Credit Score Monitoring Becomes a Crucial Mobile-First Behavior

Free credit scores shine as a compelling financial fitness feature for banks and credit unions, especially for mobile banking users in general and Gen Z in particular. Consumer preferences for reviewing credit scores in mobile banking reached a historic inflection point in 2023, reinforcing consumer interest and strong adoption in both channels by consumers of all ages. 

However, the popularity of these features and the wide lack of availability even at top banks point to the need to provide free credit scores, showcase them prominently on the mobile homepage, frame them for young consumers, integrate public financial literacy into everyday mobile banking, and evolve from “do it yourself” to personalized “help me do it” experiences.

Key questions discussed in this report:

• How many consumers regularly monitor their credit scores at their bank or credit union?
• Why is mobile banking the focal point for credit monitoring for consumers and financial institutions?
• How prevalent are credit monitoring features in top mobile banking apps?
• What improvements can banks, credit unions, and credit monitoring providers make to boost awareness and engagement with such features?
   

Companies Mentioned:

Aura, Chase, Community Bank, Credit Karma, Credit Sesame, Experian, First Commonwealth Bank, IdentityForce, myFICO, NerdWallet, SavvyMoney, TransUnion, Truist