Brand Positioning & Brand Profile
Competitive Analysis
FICO (Introduced in 1956)
- Market penetration: FICO clients include more than half of the top 100 banks in the world, more than 600 personal and commercial line insurers in North America and Europe including the top 10 US personal lines insurers, 400+ retailers and general merchandisers, including one-third of the top 100 U.S. retailers, 95 of the 100 largest financial institutions in the U.S., and all the 100 largest U.S. credit card issuers and more.
- Tools: Videos, blog, events, webinars, social media
- Social presence:
- LinkedIn: 338,450 followers
- Twitter: 9,388 followers
- Facebook: 4,800 followers
- YouTube: 2,810 subscribers
VantageScore (Introduced in 2006)
- Market penetration: Used by more than 2,600 financial institutions, 9 of the 10 largest banks, 43 of the 100 largest credit unions
- Tools: Videos, podcast, blog, website, social media, research and white papers, consumer credit insights
- Social presence:
- LinkedIn: 2,222 followers
- Twitter: 48,400 followers
- Facebook: 63,405 followers
- YouTube: 1,410 subscribers
Similarities: Both FICO and VantageScore use the same categories for determining your score – payment history, amount owed, credit mix, new credit, length of credit history
Differences: While the categories are the same, the weight differs for each model; VantageScore ignores collections for less than $250; VantageScore uses a letter grade, while FICO uses a number grade; FICO requires at least six months’ worth of credit history and at least one credit account that has been reported within the last six months. On the other hand, the VantageScore model only requires one month’s worth of credit history and one credit account reported within the last two years.
Brand positioning statement
For young professionals and college students who haven’t been afforded the opportunity to prove his or her creditworthiness, CreditVisible is a disruptive financial wellness assessment model that is based on a comprehensive history of debt repayment so they can increase their credit visibility and sustain a healthier financial well-being.
Brand Identity
Our brand logo is a representation of who we are as a company: simplistic, yet creative and innovative. The yellow to orange gradient going across the “V” makes it have a unique property, allowing it to stand out; just like us.
Why we are the right team:
Creditvisible’s model is mutually beneficial for both consumers and financial institutions. From a competitive landscape perspective, it’s important to note that while FICO and Vantage are comparable from an industry standpoint, CreditVisible is in a category of one. Our model would essentially serve as a prereq to their models, not replace their models. Ultimately, our users would “graduate” to the FICO / Vantage scoring model.
Consumers:
Individuals who are financially illiterate, lack established credit or have means to have family or friends help them establish credit (co-signer or added as an authorized user on a credit card) as well as adolescents who are just starting out in life, immigrants, divorcees, widowers or elderly will all benefit from this offering.
Financial institutions:
Financial well-being should be embedded in a financial institution’s customer service strategy. Only one in four customers strongly agree that their bank looks out for their financial well-being; however, when banks take time to address customers’ financial well-being, 84% are fully engaged, ultimately increasing customers’ confidence in their primary bank and, in turn, having a higher percentage of their household’s total investments with their primary bank, creating long-term loyalty.
According to the FDIC’s National Survey of Unbanked and Underbanked households on average own more than 5 accounts across all types of financial institutions. In addition, U.S. consumers keep checking accounts with banks for an average of 16 years and many keep their credit card provider for 10 or more years. Investing in the consumers financial wellness at the onset of their credit journey is a long-term strategic advantage for banks looking to attract loyal customers.
How potential customers will find us:
We plan to leverage email marketing, paid search, paid social and programmatic advertising through geotargeting as well as display, connectedTV and streaming audio tactics to reach our targeted financial institutions to partner with.
