Digital financial inclusion can be a Canada-wide reality with MyMarble

Digital financial inclusion for all Canadians. That is what fintech company Marble wants to achieve coast-to-coast-to-coast.

That’s no small feat: more than 12 million Canadians are in subprime or near-prime credit categories, which means they have “below-prime” credit scores and don’t have access to mainstream financing (like the big banks).

In other words, they are excluded from affordable loans with a historically low interest rate because of their credit circumstances. The toll COVID-19 has taken on household finances and the economy at large has likely magnified that TransUnion estimate from earlier this year.

“[These Canadians] are in bit of a no-man’s land when it comes to their financing options, especially in light of COVID — in a time when people need credit to get by after job loss,” said Rich Elliott, Marble’s Director of Marketing & Creative.

Marble’s New Digital-Driven Platform, MyMarble

Cue MyMarble, Marble’s new data-driven personalized finance platform released in November. It seeks to fill that underserved market and realize Marble’s ambitious goal of digital financial inclusion and financial wellness for all, including Canada’s most vulnerable consumers and debtors.

MyMarble’s Aim

“MyMarble aims to help people take control of their budgeting, spending, and credit score to achieve financial prosperity. [It aims] to help them gain financial literacy skills and feel empowered to manage their personal finances. Utilizing these core foundations available through the [MyMarble] platform can help them get back to mainstream financing — whether through improving their credit or efficiently managing their debt, depending on why a major bank rejected them,” explained Elliott.

Like data-driven wearables that help us make decisions about active living and nutritional choices, MyMarble is built with data algorithms and AI technology to cater to the customer.

How MyMarble Works

“It is all done through augmented data insights. Once we securely connect our customers’ information, it gives a truly personal finance portal that offers personally tailored financial recommendations,” Elliott said. These recommendations include advice on when to pay bills or where best to put your disposable income to manage debt.

The AI-powered, data-driven recommendations and insights are Marble’s strongest competitive advantage, setting them apart from the competition, according to Elliott. “There isn’t anyone else out there focusing on underserved Canadians with a holistic approach when it comes to building the right foundations for financial success.” Other lenders and comparable fintech companies are more credit-driven or product-centric.

MyMarble Scenario Example

“We will provide tailored recommendations that are specific to your financial profile. To give you an example: if you are looking to improve your credit score, a recommendation could be, ‘Based on your credit, start paying off amounts frequently and on these dates to improve your credit score further’. These are very data-driven and specific insights that many other personal finance companies won’t have.”

The free functionality of the online MyMarble dashboard includes:

  • a credit score report
  • credit monitoring
  • budget monitoring
  • financial literacy modules
  • and a general recommendations engine
  • The 25 financial literacy courses, branded as Maestro, aspire to empower clients to use the platform to its full potential.

Marble also offers premium subscription products, including Score-Up, a pay-as-you-go platform. Customers can improve by over 100 points on their credit score and have access to more granular budgeting advice and calendar alerts.

MyMarble’s appeal isn’t limited to those in need of a credit-score boost or debt management advice, Elliott said.

  1. If you are a recent graduate with student debt, MyMarble can help educate you on the best ways to manage your debt.
  2. If you are a millennial looking to get into the housing market and need a stronger credit score, MyMarble is a good platform to help you set credit goals and offers a budgeting function to figure out how to open new lines of credit or pay off credit cards to improve that low credit score.

“COVID-19 has fueled the fire for us because it has expanded that opportunity to provide a zero-cost solution [to serve Canadians] because of how uncertain the economic climate is,” said Elliott.

He wants Canadians to know there are more tools out there than riskier options that might seem appealing in this fiscal climate, like payday loans. “Don’t panic. By making the right steps and small tweaks, you can take effective and efficient steps and fix your financial status a lot quicker than you think.”

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Mashoka Maimona

Mashoka is a journalist for the London Press and the National Post, currently specializing in finance, business and technology.