Array partners with FICO to provide users with credit data

As part of this multi-year deal, Array’s customers will receive access to FICO Scores, which can help them better plan for their financial futures. Consumers leverage FICO Scores to gain access to the credit they need for car loans, home mortgages, credit cards, and other products. According to Yahoo, financial institutions that allow their customers to see their own FICO Scores build a stronger relationship with them and foster loyalty as they help them to better understand and manage their fiscal health. 

The collaboration will allow Array to provide FICO Scores based on data from any of the major credit bureaus in the US as part of the company’s private-label credit,  privacy tools, and financial management. FICO officials cited by Yahoo revealed that fintechs, banks, and credit unions are looking to include financial services products in their digital experiences but cannot develop them due to a lack of resources. 

Array has been working with these companies in order to provide them with credit report data and tools that integrate seamlessly with their websites and mobile apps. This way, these companies can now provide their customers with FICO Scores and tools as well as educational content, all on the same platform. Array officials talked about their partnership with FICO and how it provides banks, credit unions, and fintechs with an embeddable solution that allows them to offer FICO Scores to meet the growing demand for credit score data.

The state of the embedded finance market

According to a Juniper Research study, revenue from embedded financial services will exceed USD 183 billion globally in 2027, which represents a considerable increase from just under USD 65 billion in 2022. 

The research also found that embedded investments, where stock trading and investment products are integrated within other apps, will be the fastest-growing segment, as it will increase by 421% over the next 4 years. If this turns out to be accurate, embedded investments will account for almost USD 11 billion in revenue globally by 2027. 

The report also highlighted that financial services are currently not too saturated within B2B markets. This presents an untapped opportunity for B2B businesses to improve their revenue streams by incorporating embedded finance solutions. One of the most important aspects that businesses should keep in mind is the need to identify which financial services work best within their customer environment, whether B2B or consumer.