Array Partners with FICO to Address Growing Demand for Embedded Finance Products
Array, a leading financial innovation platform, announced a multi-year agreement with leading analytics software firm FICO (NYSE:FICO) that will provide FICO® Scores and credit data to the millions of consumers that use Array’s product platform.
A consumer’s FICO® Score and the underlying factors behind that score are critical information that customers need to plan for their financial futures. FICO® Scores are used to help consumers gain access to the credit they need for home mortgages, car loans, credit cards and more. By providing access to their FICO® Score, financial institutions, fintechs and digital brands can help consumers better understand and manage their fiscal health and, in the process, build a strong relationship with them. Building customer loyalty is increasingly important as the fast growing financial services market undergoes unprecedented fragmentation amidst the arrival of new competitors.
“There are tens of thousands of banks, credit unions, fintechs and other brands that are interested in embedding financial services products in their digital experiences, but lack the resources to develop them,” said Geoff Smith, vice president and general manager, Consumer Scores at FICO. “Array has earned the trust of these companies by offering credit report data and tools that fit seamlessly within their websites and mobile apps. Now these clients can offer their customers access to their FICO Score and to FICO® Score tools and educational content in that same environment.”
A new study from Juniper Research has found that revenue from embedded financial services will exceed $183 billion globally in 2027; increasing from just under $65 billion in 2022. This agreement will allow Array to provide FICO® Scores based on data from any of the major credit bureaus in the U.S. as part of the company’s private-label credit, financial management and privacy tools. FICO® Scores are used by 90% of the top lenders in the U.S. Array’s embeddable products can be used by financial institutions, fintechs and other brands within their own platforms to provide customers with access to critical credit report and FICO® Score information in a simple, digestible way.
“FICO is one of the top brands in financial services, and the number one credit score when it comes to consumer awareness,” said Martin Toha, Founder and CEO of Array. “Our partnership with FICO delivers on our promise to provide valuable data with the experience that people want, and it provides banks, credit unions and fintechs with an embeddable solution to enable them to offer FICO® Scores to meet the growing demand for credit score data.”
People In This Post
- Energy Price Cap’s Trickle Effect on Inflation and Three Likely Scenarios for UK Consumers, According to Market Experts Read more
- Cathedra Bitcoin Announces Off-Grid Bitcoin Mining Partnership With 360 Mining Read more
- SNGLR Capital Announces Strategic Investment from Ayre Ventures Read more
- Enfuce unveils radical brand evolution at Money 20/20 Read more
- Scottish Fintechs present at Money20/20, Europe’s largest gathering of fintech innovation Read more