Consumers want a financial wellness experience.

Are you the trusted advisor your consumers need?

In the current economy, many consumers are worried about finances and could use support in the way of financial education and money management tools. If your business can provide that, you will likely win the consumer satisfaction game. Beyond digital solutions and fast, convenient service, many Americans now cite financial wellness as something they want their financial institutions to help them achieve.

Financial literacy is not innate; it must be taught and practiced. Luckily, you probably already have the tools to help (e.g., low-balance alerts and free budgeting tools). When you position yourself as a trusted advisor in the financial space, your consumers are more likely to look to your institution when seeking new products and services. Not to mention that providing money management resources can encourage on-time payments and decrease chargebacks.

According to an NCR Corporation survey, 60% of U.S. banking consumers want their primary financial institution to provide personalized financial advice.

Key points to consider:

  • Encourage your consumers to discuss finances in their relationships. Only 21% of respondents in a National Financial Educators Council (NFEC) survey said they felt comfortable talking to their romantic partner about their finances. And did you know that one of every three adult children provides financial support to their aging parents, and half of parents help their adult children financially?
    Source: Yahoo! Finance

  • Offer ways to help consumers live within their means. According to a recent LendingClub report, 63% of Americans live paycheck to paycheck. Highlight the importance of budgeting and offer easy ways for consumers to save (e.g., automatic transfers from checking to savings).
    Source: Nasdaq

  • Teach your consumers about credit scores and how to rebuild a damaged score. It starts with helping consumers understand what factors affect their scores and reminding them to review their credit reports for free each year.

Helping consumers achieve financial literacy is non-negotiable. Without it, your consumers become an increased risk. But providing this valuable service will set you and your consumers up for success!