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The humble credit score has come a long way. Consumers, particularly younger consumers, are more aware of their credit score today than ever before. Historically, banks and credit unions have been the gatekeepers of our financial lives so it makes sense that they would want to provide information and context around credit scores. At the same time drive their customers to relevant products based on this information. Enter SavvyMoney.
My guest today on the Fintech One-on-One podcast is JB Orecchia, the CEO and Founder of SavvyMoney. His team has created a sophisticated platform for banks and credit unions to provide credit score information as well as personalized education and product recommendations. So, a bank’s customer doesn’t have to go to Credit Karma to learn about their credit score, they can do it right within the banking app.
In this podcast you will learn:
- How his background in lending informed the creation of SavvyMoney.
- Why consumers are more aware of their credit score today.
- The types of financial institutions that use SavvyMoney.
- The ROI for the typical bank or credit union.
- Why this is most powerful as a retention product.
- The integrations they have with the major digital banking platforms.
- What is involved for a new financial institution to onboard SavvyMoney.
- The tiny fraction of consumers who opt out.
- The primary product categories their FIs are focused on.
- How banks can compete with fintechs in customer acquisition.
- Why their Get My Rate product is such a big deal for FIs.
- How they are thinking about Generative AI for SavvyMoney.
- JB’s vision for the future of SavvyMoney.
Read a transcription of our conversation below.
FINTECH ONE-ON-ONE PODCAST NO. 497 – JB Orecchia
Peter Renton 00:00
Peter, welcome to the Fintech One-on-One Podcast. This is Peter Renton, Co-Founder of Fintech Nexus, and now the CEO of the Fintech consulting company, Renton & Co, I’ve been doing this show since 2013 which makes this the longest running one-on-one interview show in all of fintech. Thank you so much for joining me on this journey now, let’s get on with the show.
JB Orecchia 00:32
Today, on the show, I’m delighted to welcome JB Orecchia. He is the CEO of SavvyMoney. Now SavvyMoney is a real interesting company that has been around for over a decade. They’re focused on bringing credit score solutions and analytics for banks and credit unions as well as fintechs. Now, the fact is, customers these days, consumers these days, are more aware of their credit score than ever before, we talk about that. Banks and credit unions or any financial institution don’t necessarily want their customer to go to a different website or app to monitor this. With SavvyMoney, they can do all this inside the app of the bank or credit union, and they provide all kinds of services that really help make that really useful for the consumer, as well as the financial institution. We get into all of those different things in quite some depth. Now, we also talk about the new Get My Rate product and why that is so significant and much more. It was a fascinating discussion. Hope you enjoy the show. Welcome to the podcast, JB.
JB Orecchia 01:45
Hey, Peter, great to see you.
Peter Renton 01:46
Good to see you. Thanks for coming on. Let’s get started by giving the listeners some background. I know you’ve been doing SavvyMoney for a while.
JB Orecchia 01:56
Thirteen years, Peter.
Peter Renton 01:57
Thirteen years, that’s a long time.
JB Orecchia 01:59
That’s a lot in dog years. Feels like that long.
Peter Renton 02:03
Right, a lifetime, yes. But why don’t you just tell us some of the the background before SavvyMoney, some of the high points of your career to date?
JB Orecchia 02:12
Yeah, I was looking at it today, I’ve been in financial services now, it’ll be 36 years on August 8.
JB Orecchia 02:22
Yeah, my first day of work was 8/8/88. So I started in lending at Household Finance. Moved into the credit card division there. So ten years in lending, and then in 1998 left to be one of the founding team at freecreditscore.com and freecreditreport.com, which was later acquired by Experian. I stayed with Experian six years, did a brief stint with Disney, where I was the VP of Marketing Disney.com, and also produced a movie during that time, an indie comedy with Patrick Warburton and a number of other stars. So that was a little side project. And then in 2011 started SavvyMoney, and 13 years now, here we are today.
Peter Renton 02:22
Wow.
Peter Renton 03:08
Right, right. Yes. So you’ve been around, is it like a lot of consumer finance, financial services for for a long time. Let’s dig into SavvyMoney. How do you explain what you guys do exactly?
JB Orecchia 03:23
Yeah, so I think it’s important to think about the history of what I’ve done in my career, and how that applies to SavvyMoney. So 10 years in lending, and a lot of that time was spent understanding the lending process, doing underwriting, lending to consumers, actually, in the early days, even counseling them on how to better their finances. Fast forward to freecreditscore.com and freecreditreport.com, we were the first to deliver credit reports online, so we pioneered that space. It was super successful, grew that to a billion dollar business. In fact, it’s one of Experian’s largest businesses today, and when I decided to build SavvyMoney, it was really an answer to other fintechs that were in the market with a direct to consumer credit score product. And my thought process was, if you’re a bank or credit union, do you really want your consumers going to a third party site and seeing advertising and then being lured away, right? So when we built SavvyMoney, it was really very intentional. It was a B2B solution to integrate credit score, financial wellness, financial advice, inside the digital banking app where the consumer is going to be. As well as making it relevant to the consumer. So we don’t just provide the credit score to the consumer, we also provide financial advice where they can pre-qualify for loan offers and see their savings. And so it’s very personalized, relevant content. And for the financial institution, it’s really driving engagement, driving people back to their site, driving, obviously improvement, which is super important to credit unions, right? — Financial wellness. But they’re also in the business of driving loans and deposits and other things that help the financial well being for the consumer. So it’s really a win-win for the financial institution to have these products built in. It drives a tremendous amount of engagement. And yeah, it’s been super successful. We’re up to 1,350 financial institutions. We integrate into 40 digital platforms. So pretty much the entire digital banking space integrates SavvyMoney. And so it’s been an exciting run.
Peter Renton 05:38
Interesting. So, yeah, Credit Karma launched before you guys, and that might have been what you were referring to, where you started to see traction. I’ve been a Credit Karma member, or whatever, since 2010. It seems to me, and I’d love to get your perspective on this, but it seems to me that people are more aware of their credit score than ever before.
JB Orecchia 06:00
Yeah.
Peter Renton 06:00
Even in your journey with SavvyMoney, the last 13 years. I mean, if you go back a decade, it seems to me that people certainly are much more aware of what their credit score is and how to improve it. Is that what you’ve been seeing?
JB Orecchia 06:14
Yeah, I think it actually even goes back further than that, Peter. So it goes back more like 20 years, when our advertising at freecreditreport.com, I don’t know if you remember the commercials?
Peter Renton 06:25
I remember, yep.
JB Orecchia 06:26
The band and really that was very intentional to reach a younger generation, because if you just went, you know, credit is important and you gotta manage your finances, that whole generation would have turned it off, right? And, so those commercials were kitschy for a reason, to really gain awareness as to, “hey, I want to manage my credit if I want to drive a nice car and have a good job and have a good financial situation.” And I think that really triggered a big following of a younger generation as it relates to managing their credit, right? It caught their attention and then had them delve in. That generation is very focused on getting their score to over 800, right? It’s almost become an obsession of managing your score and understanding all those data points and why it is what it is. What we’ve done a really good job of at SavvyMoney is engaging consumers. You understand all the parts of their credit score. You can update your credit report every day. All those factors are updated on a regular basis, and we are very intentional to give them action plans and goal setting in order to improve their credit score, so they can keep track of it, and they can see that progress or simulate what they need to do in order to improve it. On top of that, why else do you manage your credit but to ultimately save money, right? So your your credit is really driving what you pay for interest rates. And so if I can see in my user experience, “hey, if I refinance this car loan, or if I consolidate this debt, or I do this balance transfer, or I did a home equity loan and consolidated debt,” really having all those calculations built into your tool. The other piece that was very interesting, TransUnion did an analysis of 100 million consumers over five years of credit monitoring services, all in the marketplace; the average increase over the course of a year was about 15 points. Well, SavvyMoney consumers increased 31 points. And I think it’s a testament to the stickiness, the relevant content, what you measure you will manage, in our product, that really drives users back in. The other thing is, the loan offers, I think, really kind of are a testament to, “oh, well, now I know if I improve my score, I’m going to save money on loans. And now I’m even more motivated to improve my score to get there.”
Peter Renton 08:54
Right, right. When you’re talking with banks and credit unions, obviously, if they’re coming on on board with with SavvyMoney, I imagine they they also see the value in having their customers have access to these tools. Maybe you could explain sort of what’s the sweet spot. I mean, who is, who is the typical SavvyMoney customer? Are we talking about small community banks and credit unions, or does it run the gamut?
JB Orecchia 09:22
I think it runs the gamut. I think every financial institution, from banks to credit unions to fintechs; we work with a number of fintechs as well. It runs the gamut as it relates to credit score bands as well. So you think, “oh, is it just for people with bad credit?” No. Fifty percent of the consumers that actually engage in the product, have the highest credit score bands. So depending on what your situation is, we’re going to give you different advice and different content in different tools based on your current situation.
Peter Renton 09:55
So then what’s the bank or credit union getting out of this? I mean, they’re paying you money; what is their return? What are they trying to achieve?
JB Orecchia 10:05
Great questions. So the analysis our APIs have done is that their consumers are three times as profitable, higher retention, higher engagement, higher loan volume. So we have a robust analytics platform that actually tracks where consumers are borrowing, if they’re borrowing from them or if they’re borrowing from other lenders. So they can see their market share. They can see their consumers actually improving their credit, which is super important. They can do retargeting campaigns based on the products that the consumers are engaging with within the application, so we have a very robust targeting platform and the ability to reach out to those consumers. We just had an FI recently leverage a lot of that data, and the conversion rates that they got were amazing to drive incremental loans. The campaign, specifically, that they just ran was they pulled folks that had multiple credit card balances, and they did a consolidation loan for a personal loan, to consolidate debt, show them exactly what they could save, and they were blown away by the results. So being very specific and intentional that, “hey, this is going to save you money, and you’re pre qualified for x”. Now, you still have to qualify income wise, but from a credit score standpoint, they meet the qualifications credit wise to likely qualify to consolidate their debt and save money with the institution. So a lot of those things are, “wow, my financial institution’s not only looking out for my financial wellness, but also looking out for my financial health and looking for ways to save me money”.
Peter Renton 11:42
So is it primarily being used, then, as a retention tool, or, you know, as a way to increase the lifetime value of each customer, rather than trying to get new people in the door?
JB Orecchia 11:54
So I think for our base product, which is built into digital banking, it’s retention, it’s engagement, it’s helping their financial health. Because think about it this way, if a consumer is improving their financial health, they’re less likely to go delinquent. So actually, helping your users get better financially is going to help you with less delinquencies, number one. Number two, the more products they have with your institution, right? That’s going to create a stickiness factor and a long term value, lifetime value that they have with the institution.
Peter Renton 12:28
So how does it actually work in practice? I’m sure all of your customers have a mobile app where their customers log in to see their bank balance and what have you. Are you sitting …
JB Orecchia 12:41
… right on the home page, in some cases, right at the top.
JB Orecchia 12:44
Where we’re not only giving them alerts as to changes in their credit file, if there’s something that showed up on their credit report, like a credit monitoring alert for ID theft, an account got opened, an inquiry, something changed. We want that right in the banking app as a little icon to notify that consumer to click on it, to see what it is. When they click into that experience, the other thing they’re going to see after they’ve checked that is, “Oh, I see an opportunity here to save $5,000 consolidating debt, or refinancing my car,” whatever it might be, very relevant to that consumer and specific to them.
Peter Renton 12:44
Right.
Peter Renton 13:23
So I imagine there’s a lot of different apps out there developed by different organizations. Obviously, you got the (banking) cores, you know, the FISes and the Fiservs of the world, which I saw you actually do partner with, it looks like.
JB Orecchia 13:30
That’s right.
Peter Renton 13:31
But I imagine, do you have partnerships, then, with all of the developers that are creating these mobile apps? I imagine it’s a different lift for different platforms?
JB Orecchia 13:46
We’re integrated with all the major digital banking platforms. And so whether it be a Fiserv or an FIS, NCR, Alchemy, Q2, Lumen — I’m not going to name them all. And so we built integrations where it’s just a check box to sign up for the service. It’s a secure connection, and then that consumer, every time they log in after saying, “Yes, I want to check my score for personal use and yes, I want to be pre-qualified for offers for my institution.” We don’t show any other offers to those consumers. So everything is that financial institution’s products or services being presented to the consumer.
Peter Renton 14:25
Okay.
JB Orecchia 14:25
And then we integrate with the loan origination systems to reduce friction on that borrowing process. We actually saw an 80% increase in pull through. So if you’re a consumer and you’re going to apply for a loan, do you want to put your name, address, social, date of birth? We already have all that information, so whatever remaining items that are missing, such as how much you make, income wise, and what your rent is or or mortgage payment, right? We’ll have them enter that into the tool, but really streamline that application process and push it right to the APIs of the loan origination system. Then we track all that in our analytics platform so that the FI can actually see, “oh, these offers are resonating with my consumer or I ran this particular campaign and it didn’t convert very well. Let’s go into the interest rate kind of comparison tool,” and I go in there and I see that the average interest rates being offered to my consumers are lower. No wonder I’m not getting a lot of clicks on that particular offer, whereas this offer is doing well. So the product is intended to give very good benchmarking advice to the FI. Here’s where you’re doing well, here’s where you’re losing consumers. Here’s what’s resonating, right? So it’s really kind of walking them through how they can do their jobs better, and making it easy. We have a whole marketing platform as well that has 9,000 pieces of marketing content, all customized for every platform, email, social media. We do monthly webinars and best practices series to really help our 1,300 plus financial institutions be successful, all included in the price, so we don’t charge extra for that.
Peter Renton 16:13
Okay, so I want to go back to something you said. You said it’s just a check box to implement this.
JB Orecchia 16:18
Well, no. So once we do an integration with the digital banking platform we have to go through that process. We go through vetting from a security standpoint, we build all the integration. But from a consumer standpoint, they’ll click on the widget that’s inside digital banking that has the integrated APIs and the disclosure’s in there. So that disclosure check box says, “Yes, I want to pull my score for personal use, and yes, I want to be pre qualified for offers from my institution.”
Peter Renton 16:50
So then what’s involved when a new financial institution comes on board, and they’re using one of your partners who you’ve already integrated with, what’s involved in getting SavvyMoney into the app? What’s the tech lift and the speed that they can do that in?
JB Orecchia 17:07
Yeah, it’s super easy. So one, they have to work with the sales teams at the digital banking platform. So most of our relationships are reseller relationships. So Fiserv sells it as Credit Sense. FIS might sell it as Credit Insights. Some sell it as SavvyMoney. And once they’ve decided “I’m good with the pricing, I’ve agreed to the terms,” and an FI wants to come on board. It’s really just signing an amendment to their master services agreement. And then we build the site in probably a day in terms of just building the actual site. The long pole in the tent is really how many offers do they want in. So all of our offer engine is completely customizable. You can turn on or off every single loan product. Super easy. Changing rates, you can go right into the SavvyMoney hub and change your interest rates. But what takes a little bit of time is sending us all their disclosures, sending us all their card art, all the customization. So you can imagine that every single instance, every FI has different credit score bands, has different products, has different disclosures. So we have to work with the financial institution to upload all that so that that first lift is a little bit heavy, and then all the testing that goes along with it. So it’s generally three weeks to launch a partner. It could be faster, but these guys have day jobs, right? And so if it were up to us, we could probably get everything up and running a lot faster than that, but we need to get all of those assets from them in order to launch the site, but very easy. And then our marketing is turn key. The partner manager that manages the relationship walks them through. “Here’s everything that you need to do. Here’s how you’re going to be successful. And, oh, by the way, here’s testimonials and best practices from a number of financial institutions. Here’s how to leverage analytics.” We’ve got videos that are pre-done in terms of how they can leverage that and get the most out of it. So one of the big challenges for financial institutions is they’ve got a lot on their plate. Is SavvyMoney easy? And the overwhelming response is “this couldn’t have been an easier thing to implement.”
Peter Renton 19:23
So are they looking at this and saying we really don’t have enough uptake on personal loans or auto loans, whatever the product is, and they’re getting this and saying, let’s unlock this, and we’ll see, for example, we know who’s got credit card balances and who might be a good fit for the personal loan? Firstly, is it opt in, then? Or opt out?
JB Orecchia 19:50
That’s a good question. So most of our partners, we launched with opt in, but then the data became so valuable and the engagement became so valuable, we offered up a solution that if you join digital banking, you automatically get opted into SavvyMoney. It’s in the terms and conditions, and it’s an easy opt out. So it’s super simple that once it launches, we share with the consumer exactly what they have, and they can check a box to opt out immediately. We get less than a quarter of a percent of people opt out.
Peter Renton 20:23
I’m sure it’s a small number, because who wouldn’t want this information, right?
JB Orecchia 20:26
It’s free.
Peter Renton 20:26
Even if you’ve got a Credit Karma account, you may as well have this other one. Makes sense. So then, what are the primary use cases? Is it personal loans? Is it auto? Do you do mortgage as well?
JB Orecchia 20:36
We market mortgage, we market, home equity, personal credit card. This last year, deposits, because the interest rate environment is such that FI has kind of pulled back a little bit on lending and leaned in on deposits. And so we’ve got an announcement modal that’s at the top as well as in the carousel in mobile banking, and you can target specific consumer’s deposit products. So if we know the trended data, and we know that Peter is paying off his balances every month and he’s not revolving, he’s a good candidate, probably for a deposit product, a CD, a money market, that kind of thing. And the credit unions in particular, are very aggressive there, because they wanted to build up their balance sheets in order to then lean into lending a little bit more.
Peter Renton 21:29
Okay, interesting. So you can just tweak that, I imagine, on a daily basis, right? What the offers are, you say, “right, we’re going to suddenly turn off deposits. We want to turn on personal loans.” Is that a pretty trivial process?
JB Orecchia 21:40
Trivial. One day. Call your partner manager. This is what I want to do. This is what I prioritize in the carousel. And what we’re moving towards is more automated marketing. So we’re building more of a regression model around the dependent variable of likely to refi your car, likely to consolidate debt, or, we can actually look at all the data and the trended data and start to do this on behalf of the financial institution. So right now, it’s a rules-based engine in terms of certain rules, but what we’re moving towards is more automated marketing, so there’s less campaigns you have to pull. Let us go in and actually leverage the data to then optimize the platform based on what your needs are.
Peter Renton 22:26
Interesting. So I’m curious about, from your perch, you’ve got a whole bunch of credit unions and banks.
JB Orecchia 22:35
And fintechs.
Peter Renton 22:36
I’d love to get your perspective on this: Fintechs are digitally native by definition, they started life as a digital operation, whereas most of these banks and credit unions, it’s been digital after brick and mortar. I’m curious, are you finding that banks and credit unions can compete with fintechs when it comes to customer service?
JB Orecchia 22:57
Yeah, and 80% of consumers that are engaging with our application are doing it through mobile, signing up through mobile, signing up through loans through mobile, checking their score through mobile. So our mobile adoption has really spiked. So we design for mobile now as being the primary entry point in the product. So I think having a product like this that’s highly engaging, that works, that drives real value to the consumer, has those banks and credit unions competing with fintechs for sure. And on top of that visibility of the data as to what’s working and what’s not working is super valuable to provide guidance to that financial institution on where are they winning, or where do they need to get better? Because the aggregate data, you can actually go in and see, in aggregate, not at the individual consumer level, where are my consumers borrowing for every single loan product in the portfolio? You can have visibility to it, so you could see, Cap One, Ally Financial and Santander, not to call out those names specifically, but in this particular credit band, they’re picking up market share. What is it that they’re doing? How are they positioning their products to attract my consumers? Is it that my rates aren’t competitive? Is it that my product is not competitive? And so giving that insight so that then the institution can course correct accordingly in order to track those consumers to borrow from them.
Peter Renton 24:27
So I think about the Credit Karma model right, where Credit Karma earns most of their revenue by referring to banks and fintechs. Do any banks want to do that? Do they say, I don’t really want to put personal loans on my balance sheet, or I don’t want to, you know, whatever the category is, but I’d love to earn money from referring people to someone else who’s doing that.
JB Orecchia 24:50
We’re exploring that.
Peter Renton 24:51
Yeah?
JB Orecchia 24:51
And so, more to come there. I don’t want to talk too much about that. People believe that there’s a possibility for institutions in a category that they don’t want to carry on their balance sheet, for other lenders that have white label solutions, in most cases, these lenders want to keep the relationship. So they don’t necessarily want to just farm out their consumers, because then once they go to another institution that’s lending in that category, then they may kind of get better, and then they’ve lost that consumer. So I think there’s an opportunity to bring other lending opportunities in. So still do it within the context of their experience, but not take the not take the credit risk.
Peter Renton 25:37
I want to talk about the announcement you made recently about Get My Rate. Explain what that is and why it’s significant.
JB Orecchia 25:45
Yeah. So most pre-qual products, when you go to get pre-qualified for a loan offer, you’re one and done. So a primary example, let’s say you’re Auto Navigator, and you go into Auto Navigator for Cap One, and you’re an A consumer, and you see the rate, you’re like, you know, that’s not really what I want. It’s close, but it’s off by a percent. So in our product, we’re saying, “hey, don’t lose that consumer. What is it exactly that you want?” Well, if you’re in the highest credit band, you might be just waiting for rates to drop. And so set the rate that you want, and actually be alerted when that rate comes into play. Or maybe the institution offers, if you do direct deposit or something like that, we can get you very close to that rate. Here’s what we can get you. Let’s say you’re a next step down in terms of your credit score, and you’re a 680 and you need to be a 700. You’re 20 points away, or you’re close, right? These are the things you need to work on in order to get your score up, and we’ll alert you when that rate comes available. And then the last one is a number of Gen Y and Gen Z, in particular our credit unions have seen that, hey, if we turn them down, they don’t come back, right? So giving them a path to approval and saying it’s not a no, it’s a not now, and these are the things we’d like you to work on, and we’re going to give you this free service in order to work on your credit. And we’re going to monitor you along the way and keep track of your progress, and when you reach it, we’re going to have confetti come down. We’re going to say, now you’re pre-qualified for this product, again, subject to income qualifications, but at least from a credit standpoint, you’re looking like you’re going to meet our criteria to pre-qualify for this offer. So for turn downs, I think it’s a better experience to say you’re not one and done, because are you going to keep logging into the tool every day to see if you’re pre-qualified? No, you’re going to go in maybe once, maybe twice, and you’re gonna be like, “I’ll wait or I’ll shop around and go someplace else.” Whereas, if you can be very intentional about “here’s where you are. You’re close, let’s work with you.” Maybe it’s a credit builder product. Maybe it’s talk to own our financial counselors. So a number of our FIs have financial counselors. We’ll link them right to a financial counselor to work with that consumer. Maybe they’re going to help them with budgeting. Maybe they’re going to help them with getting a side hustle, and we’ll make recommendations, and we put that into our content as well. Then drive for Uber and you can make a little extra money, get your your debt ratio in line, pay down some of your debt, and you get to where you need to be in order to qualify.
Peter Renton 28:36
Right. Interesting. It’s sort of almost gamifying it in way. And you know, it makes sense, because oftentimes they’re logging in, you don’t know what they’re thinking, you don’t know what they want. But now they can say, I want a 10% loan. That’s what I want. Then you can build around it.
JB Orecchia 28:51
Honestly it’s, “hey, I’m a, I’m a 600 and I want to be an 800.” Well, you need to get a 650 first. You know, I want to run a marathon, but you better start with a mile, right?
Peter Renton 29:06
Exactly, exactly. Okay. I want to touch on AI and Generative AI because I think about it, particularly when you’re talking about this automated marketing side, is that something that you’re applying AI to? Or how are you thinking about the power of Generative AI for for your product?
JB Orecchia 29:24
Yeah, so we’re in the early stages of that. We’re thinking about it in a couple different ways. One, why did my score change? Why did it go up, or why did it go down? And so really, looking at the answers that Generative AI creates as it relates to that. And, over time, so taking a look at the last six months and putting together a story to tell them why and what are the top three things they need to work on. So we expect to have that in beta in the fourth quarter and full release first of the year. But we really have to stress test that, and see what those answers are, and make sure that it’s informing our customer service group that we’re giving the right advice. We want to make sure and give the right advice to the consumer. So measure twice, cut once, so to speak, and make sure we get that right. But the early indications on the data is super powerful. Super powerful for the consumer. Our SavvyMoney Checkup product collects spending information and debt information as well as what they’re spending on their expenses, and really giving them benchmarks per category that, “maybe you shouldn’t have $1,000 car payment,” right? For your income, you should maybe have a little bit less, at least giving them that is like, “in your income category, you should be here and here,” so that can give them some information as to where they need to maybe make some adjustments in their lifestyle, in terms of their spending, and they get their financial situation on track.
Peter Renton 31:07
Yeah, that could be really powerful. I could see. Okay, so last question, then, what’s your vision for the future of SavvyMoney? Where are you taking this?
JB Orecchia 31:15
Yeah, so that’s a good question. I have a lot of items on the product roadmap, and so we’ve got multiple constituents. We’ve got the digital banking platform, we’ve got the financial institution, we’ve got fintechs, and we’ve got the consumer. From a consumer standpoint, how do we make their lives easier and provide very actionable advice as to what they should do? And I think AI is going to play a big role as we fine tune that in letting consumers know just what they need to do. “I want to get from here to here. What do I need to do in order to do that?” Right? So we want to be the best financial service in the market, providing that advice. From a financial institution standpoint, they’ve got a lot of priorities. How do we make their job as easy as possible to be successful in terms of gaining market share, building a deeper relationship, building retention with their consumers? So we continue to lean in there and get better and better in terms of the services that we provide our FIs, and then for our platform providers, we need to feel like we’re part of their ecosystem. So whether it be data that they can do better targeting in other areas of their experience, better integrations, driving optimal conversion and a seamless user experience. That’s kind of the goal. Obviously, I’d like to, amass as many financial institution partners as possible, and we’re going to do that by driving real value. We’ve got 99% retention of clients, and so that’s a testament to our white club service. We provide really usable, easy tools in order to drive value out of the platform. We need to continue to lean in there and get better at it. We hear from our partners. We do a partner advisory board. They give us great ideas as to “we’d like you to do more in home equity, or do more on the deposit side, or help us with customer acquisition,” and so we’re constantly getting the feedback. We’re sizing that market opportunity, and we’re adding more and more products to reduce friction on that process.
JB Orecchia 33:32
Okay, well, we’ll have to leave it there, JB. Really interesting chatting with you, and you’ve got a fascinating company providing, obviously, real value for American consumers, and for banks and financial institutions. So, thanks for coming on the show today.
JB Orecchia 33:47
Thank you so much.
Peter Renton 33:49
Well, I hope you enjoyed the show. Thank you so much for listening. Please go ahead and give the show a review on the podcast platform of your choice, and go tell your friends and colleagues about it. Anyway, on that note, I will sign off. I very much appreciate you listening, and I ll catch you next time. Bye.