Featuring:

Aurélie L’Hostis, Senior Analyst

Show Notes:

In the wake of the pandemic recession, the need for meaningful financial well-being tools and services has rarely been more apparent. These resources are also long overdue, says Senior Analyst Aurélie L’Hostis. On this week’s episode of What It Means, she discusses how financial services firms can address this need to better serve customers.

Even after the reputational fallout following the 2008 financial crisis, many financial services firms continued to focus on profits rather than customer-focused business models, L’Hostis says. While fintechs and challenger banks have stepped in to fill the void, traditional firms have been slow to respond. For instance, the digital money management tools many traditional firms offer are too static and generic to be genuinely useful, she says.

Delivering more customer-centric offerings will require a cultural shift. Senior leaders will need to ensure that efforts across the organization align with a customer focus. In developing new tools, L’Hostis says, firms should consider not only the technology, but also the behavioral insights that support sound financial decision-making. Firms should also prioritize inclusion (via accessible design, for instance) and protection for vulnerable consumers.

Listen to this week’s episode to learn more about the well-being opportunity for financial services firms and how they can address it.