How can FI’s reduce stress for account holders...
Armed with information about account holders’ spending and earning behavior, and with the right fintech partner, an FI can tailor 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:
● Set up a knowledge center on your website to educate members about programs and products, while also providing free easy to understand advice.
● Make the process fun by utilizing a quiz for members to learn where their strengths and weaknesses are when it comes to financial health.
● 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 in-house mortgage, loan and investment specialists.
● Communicate through teller, and in-branch signage that financial counseling 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 account holders 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.