Help your customers increase their financial literacy
With all of the advances that have come to the banking and financing universe in recent years, it's understandable for the American layperson to make mistakes from time to time. Think of it this way - how often have you seen someone make the seemingly simple error of confusing a credit report and a credit score? It happens more often than you might think. And that's just the tip of the gaffe iceberg, so to speak.
"People can still occasionally confuse a credit report with a credit score, and vice versa."
It's ideal for all lenders - as well as businesses that offer credit - to help their customers better understand any aspects of their credit and finances that confuse them. Let's take a look at some of the ways in which organizations can assist customers in this fashion:
Include account management tools with company apps
These days, a significant number of companies have their own apps. If your business is one of them, and your customers have individual credit or debit accounts of any kind with you, making these a major focus of mobile functionality is a convenience many consumers will appreciate. Forbes also recommended the value of third-party apps, like Mint, which you should consider encourage your customers to use.
Offer financial counseling sessions
While personal responsibility is important in money matters, there's no harm in providing customers with the tools they can use down the line. Financial Literacy Month takes place in the U.S. every April, which gives your business a perfect excuse to offer one-on-one conversations or other forms of financial assistance.
Employ alternative credit data
Old models of weighing the creditworthiness of customers simply aren't up to snuff with our current environment. As such, adopting the PRBC Mainstreet alternative credit reporting model will be ideal for developing accurate portraits of consumers' financial solvency.