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
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.