Helping Customers Chart a Path to Financial Wellness

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.

Traditionally, banks have not played a significant role in educating customers, and they merely offered calculators and suggestions with a narrow focus, such as mortgage, home equity, debt or even how to have a million dollars when you retire (will that be even be enough in this day and age?). To build trust and loyalty, financial institutions must increase engagement with customers. They need to gain insight into customers’ current circumstances and economic wellbeing to guide them in the financial journey.

Providing Financial Insight is a Win/Win

Offering customers financial guidance on how to manage their finances and navigate the unchartered waters and paths ahead is a win/win situation. Customers armed with solid economic advice will be more prosperous, which can help banks scale and grow. Educate the customer and they will be a customer for life.

Conversations Uncover Financial Health

Banks and credit unions need to have up-to-date information on customers’ unique situations to help them reach a fiscal goal, eliminate an area of distress, or enjoy economic security. Therefore, banks need to engage in a digital conversation with customers to get the heart of a customers’ desires, needs, and financial circumstances. Similar to how a doctor asks a patient about their daily life to understand health and wellness areas.

A sophisticated customer engagement system will enable staff to ask the necessary probing questions in a caring and empathetic way, which will provide a clear picture of customers’ fiscal positions. This insight allows banks to offer a pathway to financial wellness. By engaging in a digital dialogue, banks can take a proactive approach to strengthen customers’ personal finances.

Customers today are looking for more services from their banks than check deposits, mortgages, and credit cards. In addition, the uncertainty of the future after a pandemic has people seeking safety, stability, and security. Banks and credit unions that embrace this opportunity to offer fiscal guidance will build trusted bonds with customers and come out of these challenging times with stronger, long-term, profitable financial relationships.

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Guiding to Financial Wellness

Learn why financial wellness is table stakes in this 5 step plan for improving your customers financial wellness.

Path to Wellness

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Suite 400
Dallas, TX 75254