Last week I had a chat with Credit Sesame founder Adrian Nazari, a banking industry expert with years of experience, about their service, which uses banking technology to help you optimize your financial situation. An easy way to think about it is that it does what other free personal finance finance tools seek to do – give you better alternatives to your existing loans with the goal of saving you money. Whereas other services focus on credit cards and deposit accounts (those pay better!), Credit Sesame, at least at the moment, focuses on the bigger pieces of your financial life – loans like your mortgage.
The key difference is the underlying technology that drives the suggestions. According to Nazari, they build a profile of you, using information you supply, and use the same technology banks use to find the best alternatives for you. Whereas other services just look at individual accounts, finding a better alternative to the credit card you currently use, they seek to look at a number of alternatives that work across numerous situations.