$7.1 billion Credit Karma is launching a no-fee checking account aimed at Gen Z and underbanked consumers. Two executives explain how income-related data could eventually be used to recommend loans.
Initially, the checking product will only be available to existing users that have opened Credit Karma savings accounts. In 2021, it will open it up to all consumers.. The companies are still operating independently until the deal closes later this year. From credit scores to tax returns to savings behavior, Credit Karma has a rich set of consumer financial data, which is the core of its business. Credit Karma doesn't sell user data.
Currently, checking account data won't be used to recommend lending products, but Poulomi Damany, general manager of tax and assets at Credit Karma, told Business Insider there's an opportunity there down the line. "We think a lot about connecting all the various components of a consumer's financial life. That's what you're going to see from a product perspective, and what you're going to see from a marketing perspective," Lin said.
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