Last month, M&T Bank launched new financial management and budgeting capabilities within online banking called FinanceWorks. For just $0.99 a month, the bank’s customers can manage all their financial transactions in one place, whether they’re executed on an M&T account or not. To provide further insight to members, M&T Bank also added a service which allows members to get their FICO credit score for a monthly fee. Mike Shryne, manager of alternative banking at M&T explains that the credit score is a true FICO score, giving members a snapshot of their “creditworthiness.” Shryne indicated that this added service was prompted by customers’ “heightened awareness of how important one’s credit score is to the ability to borrow, and also to monitor financial security in the age of identity theft.” Since M&T updates FICO scores monthly, members can track their credit over time.
While some may be wary of the fees associated with these services, Shryne warns that these solutions prevent additional fees from untrustworthy third party sites. Some “free” credit sites are misleading and end up charging expensive fees until you cancel the service, making a straight fee of $2.99 for “a straight service” a fair price.
You can read the full New York Times article here.
How are you helping your customers manage their credit and finances end to end? How important is it to give customers a one-stop dashboard of services and information? Tweet at @bankingdotcom or let us know in the comments below.