Consumer Insight Informs Strategy
Consumers are complex – understanding which ones to acquire as long-term customers is essential.
57 % Struggling Financially (138M American Adults)
Our focus is primarily on the consumer who has no credit history. A lack of credit history means the consumer has no credit score. Without a credit score, most consumers will be denied access to mainstream financial services. Mainstream financial services provide the most comprehensive and affordable financial services, which is why our mission is to help every consumer access these providers.
There are many ways to describe the market we serve. “Underserved” and “Underbanked” are popular terms, but they’re a little too broad to understand the actual consumer. The Center for Financial Services Innovation is a consulting organization that focuses on financial services for this broad segment, and has completed extensive research to help Financial Institutions understand how to reach and serve this consumer.
The research points out that people in the Vulnerable category are much less likely to have access to mainstream financial services, and are not likely to have access to mainstream credit products. This perpetuates their challenging situation, and creates the opportunity for eCredable to help them improve their financial lives simply by leveraging bill payment history for accounts they’re already paying every month, but not getting any real benefit for.