies to demo at Finovate (see previous coverage). The company has closed in on the million-visitor mark several times this year (see chart below).

Web Traffic:

(Retrieved June 23, 2011 from compete.com)

Number of Employees: 22

Headquarters: San Francisco, CA

Market Position: Credit score provider

Value Proposition: Credit Karma uses targeted advertisements to offset the cost of purchasing credit information from TransUnion. The company also provides tools and calculators to help understand and predict credit score changes.

Revenue in 2010: Over $3 million

Timeline:

The User Experience:

1) Create a user profile with email and a password.

2) Provide personal information to retrieve your credit information.

3) Confirm your identity.

4) View your credit score, learn how it was calculated, and see how it compares to others.

5) Use Credit Karma’s tools to see how future events, such as applying for a new credit card, will impact your credit score.

6) Credit Karma provides recommendations from advertisers based on your credit score. A

high credit score might yield a credit card offer similar to the Chase offer to the right, whereas another might trigger an auto loan offer.

Recently, Credit Karma announced a new service called Approval Odds, which is a free feature that aims to help consumers avoid being declined for a credit card.

To see a live demo of this service from FinovateStartup 2009, check it out here.

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Alumni News– Week of June 20, 2011

By Julie Muhn (@julieschicktanz) Posted on June 27, 2011
Categories: AlphaClone, billFLO, Bills.com, BrightScope, CashEdge, Continuity Control, Credit Karma, Currensee, Doxo, Dwolla, eWise, Expensify, HelloWallet, Jwaala, Lending Club, Lendio, Mortgagebot, PayNearMe, Prosper, Receivables Exchange, Strands, TradeKing, Voice Commerce, Xero, Zopa

AlphaClone

AlphaClone launched a new feature that measures sentiment. Link

BillFLO

Taulia acquired BillFLO. Link

Bills.com

Bills.com shared money-saving strategies for recent college graduates. Link

BrightScope

BrightScope was highlighted on the Tuscon NBC news channel series, “4 Your Money.” Link

CashEdge

Ally Bank began offering CashEdge’s Popmoney service. Link

Continuity Control

LEVERAGE, the Service Corporation for the League of Southeastern Credit Unions, began offering Continuity Control’s CreditUnion Assistant program. Link

CreditKarma

Credit Karma introduced its Approval Odds service to help avoid being declined for a card. Link

Currensee

Currensee reached $6 billion in trading volume and $12 million under management. Link

doxo

The MakeUseOf blog reviewed doxo’s online filing cabinet. Link

Dwolla

Dwolla CEO commented on the Bitcoin virtual currency debate, exchange, and hysteria. Link
Dwolla’s fees were compared to PayPal’s. Link
Silicon Prairie News discussed Dwolla CEO’s comments on Bitcoin. Link

eWise

eWise Payo’s smartphone app won the Editor’s Award for Consumer Focus at the 2011 Cards International Awards. Link

Expensify

The Dallas News highlighted Expensify. Link
Expensify was listed as one of 25 tools to help you manage spending by cmvlive.com Link

HelloWallet

HelloWallet posted a short video series explaining its wealth-tracking service. Link

Jwaala

KEMBA Financial Credit Union implemented Jwaala’s platform. Link

Lending Club

Lending Club is approaching its financial breakeven point. Link
Reuters commented on Lending Club’s P2P marketplace. Link

Lendio

Lendio helped banks increase business loans by finding qualified borrowers. Link

Mortgagebot

Mortgagebot and Business Solutions extended their Tech Alliance to provide mortgage application solutions at preferred terms. Link

PayNearMe

PayNearMe facilitated 7-Eleven’s partnership with Greyhound for cash transactions. Link

Prosper

Reuters commented on Prosper’s P2P marketplace. Link

Receivables Exchange

The Receivables Exchange won 2011 “Management Team of the Year” at the Stevie Awards. Link

Strands

Strands Personal Finance landed in the 2011 Red Herring Top 100 North America list. Link

TradeKing

TradeKing announced its free webinar series on trading advice beginning July 12th. Link

Voice Commerce

Voice Commerce launched its CashFlows app. Link

Xero

Getapp.com reviewed Xero’s cloud-based software. Link

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Alumni News — Week of May 23, 2011

By Julie Muhn (@julieschicktanz) Posted on May 31, 2011
Categories: Aptys Solutions, Backbase, Betterment, Bill.com, Boku, Capital Access Network, Credit Karma, Doxo, Dwolla, edo Interactive, Expensify, Kabbage, Lending Club, LendingKarma, Lendio, Lodo Software, Monitise, Mortgagebot, PayDivvy, PayNearMe, peerTransfer, ProfitStars, Robot Dough, SecondMarket, Smarty Pig, Striata, ThreatMetrix, TILE Financial, TradeKing, Tyfone, Wikinvest, Wonga, Xero, Zecco, Zopa

Aptys Solutions
Aptys Solutions signed with Banker’s Bank, a top check depositor with the Federal Reserve Link

Backbase
Backbase to host webinar on how to use social media in financial services Link

Betterment

Betterment announced a growth of over $10M under management and over 4000 customers in first year Link
Betterment celebrated its first birthday Link

Bill.com
Bill.com is working to improve its mobile offering for small and midsized businesses Link

Boku
Mobile Entertainment explained how Boku will revolutionize pay-by-mobile for digital goods Link

Capital Access Network
CNBC explained how Capital Access Network solves the need to use financial creativity Link

Credit Karma
WiseBread Blog interviewed Credit Karma CEO Link

doxo

doxo’s first fan video was posted online Link
Oregon employees were the first to give its members doxo’s online file cabinet Link
TechFlash highlighted the benefits of using doxo to achieve paperless business Link
2Minute Finance interviewed doxo at FinovateSpring Link

Dwolla

Dwolla was listed by inc Tech as one of three startups you must know from Big Omaha Link
Credit Union Times listed Dwolla as a new P2P service rivaling ‘bank giants’ Link

edo Interactive
MyBankTracker interviewed edo Interactive COO about its Prewards service Link

Expensify
Slate explained how Expensify will help the ‘frequent flier’ Link

Kabbage
Technorati described how Kabbage works with eBay Link

Lending Club

Mint.com’s blog covered what you need to know about Lending Club Link
San Francisco Business Times commented on Lending Club’s strong backing from both investors and lenders Link
San Francisco Times reported that Lending Club stated it is not planning to go public for several years Link

LendingKarma
Entrepreneur featured LendingKarma as a good tool to use when borrowing money from family or friends Link

Lendio
San Francisco Chronicle reported that Lendio offers funding opportunities for new grads Link

Lodo Software
Lodo Software was described as a startup providing jobs in the “Silicon Prairie” region, a.k.a. Omaha Link

Monitise
Monitise released a report predicting that the majority of consumers will use mobile money services within the next three years Link

Mortgagebot
Mortgagebot reached 1000 clients, one of its goals from the beginning Link

PayDivvy
2MinuteFinanced interviewed PayDivvy about its services Link

PayNearMe
BillShrink examined PayNearMe’s cash payment service Link

peerTransfer
Mass High Tech interviewed Iker Marcaide from peerTransfer about becoming an entrepreneur Link

ProfitStars
ProfitStars announced a new version of Margin Maximizer that’s now available as a hosted solution Link

Robot Dough
2MiniuteFinance toured RobotDough’s demo during interview at Finovate Spring Link

SecondMarket

Wall Street Journal stated that SecondMarket helped fuel the tech boom Link
CNBC interviewed SecondMarket for an explanation of the change in trading numbers Link and Link

Smarty Pig
Smarty Pig launched new sharing features, including activity sharing and goal sharing Link

Striata
Striata will host a June 2 webinar for implementing successful ebilling strategies Link

ThreatMetrix
San Francisco Chronicle covered ThreatMetrix’s research around mobile transaction activity Link

TILE Financial
TILE Financial released a Financial Identity Profile to strengthen the connection between advisors and under-30 consumers Link

TradeKing
TradeKing divulged the lineup of its free webinars in June Link

Tyfone
Tyfone won 2010 Asia Pacific Smart Card Association Award for its NFC innovation and implementation Link

Wikinvest
Dow Jones Advisor highlighted Wikinvest as a way to analyze portfolios Link

Wonga

Wonga won 2011 Red Herring Top 100 Europe Award for exceptional accomplishments Link
Wonga won the Media Momentum Awards, a coveted award for digital media companies in Europe Link
Wonga’s Errol Damelin discussed consumer-centric credit Link

Xero

Diversity Limited commented on Xero’s move to the US markets Link
Xero and Keebo teamed up to help you manage and process receipts Link
New Zealand Herald commented on Xero’s surging revenue Link

Zecco

The Wall Street Journal reviewed Zecco’s new Facebook app Link
Zecco launched an app for stock trades & viewing realtime market data on Facebook Link

Zopa
Zopa shows how it helps consumers protect against inflation Link

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Alumni News — Week of April 25, 2011

By finovate Posted on May 2, 2011
Categories: Alumni News, Bill.com, BrightScope, Capital Access Network, CashEdge, Credit Karma, FinovateSpring 2011, Geezeo, Xero, Yodlee

On April 27, Prosper gave 200 new lenders $104 to get started. The company is celebrating the news that prosper lenders are averaging 10.4% returns. http://bit.ly/finovate426111

American Banker on Yodlee and Geezeo growth in the PFM market. Yodlee grows French market, and Geezeo signs more credit unions. http://bit.ly/finovate429111

Author Jean Chatzky opens her Debt Diet Challenge to 5 Credit.com readers who are in debt. http://bit.ly/lDmZ54

Bank Innovations highlights six companies as noteworthy to see at Finovate Spring on May 10th & 11th in San Francisco. http://bit.ly/kqBr39

Bill.com releases site upgrade. The upgrade, made over the Easter weekend, includes improved calendar, a revised mobile application, receivables managements and online payments and more. http://bit.ly/finovate427113

BrightScope featured on TechCrunch. The post highlights BrightScope’s launch of advisor pages. http://tcrn.ch/finovate426113

Capital Access Network awarded prestigious award. The company won the 2011 Monarch Innovation Award from Barlow Research Associates. http://bit.ly/finovate425113

CashEdge’s Small Business Survey finds that small businesses want electronic payment solutions. http://bit.ly/kmC1lM

Consumer Reports integrates BillShrink’s recommendations into reviews. BillShrink has similar affiliate relationships with Walmart.com and T-Mobile. http://tcrn.ch/finovate426112

Credit Karma releases Credit Score Climate Report stating credit scores fell two points in the Q1 2011. http://mwne.ws/lnXZn7

Currensee makes Lead411’s Hottest Boston Tech Companies list second year in a row. See them at Finovate Spring. http://bit.ly/lmrLNK

H&R Block names former eBay exec as new CEO. http://buswk.co/ipszZa

Mengia signs with Icelandic banks, Arion and Landsbanki. Mengia will provide PFM services to both banks, which will provide 90% of Icelandic banking customers with access to an integrated PFM platform. http://bit.ly/finovate427112

Monitise launches Hong Kong mobile service with JETCO, which will help it break into the Asia Pacific market. http://bit.ly/kEEcCP

Stock Twits names Francisc Costello chief operating officer. http://bit.ly/finovate429114

Tile Financial releases the “Spend Grow Give” app. Now available free in the App Store. http://bit.ly/finovate425111

USA Today covers BrightScope’s new tool for choosing the right financial adviser & informs what attributes to look for. http://usat.ly/msrb7l

Wescom Resources Group offers Geezeo PFM to clients. Wescom will be rolling out Geezeo as a complement to the Credit Union’s existing online banking platform. http://bit.ly/finovate425112

Xero releases Xero Touch, its new app built on HTML5 that will run on iPhone, Android, Windows7 and Blackberry. http://bit.ly/eLPrdA

Yodlee holds a mobile banking webinar on May 3. Attendance is free. Details online at http://bit.ly/finovate427111

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Alumni News — Week of January 2, 2011

By finovate Posted on January 10, 2011
Categories: Blippy, Credit Karma, Expensify, Lending Club, Prosper

To see updates on Finovate alumni companies follow our live feed on Twitter.

Finovate alums Blippy and Expensify land on Robert Scoble’s list of 25 startups to watch for 2011. http://scoble.it/finovate13114

Credit Karma now offers free insurance scoring tools in addition to free credit scores. http://bit.ly/finovate13113

Expensify launches iPhone/iPod app version 2.6. – The upgrade includes support for 100 currencies. http://bit.ly/finovate14114

Lending Club mentioned in CNN Living – Borrowing from the family bank? http://bit.ly/finovate13112

Prosper alters the way its loan prices are set, switches to preset loan rates based on risk profile. http://bit.ly/finovate14113

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Weekly Updates — Weeks of Oct. 25 and Nov. 1, 2010

By finovate Posted on November 9, 2010
Categories: Bill.com, Bling Nation, Blippy, CashEdge, Continuity Control, Credit Karma, Dynamics, Expensify, Finsphere, Ixaris, Kabbage, Lending Club, Mint.com, Outright.com, SafetyPay, The Receivables Exchange

From PayPal X Conference: Bill.com uses PayPal business payments to transform how businesses get paid. http://bit.ly/finovate10273 and gets a makeover. http://bit.ly/finovate10255

From PayPal X Conference: Bling Nation launches “FanConnect” platform. FanConnect helps consumers and businesses to connect at checkout via social media platforms like Facebook. http://bit.ly/finovate10272

Blippy and Sephora work together to spread the word about cosmetic products via Twitter. See TechCrunch’s story. http://tcrn.ch/finovate10271

Continuity Control and uMonitor partner for compliance automation. http://bit.ly/finovate11334

TechCrunch recognizes Credit Karma. http://tcrn.ch/finovate10262

Dynamics Inc. is profiled in “the future of credit cards” in the New York Times. http://j.mp/finovate102510

From PayPal X Conference: Expensify announces support for expense reimbursement via PayPal. See a demonstration: http://bit.ly/finovate1142.

How Finsphere is helping to prevent identity theft with geo-location and mobile check-ins. http://rww.to/finovate10281

Ixaris partners with Apigee to create payment application development API platform. — The new platform will be named Ixaris Opn (pronounced “open”). http://bit.ly/finovate1121

From PayPal X Conference: More on Kabbage’s service to provide working capital for eBay Sellers. http://bit.ly/finovate10276

Lending Club welcomes North Carolina and Kansas. Peer-to-peer personal loans are now available in 42 states. http://bit.ly/finovate1141

Mint.com launches MintData to delve into the spending habits of Mint’s 4 million users. The data is anonymous and provides insight into the pocketbooks of customers in 300 U.S. cities. http://tcrn.ch/finovate1122

From PayPal X Conference: Outright.com launches free accounting app in PayPal apps marketplace. http://bit.ly/finovate10274

Citi takes CashEdge’s Popmoney Service live. FinVentures breaks it down. http://bit.ly/finovate1123

The Receivables Exchange Co-Founder and CEO Justin Brownhill was named one of Silicon Alley Insider’s “Silicon Alley 100.” The list covers New York’s “Coolest Tech People in 2010.” http://bit.ly/finovate11335

SafetyPay pioneers new ways to provide micropayments in the gaming industry. http://bit.ly/finovate10277

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UW Credit Union Adds Free Credit Scores to Online Banking Dashboard and Links to Credit Karma

By Jim Bruene Posted on September 16, 2010
Categories: Blogs, Credit Karma, Credit Reports & ID Theft Protection, UW Credit Union

I’ve long been impressed with the work done by Eric Bangerter (Director of Internet Services) and the UW Credit Union in the online channel. Nearly every one of its new features gets starred in my blog reader. And since its early-2008 launch, I’ve cited Eric’s blog, UW SourceCode, as the best example of how to communicate to your power users and online banking fans (see blog feed within the online banking dashboard in the first screenshot).

But the latest innovation might be my favorite. The Madison, WI-based CU has integrated credit scores, powered by TransUnion, directly into the online banking interface (see first screenshot). This is exactly where it should be, so that users can keep tabs of their credit health, without needing to go through the tedious and oftentimes expensive process of authenticating yourself at a third-party site.

Even if that’s all they did, I’d give them an A+. But there’s more. UW CU has become the first financial institution to offer a private-branded version of Credit Karma’s credit report portal. The credit union pays a license fee to Credit Karma in order to offer the private-branded, ad-free version (see second screenshot). Sears also offers a similar service for its store card (see previous post).

UW CU members (120,000 active online bankers, see note 2) appear receptive to the info. In the first few days, more than 5,000 had clicked on the link, with more than 2,800 completing the registration process. That is a huge win for the members, the credit union, and Credit Karma.

Bottomline: Most of the time (98%/99%), end-users need see their credit score only for reassurance that nothing horrible has happened to their credit file. But the problem with posting ONLY the credit score is that those 1% to 2% who want more info often need it fast. And if you don’t offer a deeper dive complete with explanations of what’s going on, you are going to end up with confused and/or irate customers and a bunch of phone calls.

So, there needs to be a mechanism available for drilling down into the full report. And the Credit Karma portal is a relatively low-cost way to do that. Alternatively, you can upsell the full credit report for a fee in the $5 to $10 range or sell an annual subscription for unlimited access (see note 1).

UW Credit Union online banking homepage showing credit score and Credit Karma linkage (16 Sep 2010)

UW Credit Union co-branded credit portal powered by Credit Karma

Notes:
1. For more information, see our Online Banking Report: Credit Monitoring Services (published in 2007).
2. UW CU has 150,000 members in total; 120,000, or 80%, have used online banking in the past 90 days; 80,000 (53%) used it in the past 30 days.

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Credit Karma Provides Free Credit Scores to Sears Cardholders with Private-Label Version

By Jim Bruene Posted on March 16, 2010
Categories: Credit Karma, Credit Reports & ID Theft Protection, Credit/Debit Cards

Finovate alum Credit Karma recently started providing a private-label version of its credit reporting service to Sears cardholders (see note 1). The service includes free credit scores and other data to help put those scores in an understandable context (see FinovateStartup 2009 video he re).

The new service, launched Sep. 2009, is delivered through a dedicated site, searscreditscore.com. Since Sears cardholders must make a purchase each year to use the site, it provides an ongoing usage incentive.

The Credit Karma-powered service is clearly branded as a Sears and Kmart offering (note 2, screenshot #1). Interestingly, Sears also takes the opportunity to offer targeted advertising space to financial companies (screenshot #3). It also markets the credit-analysis service on its own credit card site (screenshot #2).

While Credit Karma traditionally derived revenue from advertising on its site, this move into the private-label channel provides additional growth opportunities. The Sears private-label site had nearly 140,000 unique visitors in February, about one-third the total at Credit Karma (see table below). It’s a good deal for Sears, too: Offering credit-score analysis differentiates it from other retail card providers and conveys concern about its customers’ financial well-being.

Website traffic at searscreditscore.com vs. creditkarma.com
Source: Compete.com, March 2010 (link)

1. The Sears credit score site, powered by Credit Karma

2. Sears promotes the credit score service on its website

3. Sample page from Searscreditscore.com
Note ads for Citi and ING Direct

Notes:
1. Sears cards are issued by Citibank, one of the advertisers in the private-label site.
2. Kmart acquired Sears in 2004.

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Out of the Inbox: Credit Karma’s Monthly Email is Hard to Ignore

By Jim Bruene Posted on August 14, 2009
Categories: Credit Karma, Credit Reports & ID Theft Protection, Email Marketing, Email Samples, Virgin Money

I get dozens of newsletters and marketing pitches from my various financial accounts every month. While they are interesting to me as an analyst, for the average consumer there’s rarely any actionable information.

However, one financial company consistently drives users to its site month over month with their email missives. And they don’t even have to change the creative.

Free-credit-score provider Credit Karma simply reminds users that it’s been more than two weeks since they last checked their credit score. The company goes on to encourage users to check in every month to to make sure no adverse changes have occurred (see first screenshot below). It’s a simple yet powerful message that drives traffic to the company’s ad-supported site (see second and third screenshots).

I’ve received this message on the 16th of each month this year, except May, when I must have already visited Credit Karma in the two weeks prior. A large yellow button invites the reader to click through to see the latest score (see first screenshot).

And the technique seems to be working. Traffic, measured in unique visitors by Compete, is up six-fold in the past 12 months, to 310,000 visitors in July (see chart below).

Credit Karma email (received 16 July 2009; 10:05 AM Pacific)
Subject: Credit Karma update

Current landing page after clicking “update” button in email (13 Aug 2009)
Note: Virgin Money’s friends-and-family mortgage offering is the lead product placement while The Easy Loan Site has the top banner. Lending Club is also running a banner across the top.

Landing page two months ago (16 June 2009)
Note: Virgin Money’s friends and family was also the lead product placement, while ING Direct’s Sharebuilder had the banner. Virgin Money also has a product offer in the middle of the page.

Note: For more info on the market for credit scores and monitoring see our Online Banking Report on Credit Report Monitoring (published Aug 2007).

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