SavvyMoney and TruStage™ Announce Seamless Integration to Enhance Loan Application Process

SavvyMoney, a leading provider of financial wellness tools and personalized loan offerings, is proud to announce an exciting new integration with TruStage™, a financially strong insurance, investment and technology provider, to enhance and streamline loan application processes for financial institutions and their consumers. Implementing 48 FI pilot credit unions when the product launched in December 2024, this collaboration enables seamless access to loan protection products, educating borrowers about insurance options tailored to their specific loan types.

This innovative feature is designed to enhance the consumer experience while maintaining efficiency for financial institutions. Through this integration, loan applicants learn about available insurance options and indicate interest in TruStage insurance products during the application. This early education makes consumers better informed about the benefits of insurance and ready to discuss their options during the loan closing. 

Key Highlights of the Integration:

1. Seamless API Integration: The integration directly connects to each institution’s TruStage account, ensuring that only the relevant loan protection products are displayed based on loan type for the specific individual under their financial institutions’ abilities
2. Strong Results: Initial results are promising – showing that more than 40% of applicants expressed interest in TruStage insurance products during the application process. Significantly, using a controlled A/B testing protocol, the additional content did not decrease application submissions. 
3. Intent Signals: Consumers can express interest in TruStage products without committing to a purchase, enabling lending teams to gather insights and facilitate informed decisions for consumers who are shopping for loans
4. Customized Loan Protection Options: Loan protection products displayed to each user are tailored to the loan type, enhancing personalization and relevance for consumers

“SavvyMoney is committed to helping financial institutions deliver a more personalized and efficient experience for their members,” said JB Orecchia, President and CEO at SavvyMoney. “With 50 credit unions already active and more than 11,000 applications processed— it’s clear that this partnership with TruStage is successfully enhancing our users’ financial wellness while deepening consumer relationships. We’re looking forward to rolling this out to the rest of our TruStage clients.”

Implementation Success through January 2025 includes: 

• 50+ Credit Unions currently active on the platform
• 11,000+ applications processed 
• 40% of consumers express interest in one or more insurance products
• 0% drop off in applications due to the additional insurance content.

“At TruStage, we are dedicated to providing financial institutions and their members with accessible and affordable protection options,” said Corrin Maier, Vice President of Lending Payment Protection at TruStage. “Our partnership with SavvyMoney is a significant step forward in simplifying the loan application process while empowering borrowers to explore solutions safeguarding their financial well-being. We’re putting personalized financial protection within reach for more consumers.”

How It Works

The SavvyMoney and TruStage integration seamlessly embeds into the loan application process. Borrowers can easily explore loan protection options by selecting loans through SavvyMoney’s “Credit Score & More” feature. The interface is intuitive, ensuring that applicants proceed effortlessly through their applications while gaining access to customized protection options.

Financial institutions can view applicants’ interest in TruStage products directly within the loan application, enabling a more holistic understanding of borrower needs without disrupting the lending workflow.