Non-traditional purchasing tools help consumers to build their credit
Trend - Brands are releasing credit-building debit cards and financial services designed to help individuals establish or improve their credit history by using other payment methods. These non-traditional methods typically involve spending one's own funds rather than borrowing money.
Insight - Good credit provides access to a range of beneficial financial opportunities, and this correlates to consumer demand for tools that simplify this area of finance. Establishing credit through traditional banks and credit bureaus can pose challenges, especially for individuals with a limited credit history or insufficient financial resources. These individuals turn to credit-building services as a way to expedite the credit-building process and to provide a sense of assurance regarding financial matters.
Insight - Good credit provides access to a range of beneficial financial opportunities, and this correlates to consumer demand for tools that simplify this area of finance. Establishing credit through traditional banks and credit bureaus can pose challenges, especially for individuals with a limited credit history or insufficient financial resources. These individuals turn to credit-building services as a way to expedite the credit-building process and to provide a sense of assurance regarding financial matters.
Workshop Question - How can your brand better align itself with the goals of its consumer base?
Trend Themes
1. Credit-building Debit Cards - Brands are releasing credit-building debit cards and financial services designed to help individuals establish or improve their credit history by using other payment methods.
2. Credit-building Services - Consumers turn to credit-building services as a way to expedite the process and to provide a sense of assurance regarding financial matters.
3. Alternative Credit Reporting - Companies are incorporating alternative data sources, such as rental payment data, into credit profiles to provide individuals with limited credit history the opportunity to establish a more robust credit profile.
Industry Implications
1. Personal Finance - The personal finance industry can reference the trend of credit-building debit cards and credit-building services to develop innovative financial solutions that help individuals establish or improve their credit history.
2. Fintech - Fintech companies can leverage the trend of alternative credit reporting to develop new technologies and services that incorporate alternative data sources and provide more inclusive and accessible credit assessment methods.
3. Rental Industry - The rental industry can explore opportunities to partner with credit reporting services and integrate rental payment data into credit profiles to offer individuals with limited credit history a way to enhance their creditworthiness.
4 Featured, 33 Examples:
20,744 Total Clicks
Date Range:
Feb 23 — Jan 24
Trending:
This Year and Mild
Consumer Insight Topics:
