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Countless American consumers and businesses are struggling to manage their money in a meaningful way that allows them to take advantage of long-term financial opportunities – living paycheck to paycheck, working with minimal cash buffers. , and trying to borrow without access to affordable credit.
Research shows that more than 80% of consumers seek financial advice from their primary financial institution, but only 14% are receiving it.[1] And failing to meet these needs results in things like:
- Lost customer loyalty.
- Lack of income opportunities.
- The share of wallets and apps is declining.
The gap in expectations between what customers want and need to help improve their financial health and the services they are receiving (or not receiving) from their primary banks has also fueled financial fragmentation. As customers seek to build a financial foundation by making better efforts to save, spend, borrow and plan, they are finding gaps in what their local bank offers – turning them to non-bank competitors in their moments of need. forced to turn. And with each new financial relationship a customer forms, their primary bank moves away from being at the center of that customer’s financial life.
The good news is that while simultaneously addressing the root causes and potential consequences of a financial health crisis, there are three key proven strategies community and regional banks can focus on today to protect your bottom line:
- Be the financial center.
The key to fighting financial fragmentation lies in becoming a financial hub. It means having access to – and offering – the right technology, reliability, control and access.
- Get the right equipment.
The key to being first in line for new services and relationships is providing the right tools that support the execution of a comprehensive financial health strategy.
- Protect customers and strengthen trust.
The key to strengthening customer security and trust is balancing powerful technology with a strong human connection.
For more information on how your bank can protect your profits, serve customers better, and reap the rewards with these three proven financial health strategies, visit jackhenry.com Today.
[1] Achieving Financial Wellbeing: Innovative Companies Empowering Consumers, AITE, May 2021, 4 – 5.
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