The COVID-19 pandemic and the resulting lockdowns have severely impacted the finances of millions of customers globally. The pandemic has also changed how customers bank, get insurance, and manage their finances. In addition to these COVID-19 changes, governments, regulators, and shareholders are now demanding higher standards and mandating financial services firms to better serve and protect customers. Financial services providers need to redefine their sense of purpose, adopt more socially responsible and sustainable business models, and put customers’ financial well-being at the core of their strategy to drive customer engagement, create new value, and future-proof their revenues.
We created a collection of our financial-well-being-focused research to help financial services firms understand how they can develop a financial well-being program.
Understand Consumer Finances And Behaviors
To ensure they’re developing the right products, experiences, and services to support their customers’ financial well-being, financial services firms need a better understanding of their customers’ level of financial resilience and attitudes toward their financial situation.
Develop A Financial Well-Being Strategy
To help their customers achieve financial well-being, finserv executives need to develop products, services, and processes around three aspects: financial capability, financial protection, and financial inclusion.
Invest In The Right Technologies Linked To Financial Well-Being
Financial services providers are evaluating and adopting a wide range of technologies to support their financial well-being program and shape their firm’s investment approach.
Elevate Your Design Practice
Firms can create more engaging, effective, and emotionally positive financial experiences for all customers by applying behavioral insights and inclusive design to their financial experiences.
Gauge Your Financial Well-Being Program Maturity
Executives at financial services should assess their financial well-being maturity to identify areas for improvement, develop a strategic plan, create a roadmap, and plan investments.
If you have any questions or would like to know how we can help you and your firm develop your financial well-being strategy, set up an inquiry here. If you’d like to brief me about what you’re doing in this area, reach out to schedule a briefing here.