Atlanta, GA and Pleasanton, CA – SunTrust is deploying SavvyMoney to deliver access to credit scores for users of Momentum onUp, the bank’s leading workplace financial wellness program.
Momentum onUp is part of the bank’s movement to build financial confidence in America, helping companies offer their employees tools and information to stay on top of their finances. SavvyMoney specializes in financial education through individual access to credit score, full credit report, and personalized tips for credit improvement. The addition of SavvyMoney’s Credit Score to Momentum onUp will help provide participating employees a clearer picture of their financial wellness.
“Integrating SavvyMoney into Momentum onUp provides our clients’ employees with seamless access to their credit file, giving them a more holistic look at their financial wellness,” said Brian Nelson Ford, financial well-being executive at SunTrust. “We’re continuing to evolve our program through this enhancement, and believe that employers can play a key role in improving the financial confidence of their employees.”
According to SunTrust’s National Financial Confidence Poll, 74 percent of Americans have experienced financial stress in the past six months, and 43 percent of Americans do not have $500 in emergency savings. Americans carry that stress with them to work, and they are looking to their employers for help. A recent PwC survey of U.S. employees showed that financial wellness is the most desired benefit they don’t currently have, exceeding even the desire for student loan repayment.
To date, 150 companies – large and small – have adopted the program. Among employees who have completed Momentum onUp, those living by a budget increased from 43 percent to 87 percent, those with emergency savings rose from 68 percent to 98 percent and investment contributions for retirement grew by 35 percent.
SavvyMoney provides individuals with a personalized credit report to track all of their accounts, allowing them to ensure there is no fraudulent activity, see payment activity, update scores as frequently as daily, and monitor their credit. The Credit Score Report Card provides customized tips for credit score improvement.
“The addition of SavvyMoney’s Credit Score access fits perfectly into the Momentum onUp experience. An individual’s credit score and credit report are an integral part of their overall financial wellness,” added Ford.
“We are excited to add our capability to SunTrust’s Momentum onUp because of their long-standing reputation for delivering financial management tools, education, and resources to their clients,” said JB Orecchia, CEO of SavvyMoney. “The opportunity to work together on this was a strategic fit for both organizations, empowering the users to control their financial future.”
About Momentum onUp®
The Momentum onUp® program was first piloted by 15,000 SunTrust teammates, where more than 80 percent of those completing the program report feeling in greater control of their finances. SunTrust matched up to $1,000 for its teammates to help build their emergency savings as part of the program. The company also gives all teammates an extra day off each year to focus on their personal finances, as well as a day to volunteer in an activity that builds financial confidence in their communities. To learn more about Momentum onUp®, visit www.suntrust.com/momentumonup.
About SunTrust Banks, Inc.
SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of September 30, 2018, SunTrust had total assets of $211 billion and total deposits of $160 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. Learn more at suntrust.com.
SavvyMoney is an award-winning fintech company who works with over 250 financial institutions. SavvyMoney provides an integrated credit report and score solution right into financial institutions’ online and mobile banking. Customers get actionable advice about their credit score, report, and saving opportunities from pre-qualified loan offers. SavvyMoney’s analytics platform provides the financial institution with full visibility to users’ credit scores trends, wallet share analysis, and targeted lending campaigns. www.savvymoney.com
SavvyMoney Media Contact: Jessica Friedman, (925) 390-3020
SunTrust Media Contact: Tom Crosson, (470) 218-9178