To solve for the significant gap of overall financial health and wellness that has plagued the financial industry, look inward: at your data and your offerings. The problem is two-fold: a lack of tools and financial education programs to empower those account holders suffering from financial stress; and the inability to proactively identify those who are in or on their way to financial hardship.
Financial institutions traditionally have not done enough to bridge the gap, and account holders today expect their primary FI to anticipate and solve all of their financial needs. Whether an account holder proactively reaches out for help or not, financial institutions are the experts and need to initiate outreach on all channels with tools, educational programs and advice.
The picture is not as dire as some experts may believe, with the commitment of FIs like Altra Federal Credit Union (with locations in six states across the country) stepping up to support their members’ financial health needs…we’re seeing light at the end of the tunnel.
“Altra took a hard look at industry trends, and our own data…we realized that one of the best opportunities for us to better serve our members was by increasing our focus on their overall financial wellness.” says Kelly Bauer, Marketing Analyst with Altra.
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