Nerdwallet is on a mission to provide clarity for all of life’s financial decisions. As an independent financial comparison website, Nerdwallet provides consumers and businesses with useful tools and insights so they can make smart money moves and is there to help individuals make financial decisions with confidence.
Nerdwallet was looking for a partner who could provide a data-driven credit comparison service, primarily for their Personal Loans consumer proposition, and was impressed by Monevo’s hosted application and results environment, which offered a plug-and-play solution.
Monevo spoke with Tara Smith – Senior Channel Manager to discuss how Monevo has benefited their business.
What have been your key priorities over the past few years?
Since joining the Nerdwallet team in 2021 my focus has been on Personal Lending channels – ensuring we have the best partners and technical solutions in place not only to support our longer-term growth strategies but also to ensure the best-possible consumer outcomes – something I am extremely passionate about.
My core priorities are to ensure that our customer propositions are informative yet simple to navigate whilst driving optimal end-to-end conversion – working with our UX designer and development team to run multi-variant tests to deliver high-performing channels.
What were the key elements that appealed to you when choosing Monevo?
Monevo were able to provide a fully white-labeled solution with their hosted application and results environment which offered a wide-ranging panel of lenders, providing credit solutions to customers with varying credit profiles all within an easy-to-navigate consumer-focused environment. Whilst Monevo already had a diverse lending panel it was important that they were actively pursuing further credit providers and alternative credit solutions to continually enhance the customer proposition.
In addition to the technical solution and lender panel, Monevo provides detailed data analysis and daily data feeds to support our trading decisions and to help Nerdwallet understand our customer base and form long-term strategies to accelerate growth.
There was also a sense of alignment between Monevo and Nerdwallet in the UK in terms of initiatives and trajectory of the businesses which nurtured a supportive partnership.
What are the main challenges you faced before working with Monevo?
One of the main challenges we faced prior to working with Monevo was understanding our customer demographic and where we should be focusing our content and marketing efforts. We had very limited data to evaluate the performance of marketing activities and this was a limitation when forming trading strategies. We also wanted to ensure our customers had access to an inclusive panel of lenders and alternative credit options and felt that Monevo could offer us a strong lending proposition, with the data suite to support it.
What elements of Monevo’s solution have you noticed the most benefit from?
The unlocking of data has been the most pivotal part of the solution, being able to deep dive both into our existing customer base and how they are served and also understanding cold spots and how we can more effectively reach those customers. The speed at which adaptations to reporting and additional metrics can be provided has also been a huge step change and has allowed us to react appropriately to ever-changing market conditions.
How have you found working with the Monevo team?
The Monevo team has been fantastic, from the first conversations we had with them, to implementation, to effective and long-standing partnership management. They really understand what Nerdwallet is looking to achieve long-term and are proactive in discovering and implementing solutions whilst supporting Nerdwallet with test-and-learn initiatives. Whilst we have regular online meetings, it’s always great to meet up with the team face-to-face during our QBR’s or at industry events.