ClearScore disrupted the credit check market when it launched in 2015 by offering the service for free, and it is looking to do the same thing as it unveils what it claims is a “world-first” service that allows consumers to take full control of their financial health.
Dubbed ‘OneScore’, the new service uses multiple datasets to give people a more accurate view of their spending, assets, debts, savings and protection. It is made possible by the Open Banking initiative, which allows consumers’ financial data (such as bank details) to be shared with third parties.
By seeing all this information in one place, ClearScore hopes to be able to offer users recommendations on how to improve their financial wellbeing, say by shifting money from a savings account to pay off a mortgage, and hit financial goals by, for example, taking out a different mortgage.
Money is not particularly sexy and it is challenging from a marketing perspective because there’s lots of regulation.
Anna Kilmurray, ClearScore
Speaking to Marketing Week, ClearScore CMO Anna Kilmurray says the launch comes off the back of research that reveals 50% of people show some signs of financial vulnerability, while a quarter are either unsure or have zero confidence in making decisions about money. It is these people ClearScore is looking to help, rather than people who might already be good with money.
Building the ClearScore brand
Kilmurray was one of the first people to join ClearScore before it launched in mid-2015. Brought in by founder Justin Basini (who she had worked with in a previous role at mobile payments firm Zapp), she says she was attracted by the challenge of launching a brand from scratch, disrupting an established market and changing the relationship people have with money.
“For a marketer that is an interesting customer proposition,” she explains. “Money is not particularly sexy and it is challenging from a marketing perspective because there’s lots of regulation and it can be daunting and complex to communicate. But being able to do something for the consumer, led by product and design, was really interesting.”
ClearScore has taken a bold approach to marketing…