Each year in May, we celebrate Mental Health Awareness month. After two years of pandemic stress, keeping up with constantly changing news cycles, and dealing with increasing economic uncertainty, we could all use a mental health boost.
In 2020, one in five American adults had experienced some sort of mental illness, including anxiety, depression, and substance abuse disorder. In 2021, after a year of dealing with a global pandemic and social unrest, the prevalence of anxiety and depression increased by an estimated 25%.
The truth is, we’re all feeling a little frazzled, these days. That’s why it’s more important than ever to take as much stress out of your borrowers’ lives as possible. You want your borrowers to view your institution as a trusted assistant they can count on to see them as a person, help identify financial stressors, and lend a helping hand.
How often do we spend time with an account holder only to complete their requested transaction? It’s our responsibility as financial service providers to “have a conversation” and determine our borrowers’ other financial needs, especially if that conversation could help solve a real-world problem for them (and, in turn, increase loyalty).
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