The time is now for banks to step up to assist customers in their journey to financial wellness. The last 18 months have left customers concerned about the future and how to prepare for it. At the same time, numerous customers transformed to digital banking and relied on their banks for support during the COVID-19 crisis.
Banks are in a position to capitalize on this digital momentum and improve customer confidence. They have an opportunity to revitalize trust-based relationships with customers by guiding them in their financial wellness journey. Aside from being the ethical thing to do, building trust with customers can improve financial institutions’ bottom line. According to Accenture, more advisory trust can give bank revenue a 9% boost.
Customers Seeking Financial Education
Customers need help understanding their financial positions and credit strategies and seek tools and educational programs to gain that knowledge. Unfortunately, many financial institutions are not giving them what they need. In The Financial Brand article, Both Banks and FinTech Blow it with Financial Wellness… What’s Wrong? the author suggests that financial institutions must offer customers powerful contextual advice integrated into their everyday financial life.
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