PYMNTS-MonitorEdge-May-2024

LendingPoint Launches Personal Financial Health and Management Tool for Customers

personal finance

LendingPoint has added a personal financial health and management tool to its artificial intelligence (AI)-driven CreditTech platform.

The new tool, which is now available for free to all LendingPoint customers via the mobile app, allows customers to set financial goals, analyze spending by category, receive tailored real-time financial health insights and compare their financial habits against their peers, the company said in a Monday (Aug. 14) press release.

“Our goal is to create a new financial ecosystem where customers can access the resources they need for every step in their financial journey,” LendingPoint CEO Tom Burnside said in the release. “Our personal financial health and management tool supports this mission with an engaging and easy-to-use financial management platform to help our customers understand, set and achieve financial goals and milestones.”

The new tool helps customers set financial goals, analyze spending by category, receive real-time financial health insights and track their financial habits against their peer set, according to the press release.

It is designed for borrowers, small businesses and merchants who partner with LendingPoint, the release said.

“The introduction of this tool follows the launch of free credit score tracking and monitoring for LendingPoint customers within their mobile app in 2021,” LendingPoint said in the release. “Further enhancements to the app are planned in the near future.”

With only 4% of Americans able to demonstrate financial literacy, there is a need for financial literacy tools. There is also an opportunity for banks, credit unions and others to provide budgeting tools and financial guidance, as offering these resources can gain the long-term loyalty of digital-minded customers.

PYMNTS research has found that consumers are seeking financial wellness and a solid understanding of their habits and needs.

Technology can play an essential role in complementing the best lending products, according to “Bolstering Credit Union Membership With Superior Lending Options,” a PYMNTS and PSCU collaboration.

The another recent product launch in the financial wellness space, Truist’s Foundry startup launched an app in May that rewards users for building healthy financial habits. The Long Game app gives Truist clients the change to earn monetary rewards for their financial wellness efforts.

PYMNTS-MonitorEdge-May-2024