The Financial Brand Insights - Winter 2021

outreach programs to assist and empower people with their unique financial situation. Here are some suggestions for financial wellness education and offer opportunities, all of which should be targeted to specific segments of your overall audience, to maximize success and minimize overcommunication: ● Author a series of emails aimed at educating your account holders about their options when it comes to their finances. ● Record or host live Q&A events with your in-house mortgage, loan and investment specialists. ● Communicate through teller, and in-branch signage that financial counselling is available by appointment, for free. ● Offer products, such as balance transfers, to those making payments to multiple held away credit card providers. ● Communicate personal loans or increased balance credit card offers to those who recently stopped receiving payroll deposits or who began receiving unemployment payments. ● Offer to delay a personal loan, HELOC or mortgage payment to the end of the loan, giving your account holder more money in their pocket now when they need it. ● For those who have a recent increase in their payroll deposits, offer timely product offers and events around the topic of investments. If You Don’t Help Them... Someone Else Will Even startups, like HoneyBee , are capitalizing on the market’s desire for more financial education, as well as access to what they’re calling “rainy day funds,” recently reported by TechCrunch: “During the pandemic, when the need for its offering was even greater, HoneyBee signed over 60 mid-markets companies as customers and is launching with Fortune 500 companies later this year. The startup’s user growth grew by 225% during the pandemic and the company says

it delivered over $2 million in rainy day funds. Meanwhile, its on-demand financial therapy usage increased by 172% over the prior year.” While HoneyBee may be currently targeting companies in order to offer their services as part of the benefits package, not every Financial Wellness provider is so niche. Your direct competitors are seeing the benefits of offering financial counseling services, and are even targeting ad campaigns to them directly. Insights into recurring financial spend patterns and credit transactions along with recognizing account holders’ financial stressors is the first step to providing highly personalized financial wellness support. At a time when competition can be fierce, targeted programs can assist consumers when relevant advice and services are needed. Now is the time to make financial wellness a fundamental principle for the future of banking providers. Times are changing. Account holders expect their banks and credit unions to already know all of their financial needs. Your obligation as an FI is to truly help your customers reach their full financial potential. Doing so in today’s world means wisely using data. ▪ About Segmint Segmint is on a mission to make sense of the world’s unstructured transaction data in order to turn those results into actionable intel for financial institutions. By strengthening relationships with account holders, financial institutions are able to increase loyalty and trust. Loyalty and trust are the key ingredients to retention, growth, and maximizing share of wallet. Learn more at Segmint.com .

74% of people say their

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parents or other family members taught them how to manage money

AI modeling, banks and credit unions can now predict future behaviors based on current transactions, past transactions, and product utilization. According to their 2021 Global Financial Wellbeing Report, nudge summarized: “We have an unhealthy dependence onwhat could be regarded as unreliable advice from our parents and family. 74% of people say their parents or other familymembers taught them how to manage money. Let’s face it, only a small minority have personal finance experts as parents.” With the speed at which money is changing, and with neobanks and fintechs on the rise, it’s a harsh reality that much of the former generation’s money management skills are practically obsolete. Financial institutions traditionally have not done enough to bridge the gap, causing most people to consume social media tutorials on managing their money, often from unreliable sources. It’s time for FIs to be a beacon of light in the growing chaotic darkness of personal finance. Nudge goes further with these key learnings : ● People want financial education that makes plotting a personal path to prosperity simple. ● People like to feel empowered with money management knowledge so they can control their futures. ● People want to learn new financial skills with shiny, cutting-edge, user-centric technology and tools. HowYour FI Could Be a Stress Reliever to Account Holders... Armed with information about your account holders’ spending and earning behavior, and with the right fintech partner, your FI can tailor

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THE FINANCIAL BRAND INSIGHTS WINTER 2021