Financially literate members are your greatest assets

Being a financial educator to your customers has never been more important than it is today. Consumers are starved for helpful tips on budgeting and building wealth. And, while statistics on financial literacy are often discouraging, it leaves the door wide open for your organization to meet the growing need for financial literacy. A FICO 2014 Survey of U.S. bank customers found that only 30% of financial institutions’ customers received a passing grade on their financial knowledge.

It’s no surprise that younger people were less informed than the older generations. Those who were satisfied with their current financial institutions also answered better than those who weren’t. The study showed a correlation between financial literacy and better customer engagement, more use of services, and decreased likelihood to switch financial institutions. What better reason to ensure your current and future customers have the tools and information they need to make informed decisions about their financial future? Although rate is an important consideration, providing value is also key to retaining your valued customers.

The important question you should ask yourself is: Are you doing enough to deepen your customer relationships?

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