Consumers crave personalized financial wellness help. Can FIs deliver it?
Consumers expect their banking organization to provide the advanced digital tools needed to navigate an increasingly complex financial landscape. By demonstrating empathy towards people's financial wellness, financial institutions will increase trust, loyalty, sales and revenues.
Customers who believe their financial institution cares about their financial health are three times more likely to be “very satisfied,” three times more likely to recommend their primary financial institution, and five times more likely to be interested in purchasing additional products and services from their primary financial institution, according to a recent Financial Health Network study. In other words, showing empathy for the financial wellness of customers provides an opportunity for banks and credit unions to build trust, enhance loyalty, and increase sales and profitability.
The good news is that more and more financial institutions are providing digital financial wellness tools. Unfortunately, there is a significant gap between what consumers want and what they believe their financial institution is providing. For instance, the same study from the Financial Health Network found that 80% of consumers expect their primary financial institution to help them improve their financial health, but only 14% believe their bank or credit union is actually delivering on this preference.
The challenge goes beyond offering financial education and financial wellness tools. Banks and credit unions must personalize these tools and embed them within everyday banking applications that will drive engagement, retention and revenue.
Consumers Need Advanced Financial Management Tools
Digital financial management platforms are required now more than ever. As the financial landscape grows more complex, consumers need personalized tools that can help them understand and manage their finances more effectively – from planning for today and the future, to making educated decisions that help meet financial goals.
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