Access to financial services has long been a challenge for many hard-working Americans, with over half of Americans reporting living paycheck-to-paycheck. Currently, here in the US, roughly 7 million people are reported as either unbanked or underbanked, meaning they’re often overlooked or underserved when it comes to seeking financial products or services when in times of need.
At Even, we are dedicated to alleviating this issue by providing consumers the necessary optionality, transparency, and entry points to financial services that they have often been excluded from given historically exclusive financial practices. By focusing on access to consumer financial products -- just one piece of the financial services landscape -- Even has been able to help businesses improve the financial lives of their consumers, promoting financial inclusion and wellness practices throughout their consumers’ entire financial journey.
Covering the Entire credit spectrum:
In today’s climate, on average, 76% of personal loan candidates are denied when applying for a loan - and credit cards represent an even higher rate of rejection in the US. This stems from the fact that individual lenders all have their own underwriting criteria and inputs that they use to accept or decline their loan applicants. This leaves consumers in a difficult position, having to shop across multiple lenders, apply several different times, and take even more hits to their credit score. Through its mission to become the definitive search, comparison, and recommendation engine for financial services, Even has been focused on providing all consumers with real-time, personalized, trusted financial products and services offers. In order to do this, Even has amassed the industry’s largest digitally connected network of financial services providers. This allows Even to cover the entire credit spectrum of consumers, from subprime to superprime, alleviating the need for consumers to shop across multiple platforms and increasing the likelihood of approval for consumers with less than ideal credit scores. Creating an environment of financial inclusivity has become a pillar of Even’s mission when assisting our partners in promoting the financial welfare of their underlying consumer base. While this is all nice in theory, it is important to understand how this endeavor performs when put into practice. When analyzing industry data compared to performance metrics of consumers seeking products through Even’s network, the numbers speak for themselves. Our analysis concludes that access to Even’s network dramatically outperformed standard industry data, especially for consumers shopping for products through a single financial institution. On average, consumers applying for financial products via Even’s network saw a 2.5 times greater approval rate than single lenders, which led to over 3 times the amount of funded loans. This is directly indicative of the breadth of optionality Even’s network provides to consumers. By being able to connect with the largest network of lenders, Even is able to help our partners’ consumers ranging from all credit backgrounds find financial products or services that not only meet their needs, but are personalized to their specific financial situation.
Access to financial services in times of need and times of excess:
At Even, we understand that the financial lives and financial journeys of our partners’ consumer base is going to vary person-to-person. Not all consumers are going to need or are struggling to find access to credit. Access to financial services across a consumer's entire financial life cycle is paramount to create an inclusive financial experience for all involved. In addition to the vast network of partners Even has amassed covering the entire credit spectrum, Even has also established financial marketplaces addressing consumer needs across the entire financial life cycle - ranging from products addressing consumers in times of need, as well as times of excess. In times of need, consumers might be looking for access to credit such as: personal loans, student loan refinancing, auto loan refinancing, or credit card offers. In times of excess, where consumers might have extra capital at hand, Even has established marketplaces offering access to high yield savings accounts, money market accounts, or life insurance products. As a result, Even has created a platform where Financial Services Providers can create multiple touchpoints with their consumers over several years and throughout their financial life cycle. In an increasing digital age, 70% of consumers prefer marketplaces as a one-stop-shop to manage their purchases and services; and Even has created an environment where our partners can provide that level of assistance to their customer base. This approach draws direct parallels to e-commerce giants like Amazon and Walmart, which both took similar approaches to 3rd-party sellers. By incorporating 3rd-party products into their ecosystems that they either could not support or provide, they were able to service more customers and maintain their relationships with those customers, rather than redirecting them to additional channels. This marketplace approach enabled them to create and promote an ecosystem that addresses their consumers’ needs in totality instead of the existing fragmented experience consumers had come to know.
Through its full credit spectrum offerings, Even has proven its commitment to improving the financial lives of its partners' consumers, creating an inclusive environment where all consumers can access the products that they need, when they need them. This not only includes covering the consumer spectrum, but creating an environment where banks and financial services providers can work cooperatively with one another, to better serve the needs of their customers. As Even continues to work with innovative fintechs aiming to democratize financial services, we can assist larger banks and providers through partnership opportunities creating an open and inclusive experience. Through these partnerships and consumer data and demographics, banks and financial institutions can better understand their customers behaviors and provide additional flexibility through their service models. Interested in embedding financial products into your business? Get in touch click here.
Disclaimer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Even Financial product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Even Financial through hyperlinks, from third-party websites, are provided for informational purposes only. While Even Financial finds these sources to be accurate, it does not endorse or guarantee any third-party content.
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