Embedding financial wellness with Array
/
What
Array is a New York-based fintech offering embeddable private-label fintech solutions to FIs, fintechs, and other digital brands. Array’s suite of products help providers manage the financial, identity-based, and privacy-focused needs of the consumers and businesses using their products and services. Founded in 2020, Array has raised more than $190M in venture funding from investors like Nyca Partners, General Catalyst, and Battery Ventures.
Yesterday, Array announced the launch of Debt Manager, which offers real-time information on consumer debt. Through the new embeddable solution, Array’s clients can accelerate information sharing during lead-qualification and debt-management processes, address borrower risk, and provide targeted loan marketing through more accurate credit-status information.
Why
According to Alem Sendaba, Array’s COO, Array has built out its products to counteract the increasingly fractured nature of fintech products. With “too many things in too many places,” consumers often manage more than a dozen apps and services to manage their finances, leading to divided consumer attention. By pulling products addressing consumer needs into one place, Array’s clients can create a uniform experience for consumers, reduce CAC and increase LTV.
Proprietary research suggests that consumers are “putting a premium on financial wellness,” Sendaba continued. Consumers are five times more likely to recommend their financial institution when they feel it supports their financial health, their research shows, but only 14% of consumers feel like they’re supported in this way by their FI. “Eighty percent of consumers actually want fintechs to provide that experience,” Sendaba said.
Engagement metrics prove the success of these embeddable and targeted experiences, Deepak Sharma, GM of Digital Financial Management at Array, told The Financial Revolutionist. Some clients see upwards of a 10% click-through rate on embedded product sales within client platforms using Array—20 times above the market standard. With an understanding that “what gets measured gets managed,” Array’s data-focused tools—namely its credit-building solution—also help users with lower credit scores improve their financial situation.
The company’s latest debt-management solution helps Array and its clients supplement their sales- and wellness-focused efforts. By providing trade-line level information and in real time (instead of with a 30-day delay), Array lets clients make better decisions on how to serve customers while also reducing risk. Credit unions and banks can help build a debt payment recommendation program for their customers and guide them to pay off higher-interest products first; fintech lenders, meanwhile, can offer competitive and targeted loans and refi consumers at appropriate rates.
“With this particular product, we can serve a range of sales verticals,” Sharma said.
How
Understanding the range of technological capacities of its clients and their customers, Array has three methods for setting up its products. It delivers its solutions through API, through embeddable components for a client’s web property, and also through private-label solutions on privately hosted websites.
Array built its debt-management solution in response to client feedback. “Once we started talking about the solution, we spoke to other fintechs and other FIs,” Sharma said. “We were able to take their input to shape up our product.” With demonstrated product-market fit, especially given current macro conditions, Array hasn’t had to market too aggressively.
“We’ve already pitched this to a dozen-plus clients across new verticals and the response is huge,” Sharma noted. “I would expect at least 30 clients on the service by the end of next year.”
