Deserve - Detailed Review
Finance Tools
Deserve - Product Overview
Deserve Inc.
Deserve Inc. is a fintech company that specializes in providing innovative credit card solutions, particularly targeting individuals who may face challenges in obtaining traditional credit. Here’s a brief overview of their primary function, target audience, and key features:
Primary Function
Deserve Inc. focuses on democratizing access to credit and financial services. They achieve this by offering credit cards to international students, first-time credit users, and individuals with limited or no credit history. The company leverages alternative data sources and machine learning algorithms to assess creditworthiness beyond traditional credit scores.
Target Audience
The primary target audience of Deserve Inc. includes:
- International students
- First-time credit users
- Individuals with limited or no credit history
These groups often struggle to obtain credit through conventional means, and Deserve Inc. aims to empower them to build and establish their credit profiles.
Key Features
- Personalization and Mobile-First Approach: Deserve Inc. offers a mobile-friendly platform that allows cardholders to manage their accounts and make payments easily on their smartphones. The platform uses sophisticated algorithms to provide personalized experiences based on cardholder data and behavior.
- Alternative Data Sources: Deserve Inc. uses alternative data sources to evaluate creditworthiness, making it more inclusive for individuals who might not have a traditional credit history.
- Security and Fraud Prevention: The platform employs advanced encryption and authentication measures to protect cardholder data and prevent unauthorized access.
- Real-Time Application Decisioning and Instant Virtual Card Issuance: Deserve Inc. provides real-time application decisioning and instant virtual card issuance, enhancing the speed and convenience of the credit card application process.
- Customizable Rewards and Partnerships: Deserve Inc. offers unique and customizable rewards programs through partnerships with various brands and organizations, such as AMC, Rocket, M1 Finance, and Perpay. This allows cardholders to benefit from exclusive rewards and benefits.
- Advanced Analytics and Integration: The platform integrates seamlessly with partners’ systems, providing valuable insights into cardholder behavior and preferences through advanced analytics. This enables partners to offer more targeted financial solutions.
By combining these features, Deserve Inc. provides a comprehensive and user-friendly credit card platform that addresses the financial needs of its target audience in a secure, personalized, and innovative manner.
Deserve - User Interface and Experience
User Interface and Experience of Deserve’s Finance Tools
The user interface and experience of Deserve’s finance tools, particularly their credit card platform, are built with a strong focus on mobility and digital convenience.
Mobile-First Approach
Deserve’s platform is designed with a mobile-first approach, which means the entire credit card experience is optimized for smartphones. This includes the application, onboarding, spending, earning rewards, and managing payments, all of which can be handled through a mobile app.
Ease of Use
The platform aims to reduce friction in the process by providing a seamless and user-friendly experience. For instance, the onboarding flow ensures strong identity verification and credit underwriting, allowing consumers to activate and use their cards instantaneously upon approval. This real-time processing and instant card issuance are intended to make the experience smooth and efficient.
Features and Controls
Deserve’s Digital First Card offers a fully digital card experience with features such as immediate access to the card, superior payment controls, and the ability to manage issues like lost or stolen cards and transaction disputes all through the mobile app. The app also provides detailed transaction information, including merchant locations, time of purchase, and photos of establishments, making it easier for users to track their spending.
Customization and Integration
The platform is highly configurable, allowing partners to customize rewards programs and user interface features to reflect their brand’s personality and mission. This is achieved through APIs and SDKs, which enable quick and flexible integration into existing ecosystems.
User Feedback and Challenges
Despite the advanced features, some users have reported frustrations with the app’s design and functionality. For example, some users have found the new app design to be less intuitive and more frustrating compared to the previous version, with features like credit score checking being harder to find or missing altogether.
Security and Compliance
Deserve emphasizes security and compliance, implementing KYC (Know Your Customer), KYB (Know Your Business), and fraud controls to ensure secure transactions. The platform also ensures real-time data updates and accurate reporting to credit bureaus, which is crucial for maintaining a positive user experience and compliance with financial regulations.
Conclusion
In summary, Deserve’s user interface is designed to be user-friendly and mobile-centric, with a focus on real-time processing, instant card issuance, and comprehensive transaction management. However, there have been some user complaints regarding the app’s design and functionality, which the company is actively working to address through user feedback and continuous improvements.
Deserve - Key Features and Functionality
Key Features of Deserve’s AI-Driven Finance Tools
AI-Driven Credit Scoring
Deserve uses machine learning and alternative data to assess creditworthiness, especially for underserved populations like students and young adults who may not have a traditional credit history. The company leverages H2O.ai’s automatic machine learning platform, H2O Driverless AI, to quickly deploy proprietary algorithms that evaluate an applicant’s full financial picture, including how they manage money and records of on-time payments. This approach helps predict future credit potential rather than just assessing risk.Digital Processing Capabilities
Deserve has automated and digitized the credit card application and approval process using advanced technologies like artificial intelligence and machine learning. This automation reduces the time and effort required for applicants to receive a credit decision, providing a faster and more efficient experience. The digital processing also includes enhanced security features, such as cutting-edge encryption and authentication methods, to protect sensitive customer information.Personalized Credit Options
By analyzing data and customer behavior, Deserve can offer personalized credit options, interest rates, and rewards programs. This level of customization ensures that customers receive credit cards that align with their financial goals and lifestyle. The platform uses machine learning to tailor these offerings precisely to individual needs, enhancing the overall user experience.Mobile-First Credit Card Experience
Deserve has transformed traditional credit cards into a software-based experience that lives on mobile devices. This digital-first approach includes instant issuance and wallet provisioning, leveraging Mastercard technology to drive higher activation, usage, and engagement. The mobile app also includes financial education tools, videos, and an incentives program featuring products and services from various partners.Streamlined Onboarding and Integration
Deserve’s platform allows for the streamlined onboarding of customers, enabling businesses to enhance their product offerings and expand their customer base. The platform is highly configurable and adaptable, making it a valuable partner for businesses looking to integrate credit card solutions into their services. This includes the ability to launch and scale credit card programs quickly via modern APIs.Enhanced Security and Scalability
The integration with Mastercard’s Cloud Edge and open banking solutions enhances the security and scalability of Deserve’s platform. This ensures that customers’ sensitive information remains protected and that the platform can handle increased demand efficiently. The use of Mastercard technologies also provides direct connectivity to the Mastercard network for mobile apps or software development kits.Financial Education and Incentives
Deserve offers a mobile financial management app with financial education tools and videos. Additionally, the company has an incentives program that features products and services from Amazon, Apple, Priority Pass, and MasterCard, among others. This educational component helps young adults manage their finances better and achieve financial independence.Enterprise-Level Controls
For corporate clients, Deserve provides a platform that lets banks and B2B companies launch corporate credit and charge cards. This platform includes enterprise-level controls that make it easy for finance teams to track, manage, and understand expenses, making financial management more efficient.Conclusion
These features collectively enable Deserve to provide fair access to credit products, especially for underserved populations, while offering a modern, efficient, and secure financial experience. Deserve - Performance and Accuracy
Evaluating Performance and Accuracy of Deserve
Evaluating the performance and accuracy of Deserve in the Finance Tools AI-driven product category involves examining several key aspects of their platform.
Performance
Deserve’s platform is built on a modern, cloud-native architecture that leverages APIs and SDKs, enabling real-time data processing and swift updates to functions and security protocols. This approach allows for fast and flexible innovation, such as launching credit card products in as little as 90 days.
- Speed and Innovation: Deserve’s infrastructure is highly adaptable, allowing for quick feature development and updates across both mobile and core processing. This agility is a significant advantage over legacy systems that often rely on outdated software and coding languages.
- Scalability: The platform is capable of scaling to millions of users without issues, which is crucial for growing financial institutions and fintech companies.
- User Experience: Deserve offers a user-friendly, mobile-first experience that includes features like instant card issuance, virtual cards, and a comprehensive suite of credit card program management tools. This enhances customer engagement and loyalty.
Accuracy
While Deserve’s platform is praised for its modern and efficient architecture, the accuracy of its AI-driven financial tools is supported by several features:
- Data Integration: Deserve’s platform integrates with various data sources, including credit bureaus and proprietary data, to ensure accurate underwriting and credit performance. This multi-source data approach helps in making more accurate credit decisions.
- Real-Time Processing: The real-time data processing capability ensures that financial transactions and analyses are accurate and up-to-date, reducing the likelihood of errors and discrepancies.
- Security and Compliance: The platform includes KYC, KYB, and fraud controls, which are essential for maintaining the accuracy and integrity of financial data and ensuring compliance with regulatory requirements.
Limitations or Areas for Improvement
While Deserve’s platform is highly advanced, there are a few areas where more detailed information would be beneficial:
- Specific AI Algorithms: There is limited information available on the specific AI algorithms used by Deserve for tasks like credit risk assessment or financial forecasting. More transparency on these algorithms could provide a clearer picture of their accuracy and performance.
- Comparative Performance: Direct comparisons with other AI-driven finance tools in terms of performance metrics such as accuracy rates, false positive/negative rates, or other benchmarks are not provided. Such comparisons would help in evaluating Deserve’s performance relative to industry standards.
Conclusion
In summary, Deserve’s platform is highly performant and accurate, thanks to its modern architecture, real-time data processing, and comprehensive data integration. However, for a more comprehensive evaluation, additional details on the specific AI algorithms and comparative performance metrics would be beneficial.
Deserve - Pricing and Plans
When Examining Deserve’s Pricing Structure
When examining the pricing structure and plans for Deserve’s finance tools, particularly their AI-driven credit card products, here are the key points to consider:
Credit Card Products
Deserve offers three main credit card products, each with its own set of features and pricing:
Deserve Classic
- Annual Fee: $0
- APR: Variable APR of 24.99% (as of August 2019)
- Credit Limit: Up to $1,500
- Rewards/Perks: None
- Features: No rewards, but an opportunity to build credit and potentially upgrade to other Deserve cards with consistent on-time payments and credit score improvement.
Deserve® EDU Mastercard for Students
- Annual Fee: $0
- APR: Variable APR of 22.99%
- Credit Limit: Up to $5,000
- Rewards/Perks: Unlimited 1% cash back on all purchases, reimbursement for Amazon Prime Student membership after spending $500 in the first three billing cycles, and cellphone protection.
Deserve® Pro Mastercard
- Annual Fee: $0
- APR: Variable APR of 16.24%-23.24%
- Credit Limit: Up to $10,000
- Rewards/Perks: 3% cash back on travel and entertainment, 2% cash back on restaurants, and 1% cash back on all other purchases.
Platform and Services
For institutions or businesses looking to launch their own credit card programs using Deserve’s platform, the pricing structure is not explicitly outlined on the website. Here are some key features and services provided:
- Transaction Processing: Connections to Visa and Mastercard networks, statement generation, and a Smart Credit Ledger.
- Mobile-First Features: Instant issuance, digital wallet provisioning, enriched merchant data, family card sharing, and subscription management.
- Reward Programs: Flexible earn-and-burn capabilities and integration with third-party reward platforms.
- Underwriting and Management: Configurable underwriting, programmatic credit line management, and instant pre-screening.
However, specific pricing tiers or plans for using Deserve’s platform to launch custom credit card programs are not provided in the available resources. It appears that the pricing might be customized based on the needs and scale of the partner institution, and would likely require direct contact with Deserve for a detailed quote.
Deserve - Integration and Compatibility
Integration with Other Tools
Deserve integrates seamlessly with various external tools and services to enhance its credit card issuing and processing capabilities. Here are some key integrations:Mastercard Technologies
Deserve has integrated Mastercard’s Cloud Edge and open banking solutions, provided by Finicity, a Mastercard company. This integration enables direct connectivity for mobile apps or software development kits to the Mastercard network, allowing financial institutions to offer innovative products and experiences.Third-Party Data Providers
Deserve incorporates alternative sources of data, such as third-party KYC (Know Your Customer) data, fraud data providers, and employment history, into its credit scoring pipeline. This is facilitated through H2O Driverless AI, which helps in automatic feature engineering, model validation, and hyperparameter tuning.API-Driven Platform
Deserve’s platform is API-enabled, allowing it to seamlessly integrate into the ecosystems of its partners. It provides APIs for underwriting, KYC/KYB, servicing, card processing, and program and product setup. This ensures that financial institutions, fintechs, and other partners can easily incorporate Deserve’s services into their own systems.Compatibility Across Different Platforms and Devices
Deserve is built with a focus on compatibility and flexibility:Mobile-First Approach
The entire credit card stack is vertically integrated and built with a mobile-first approach, ensuring a smooth and secure experience on mobile devices. This allows for real-time, digital-first processing that leverages mobile capabilities effectively.Cloud-Native Architecture
Deserve’s cloud-native architecture is multi-tenant and highly flexible, enabling quick edits and instant deployment. This architecture supports scalability to millions of users without issues, ensuring that the platform remains stable and performant across various devices and platforms.API and SDK Support
Deserve provides SDKs to eliminate PCI risk and add features like Push Provisioning and Display PAN. This ensures that the platform can be integrated into various applications and systems, maintaining compatibility and security. In summary, Deserve’s integration with Mastercard technologies, third-party data providers, and its API-driven platform ensures strong compatibility and functionality across different tools and platforms. Its mobile-first and cloud-native architecture further enhance its ability to provide a consistent and secure user experience across various devices. Deserve - Customer Support and Resources
Deserve Customer Support
Deserve, a mobile-first credit card platform, offers a comprehensive range of customer support options and additional resources to ensure users can easily find help and manage their accounts effectively.
Phone Support
For immediate assistance, customers can use the toll-free phone number (800) 418-7353 for general inquiries, troubleshooting, and account management. There is also a dedicated line for privacy-related questions at (800) 418-2362. These phone lines are the most commonly used method of contact, with the shortest wait times typically on Saturdays and the longest on Tuesdays.
Email Support
Customers can also reach out via email for various needs. For general questions and support, the recommended email is hello@deserve.com. For privacy-related matters, customers should use privacy@deserve.com. Deserve ensures that emails are replied to within 2-3 business days, so it’s important to clearly describe the issue or request in the email.
Website and Help Center
The Deserve website has a “Contact Us” section where customers can find all the necessary contact information, including phone numbers and email addresses. Users can log in to their accounts to access more personalized information and targeted help specific to their needs. The website also features a help center that likely includes FAQs, troubleshooting guides, and other resources to help users resolve common issues on their own.
Social Media
Deserve is active on social media platforms such as LinkedIn and Twitter, where customers can follow the company for updates, news, and additional support. This provides another channel for customers to reach out and engage with the support team.
Corporate Offices and Mailing Addresses
For those who prefer or need to send mail, Deserve has several physical locations, including its headquarters at 1010 Doyle Street, Suite 200, Menlo Park, California 94025, and another office at 195 Page Mill Road, Palo Alto, CA 94306. For privacy-related correspondences, customers can send mail to Deserve, Inc. Attn: Privacy PO Box 57780 Murray, UT 84157.
Additional Resources
Deserve leverages advanced technologies like machine learning and alternative data to provide fair access to credit products, particularly for underserved populations such as students and young adults. The company offers resources like video demos and API documentation to help users and potential partners understand and utilize their credit card platform effectively.
By providing multiple channels of support and a range of resources, Deserve ensures that customers can easily find the help they need, whether it’s through phone, email, the website, or social media. This approach reflects Deserve’s commitment to customer satisfaction and accessibility.
Deserve - Pros and Cons
Advantages
Mobile-First Experience
Deserve offers a mobile-first credit card platform that provides a beautiful, user-friendly, and seamless mobile experience. This is crucial as most adults now make or receive digital payments, and mobile wallets are increasingly popular.
Innovative and Flexible
The platform allows for quick innovation without inter-company constraints. It features faster feature development and updates across mobile and core processing, enabling businesses to adapt swiftly to market needs.
Comprehensive Credit Card Program
Deserve provides a full package of services necessary to run a credit card program, including disputes, payment processing, credit bureau reporting, credit line adjustments, rewards, and statements. This makes it a one-stop solution for launching and managing credit card programs.
Advanced Underwriting
Deserve’s platform uses AI and machine learning for underwriting, allowing businesses to customize and optimize their underwriting processes. This can integrate proprietary data along with credit bureau and cash flow information to enhance credit performance.
Security and Compliance
The platform includes robust KYC, KYB, and fraud controls to ensure security and compliance for both consumer and commercial applications.
Scalability
Deserve’s multi-tenant, cloud-native architecture allows businesses to scale to millions of users without issues, making it highly scalable.
Instant Card Issuance
The platform supports instant card issuance and unlimited virtual cards, reducing fraud and enhancing the user experience.
Disadvantages
Limited Customization in Some Areas
While Deserve offers significant flexibility in underwriting and feature development, some aspects of the platform may rely on configuration rather than manual operations, which could limit customization in certain areas.
Integration Challenges
Integrating Deserve’s platform into an existing ecosystem might require significant technical effort, although the API-driven platform is designed to be seamless.
Dependence on Technology
The platform’s reliance on cloud-native architecture and AI/ML means that any technological glitches or data biases could impact performance. For instance, AI tools can sometimes introduce biases if the training data is not carefully monitored.
Customer Privacy and Security
While Deserve emphasizes security, any AI-driven financial service carries inherent cybersecurity risks that need to be managed carefully to protect customer data.
Overall, Deserve’s platform offers a highly innovative, scalable, and secure solution for launching and managing credit card programs, but it also requires careful management of technological and data-related risks.
Deserve - Comparison with Competitors
Deserve Overview
Deserve, a fintech company focused on providing fair access to credit products, stands out in the AI-driven finance tools category with several unique features and a distinct approach. Here’s a comparison with some of its competitors:Unique Features of Deserve
Deserve uses artificial intelligence and machine learning, particularly through its partnership with H2O.ai, to assess creditworthiness. This approach involves looking at an applicant’s full financial picture, including how they manage money and records of on-time payments, rather than just their credit history. This is especially beneficial for students and young adults who often lack a traditional credit history. Deserve’s use of H2O Driverless AI enables the quick deployment of proprietary algorithms, allowing for faster and more accurate credit scoring. This technology also supports explainable machine learning, which adds transparency and trust to the credit scoring process.Alternatives and Competitors
Petal
Petal is another credit card company that uses alternative data to provide credit to individuals without extensive credit histories. Unlike Deserve, Petal focuses on a broader range of credit needs, including mortgages and car loans, and allows users to link various financial accounts to assess creditworthiness.Brex
Brex offers corporate credit cards and financial solutions, including expense management and bill payment. While Brex is more geared towards businesses, Deserve is focused on individual consumers, particularly students and young adults. Brex does not use the same AI-driven credit scoring approach as Deserve.Monese
Monese provides mobile money accounts and multi-currency spending options, acting more as an alternative to traditional banking rather than a credit provider. Monese does not offer the same kind of credit products or AI-driven credit scoring as Deserve.Chime
Chime is a financial technology company offering banking services such as checking and savings accounts, credit building, and fee-free overdrafts. While Chime does offer credit-building tools, it does not use AI in the same way Deserve does for credit scoring. Chime’s primary focus is on everyday banking services rather than specialized credit products.Empower Finance
Empower Finance focuses on expanding access to fair credit through services like instant cash advances, automatic savings, and credit monitoring. Unlike Deserve, Empower Finance does not use AI-driven credit scoring but instead offers a range of financial tools to improve financial security and mobility.Key Differences
Credit Scoring
Deserve’s use of AI and machine learning to assess creditworthiness sets it apart from competitors. This approach allows for a more holistic view of an applicant’s financial health and habits.Target Market
Deserve is specifically tailored for students and young adults, whereas competitors like Brex and Monese have different target markets.Product Offerings
Deserve offers a Card as a Service (CaaS) platform and specific credit cards like the Deserve Edu Mastercard, which is recognized as one of the best student credit cards. Competitors offer a range of financial products but not the same level of specialization in credit cards for underserved populations. In summary, Deserve’s unique use of AI in credit scoring, its focus on underserved populations like students and young adults, and its specialized credit products make it a standout in the finance tools category. While competitors offer various financial services, Deserve’s approach to democratizing credit access is distinct and innovative. Deserve - Frequently Asked Questions
Frequently Asked Questions about Deserve
What is Deserve and what does it offer?
Deserve is a fintech company that provides credit cards and other financial tools to help underserved populations, such as students and young adults, gain financial independence. Deserve uses machine learning and alternative data to offer fair access to credit products, even for those without a traditional credit history.How does Deserve determine creditworthiness?
Deserve uses an algorithm that considers a broader range of factors beyond traditional FICO scores. For students, this includes the school they attend, their major, student visa or passport ID if applicable, and the likelihood of graduating and getting a job. For employed individuals, Deserve verifies employment and evaluates other financial health indicators such as bank account balances and contact information stability.Do Deserve credit cards require a Social Security number?
It depends on the card and the applicant. For the Deserve Classic and Deserve Pro Mastercard, a Social Security number is required. However, for international students applying for the Deserve EDU Mastercard for Students, a Social Security number is not necessary.What are the different types of credit cards offered by Deserve?
Deserve offers three main credit cards:- Deserve Classic: For anyone new to credit, with no annual fee and credit limits up to $1,500.
- Deserve EDU Mastercard for Students: For students, including international students, offering unlimited 1% cash back on all purchases and reimbursement for Amazon Prime Student membership.
- Deserve Pro Mastercard: For employed applicants, offering higher credit limits up to $10,000 and rewards such as 3% cash back on travel and entertainment, 2% on restaurants, and 1% on all other purchases.
Are there any rewards or benefits associated with Deserve credit cards?
Yes, Deserve credit cards come with various rewards and benefits. For example, the Deserve EDU Mastercard for Students offers unlimited 1% cash back on all purchases and a reimbursement for Amazon Prime Student membership. The Deserve Pro Mastercard offers cash back rewards on travel, entertainment, restaurants, and other purchases. Additionally, all Deserve cards report to all three major credit bureaus, helping users build credit.Does Deserve allow co-signers for credit card applications?
No, Deserve does not allow co-signers. Applicants under 21 must prove their independent ability to pay to qualify for a credit card.How does Deserve use AI and machine learning?
Deserve leverages H2O.ai’s automatic machine learning platform, H2O Driverless AI, to quickly deploy proprietary algorithms that determine creditworthiness. This AI-driven approach helps Deserve to evaluate more factors and provide fast, accurate credit scores, even with a smaller data science team.What additional tools or services does Deserve provide?
Deserve offers a mobile financial management app with financial education tools and videos, as well as an incentives program featuring products and services from companies like Amazon, Apple, Priority Pass, and MasterCard. This helps users manage their finances effectively and gain financial literacy.How does Deserve’s application process work?
The application process varies depending on whether the applicant has established credit. For those with little or no credit, Deserve uses its own algorithm to evaluate credit potential. For those with established credit, the process is more traditional, involving FICO scores. Deserve also verifies employment, bank account balances, and contact information to assess creditworthiness.Are there any specific benefits for international students?
Yes, international students can apply for the Deserve EDU Mastercard for Students without a Social Security number. This card is designed to help international students build credit in the U.S. while earning rewards and benefits.Does Deserve charge annual fees or foreign transaction fees?
No, Deserve credit cards do not have annual fees or foreign transaction fees, making them more accessible and cost-effective for users.