2019 BAI Global Innovation Award Finalist

BAI Global Innovation Awards 2019 Elevate

Innovation in Marketing

Elevate Credit – USA
Elevate Credit 2019

Elevate, an online lender to customers with non-prime credit, applied concepts from behavioral science and nudge theory to help customers improve their financial health. They planned an email campaign sent to customers who had taken out a RISE installment loan. Thirty percent of customers received a standard welcome email. The other 70% of customers received the standard welcome message as well a reminder that Elevate reports payments to two major credit bureaus. This information acted as a nudge, or an indirect suggestion intended to affect behavior, by creating a subconscious awareness that “someone is watching.” Elevate found that customers who received the “nudge” message were past due on their loans less often and paid in full more often. The nudge group also saw a decrease in FPD, or First Payment Default. Overall, the nudge campaign resulted in higher revenue for Elevate on the group of loans.