SavvyMoney is a credit score solution for every online and mobile banking platform, helping people understand or improve their scores. Pulse 2.0 interviewed SavvyMoney president and CEO JB Orecchia to learn more about the company.
JB Orecchia’s Background
Orecchia’s unique career journey started as a DJ and Elvis impersonator straight out of college. And Orecchia said:
“After transitioning to a Household Finance Corporation branch in the late 1980s, I embarked on my finance career. Along the way, I made stops at both Experian and Disney.”
“Today, as President and CEO of SavvyMoney, I’m reshaping banking and credit unions’ technology utilization for superior customer experiences. Since 2011, my team and I have developed SavvyMoney into a top credit and lending tool, integrated with 35 digital banking platforms, aiding 1,150 financial institutions in delivering financial education and personalized lending. With over 35 years in consumer finance, fintech, and interactive media, my path has been shaped by innovation and a drive for excellence.”
Formation Of SavvyMoney
How did the idea for the company come together? Orecchia shared:
“I took over and invested in a business named DebtGoal in 2011. After two years of running the company, it was clear to me that I could not save the business as it stood, so I went to the board with a complete pivot.”
“My vision was to re-position the company from a direct-to-consumer debt reduction business to a financial institution-focused business to embed credit scores into digital banking. I was witnessing the landscape changing with CreditKarma and decided that banks and credit unions needed their own version of that product. I had already changed the company’s name to SavvyMoney and knew it was time to change the entire business. We brought in strategic investors along the way, notably TransUnion in 2016.”
Challenges Faced
What challenges has Orecchia faced in building the company? Orecchia acknowledged:
“Being in a legacy industry such as the financial services industry, companies are traditionally slower to adopt innovative technologies, so it’s really been helping financial institutions shift their mindset to seeing the good that technology can do.”
Core Products
What are SavvyMoney’s core products and features? Orecchia explained:
“SavvyMoney’s core offerings revolve around providing a comprehensive credit data solution and digital engagement tools to banks and credit unions. These offerings are designed to strengthen customer relationships and enhance the financial services provided by these institutions. Our key features include:
— Real-time credit data integration
— Digital engagement tools
— Pre-approved marketing support
— Financial education
— Loan application UX”
Evolution Of SavvyMoney’s Technology
How has the company’s technology evolved since launching? Orecchia noted:
“Like any other technology, we’ve evolved as society has. As financial institutions have become more open to adopting innovative technology, we’ve been able to uncover new customer needs. What started as just a credit score solution has now become an all-encompassing platform that allows financial institutions to help a consumer’s financial needs from their very first dollar to retirement.”
Significant Milestones
What have been some of the company’s most significant milestones? Orecchia cited:
“Just over the past year, SavvyMoney has experienced remarkable growth and success. During this period, we have achieved several noteworthy milestones. We signed over 300 new financial institutions, bringing the total to 1,150 partner institutions. Our efforts have resulted in driving a remarkable $34 billion in total new loans originated by our FI partners, with an impressive $3.8 billion of that driven by the SavvyMoney offer engine. Furthermore, we have significantly expanded our strategic partnerships, forming strong alliances with leading digital banking and fintech companies such as Alkami and Co-op Solutions.”
“Our dedication to excellence has also been recognized through accolades such as being featured in the Bay Area Top 25 Best Places To Work, winning the prestigious Best Embedded Finance System award at the 2023 Banking Tech Awards USA, and ranked #1403 overall on the Inc. 5000 list and #89 in financial services.”
Customer Success Stories
After asking Orecchia about customer success stories, he replied:
“I’m proud to say we have many customer success stories, but I’ll share a recent win with our partner Credit Union of Southern California (CU SoCal). When CU SoCal was looking to optimize its efforts and enhance member experiences, it turned to SavvyMoney’s Pre-Approved Offer Marketing solution to do so.”
“Upon implementing the solution for a pre-approval auto loan campaign, CU SoCal saw astounding success — even in the midst of an automobile shortage and high-interest rates. Key results include:
— 74% increase in application volume from digital channels
— 53% increase in total funded loans from digital channels representing $2.4 million of incremental auto loan volume
— Nearly a 50% offer click-to-application completion rate (vs. 20% for a typical process leveraging an application requiring extensive authentication)
— Immense success with retargeting email efforts (70% open rate, 16% click-through rate)
Funding
After asking Orecchia about the company’s funding, he revealed:
“In December of 2021, SavvyMoney announced a funding announcement of $45 million led by Spectrum Equity with participation from TransUnion. This funding resulted from the investors’ trust in leadership and vision of the product, helping SavvyMoney deliver more value to our existing partners while supporting our strategy to further grow our business.“
Total Addressable Market
What total addressable market (TAM) size is the company pursuing? Orecchia assessed:
“SavvyMoney works with FIs across the United States, and our focus is helping growing FIs achieve their goals of growing their consumer bases and share of wallets. We are actively targeting FIs and fintechs with over 4,000 digital banking users, and with a growing number of neobank and fintechs entering into the financial services landscape, we see this number growing year over year.”
Differentiation From The Competition
What differentiates the company from its competition? Orecchia affirmed:
“SavvyMoney is truly one of a kind. While others have tried to replicate our success, they lack certain key features, such as an offer engine and robust analytics. The recent addition of our “Pre Approved Marketing” solution further strengthens our competitive position by providing an entire “offer engine” that covers both pre-qual and pre-approved offers.”
“This unique combination sets SavvyMoney apart, especially considering that there has been a collaboration between other companies to offer a similar service, but each primarily focuses on different aspects — one with limited functionality and integrations, and the other as a Pre-Approved Marketing Solution.”
Future Company Goals
What are some of the company’s future company goals? Orecchia concluded:
“We consistently have our sights set on the future. Our ongoing objective remains centered on equipping financial institutions with the finest possible tool, enhancing the financial wellness of consumers from the top down.”
