By Segmint
85% of Americans report feeling financial anxiety
All financial institutions have an obligation to ensure account holders are in the best financial state they can be in. FIs are uniquely positioned to provide complimentary practical education and services, as well as necessary financial products that support savings, investing, and provide easier access to credit. This starts with insights into recurring financial spend patterns and credit transactions, and assessing your account holders’ financial stressors. At a time when competition can be fierce, targeted programs can assist consumers when relevant advice and services are needed, building brand loyalty. Now is the time to make financial wellness a fundamental principle at your financial institution. Customers today expect their primary financial institutions to anticipate and solve for all of their financial needs. Yet even with access to colossal amounts of data, it’s hard to make sense of all the information available to truly help customers reach their full financial potential. Financial institutions must expose hidden information about their account holders based on their transactions. Analyzing the funds coming in and out of your institution can help build audiences based on lifestyle, needs and preferences, oftentimes revealing signs of financial stress. Move away from the old “fire hose” method of marketing. Instead, market relevantly to those audiences whose behavior tells you that they are in need of support, and offer them the right product or service. Done intelligently, you’ll be there before consumers are willing to admit they need your help. HowCan an FI Identify Those in Financial Distress? The following factors can help to determine who inside of your ecosystem may be experiencing a shift in their financial status: ● Falling behind on credit card payments ● Now making smaller credit card payments than usual ● Reduced payroll deposits ● Stopped receiving payroll deposits ● Started receiving unemployment benefits ● Payroll increase Every person’s life story and financial journey is different, but with the right fintech partner and with the assistance of
WORKERS LIVING PAYCHECK TO PAYCHECK (by income)
57% <$50k
23% $50k-$100K
9% >$100K
Can Your Financial Institution Recognize Account Holder Financial Stress , Before It’s Too Late?
FINANCES ARE MY #1 SOURCE OF STRESS
Millennials
48%
Gen X
53%
Baby Boomers
36%
Source: Kashable
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THE FINANCIAL BRAND INSIGHTS WINTER 2021
THE FINANCIAL BRAND INSIGHTS WINTER 2021
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