#USA #Dublin #TruStage #SavvyMoney #Loan Applications

Introduction

SavvyMoney, a prominent player in the field of financial wellness tools, has recently announced an innovative integration with TruStage, a well-respected provider of financial solutions. This collaboration is aimed at transforming the loan application process, making it more efficient and consumer-friendly for financial institutions across the board.

Partnership Overview

The partnership was introduced with the implementation of the integration at 48 credit unions during its pilot phase, launched in December 2024. The main goal of this collaboration is to provide a seamless experience for both lenders and borrowers by offering easy access to loan protection products. By educating borrowers on the various insurance options that fit their loan types, SavvyMoney and TruStage are paving the way for smarter financial decisions and enhanced consumer experience.

Streamlined Process for Financial Institutions

The integration allows loan applicants to explore TruStage insurance products while filling out their loan applications. This not only simplifies the process but also ensures that consumers are well-informed about their insurance options, empowering them to make better choices during the loan closing stage. According to JB Orecchia, President and CEO of SavvyMoney, this initiative represents a commitment to improving the member experience for credit unions and fostering deeper consumer relationships.

Key Features of the Integration

Seamless API Connectivity

The integration utilizes a robust API that connects directly to TruStage accounts for loan protection products. This guarantees that applicants see only the relevant insurance options tailored to their specific loan details.

Encouraging Consumer Interest

In initial tests, over 40% of loan applicants displayed interest in TruStage insurance products, indicating a significant engagement level. Notably, the addition of informative content did not lead to a decrease in overall loan applications, as evidenced by controlled A/B testing. This affirms that borrowers appreciate having pertinent information at their fingertips.

Expressing Intent Signals

Consumers can express their interest in TruStage products without any obligation to purchase. This feature allows lending teams to gather valuable insights into borrower needs while keeping the application flow uninterrupted.

Personalized Protection Options

Loan protection products are customized based on the type of loan being sought, enhancing the relevance of offerings and making the process more personal for each consumer.

Impressive Implementation Results

As of January 2025, the integration has seen impressive metrics: 50+ credit unions are actively using the platform, with over 11,000 loan applications processed. Additionally, consumers have shown great interest in one or more insurance products without any drop in application rates due to the additional information incorporated into the process.

Commitment to Financial Well-Being

Corrin Maier, Vice President of Lending Payment Protection at TruStage, echoed the importance of this partnership, emphasizing their dedication to making affordable protection options accessible to a wider audience. By simplifying the loan application process, they aim to empower borrowers to choose solutions for better financial security.

Conclusion

In conclusion, the collaboration between SavvyMoney and TruStage represents a significant leap forward in how loan applications are processed. By bridging the gap between financial institutions and consumers, they are not only enhancing operational efficiency but also ensuring that borrowers are equipped with the knowledge they need to make informed financial decisions. As they plan to extend this integration to more clients in the future, it is clear that this partnership is set to redefine financial wellness for many.

About SavvyMoney

SavvyMoney leads the industry as a provider of credit score solutions, delivering advanced digital personalization tools that connect over 1,450 banks and credit unions nationwide. Their commitment to outstanding service and technological innovation sets them apart in the finance sector. For more information, visit SavvyMoney.

About TruStage

TruStage focuses on empowering consumers with accessible financial solutions, rooted in a philosophy of people helping people. They strive to create equitable systems that enhance financial security for everyone. More details can be found at TruStage.