Many banks and credit unions offer financial education in some form or another, but customers aren’t nearly as engaged as they could be. They often aren’t using these resources or aren’t even aware that they are available.
Those who stumble on a blog post about a particular topic — say, how to improve a credit score — also can be turned off by how generic the advice is.
There is a payoff for getting it right, though. Banks that offer financial wellness tools and have personalized their advice report benefits such as greater engagement, an increase in deposits and higher customer satisfaction scores.
Many people are eager for such help too. More than half of consumers — 58% — say they would switch to a financial institution that offers financial health features such as helping them budget smarter and save more, according to a survey commissioned by Personetics.
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