Financial institutions (FIs) can improve the customer experience and reach new consumers by expanding underwriting and providing digital services that enhance the credit card experience. Credit scores do not tell the entire story, and when used alone in the underwriting process can dramatically limit an FI's ability to meet customer's needs.
- The average credit score in 2021 was 714 and according to FICO, about 60% of people in the U.S. have a score lower than 714.
- Within age cohorts, several groups have scores below the national average. Specifically, Gen Z (679) and millennials (686).
A growing number of consumers, especially younger demographics, demand frictionless mobile transactions and expect seamless, accessible digital services from their FI. This includes applying for and managing a credit card using a mobile device. To keep up with competition, FIs need to offer robust digital services and support to engage cardmembers for all demographic age groups.
Download the whitepaper to learn how your FI can engage more consumers and stay competitive with a credit card partnership with Elan Credit Card.
* Data sources available in full whitepaper.