SavvyMoney Expands Digital Lending Landscape with CreditSnap Acquisition for Enhanced Onboarding Solutions

In a significant move to enhance digital lending solutions, SavvyMoney has announced its acquisition of CreditSnap, a company recognized for its expertise in smart integrations tailored for banks and credit unions. This acquisition reinforces SavvyMoney’s commitment to providing a seamless, digital-first financial experience.

Expansion of Platform Capabilities

While the financial terms of the deal have not been publicly disclosed, this strategic acquisition is viewed as a pivotal step for both organizations. By combining their strengths, they aim to deliver scalable, integrated solutions that address the evolving needs of financial institutions.

Enhancing Consumer Experience

SavvyMoney specializes in offering personalized credit insights and loan options, enhancing customer engagement through innovative demand generation tools embedded within digital banking platforms. Conversely, CreditSnap provides modular technology that facilitates seamless loan origination by integrating with over 73 systems, including core and digital banking platforms.

Driving Efficiency in Financial Institutions

The integration of SavvyMoney and CreditSnap will empower financial institutions to provide a frictionless, end-to-end experience. Key benefits of this collaboration include:

• Reduced application processing time: CreditSnap’s rapid application process cuts the time from an average of 12 minutes to just 2 minutes.
• Increased loan volumes: Institutions utilizing CreditSnap have reported loan volume increases ranging from 20% to 40%.
• High deposit funding rates: Reports indicate deposit funding rates as high as 78%.

This integration allows banks and credit unions to foster lending and deposit growth without the need to overhaul their existing infrastructure. SavvyMoney emphasizes its intention to enhance, rather than replace, current loan origination systems (LOS) and account opening processes by offering additional value through interoperability.

Shared Vision for Financial Access

Both companies share a vision of improving financial access and outcomes for consumers through user-friendly interfaces and deeply integrated technology. Their partnership aims to eliminate friction in consumer finance and accelerate the adoption of digital financial services.

Leadership Insights

SavvyMoney’s CEO, JB Orecchia, remarked, “This is a pivotal moment in SavvyMoney’s journey. Our partners are seeking ways to grow without increasing operational burdens. By merging SavvyMoney’s demand-driving capabilities with CreditSnap’s integration solutions, we are poised to deliver a comprehensive digital experience that aligns with existing systems.”

Meanwhile, CreditSnap’s CEO, Deepak Polamarasetty, stated, “Our goal has been to equip financial institutions with the digital tools that meet modern customer expectations through seamless integration. Joining forces with SavvyMoney enables us to provide a true end-to-end solution that scales effectively.”

Feedback from industry leaders, such as Thomas Allman, Chief Strategy Officer at NASA Federal Credit Union, highlights the unique advantages of CreditSnap’s integration capabilities: “CreditSnap combines essential tools, including a front-end experience and customizable lending engine, while seamlessly integrating into our existing systems. This has saved us resources and maintained our competitive edge.”

For more information about SavvyMoney and its innovative solutions, visit their official website at SavvyMoney. To learn more about CreditSnap’s technology offerings, check out CreditSnap.