How Financial Wellness Tools Can Take Our Bank To the Next Level

Posted by Alexa Audet on Nov 10, 2020 8:45:00 AM

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Banks are developing apps, calculators, worksheets, and more to help people manage their finances and draw in new leads. It's a whole new world out there, and now is the time to embrace the tools that customers are calling out for. 2019 saw more than one trillion financial application sessions, a record high according to the 2020 Mobile Finance Apps Report from Liftoff. The Financial Times calls the uptick in financial app users a "fintech feeding frenzy," and there's plenty to go around.

With a wealth of resources out there for consumers, having financial wellness tools integrated as an all-in-one banking solution can be a service to retain customers, not to mention a marketing strategy to reach prospective members.

 

 

What's the Draw to Financial Wellness Apps? 

Financial wellness tools can be as simple as budgeting apps and online mortgage calculators, or as complex as virtual meetings with a financial planner to form a full-fledged retirement strategy. More and more consumers are turning to third-party apps to fill in the gaps between the tools they need and what their bank provides, and many Americans want to take on managing their own finances rather than meeting with a traditional financial advisor. 

 

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Keep Your Customers, and Keep Them Happy 

We're starting to see more of those financial wellness apps offer checking and savings accounts as part of their services. Popular spare-change investing app Acorns now comes with its own checking account, and online broker Robinhood is rolling out a similar program. 

It's time to embrace the reverse by integrating budgeting tools, retirement planning, and savings strategies directly into your banking platforms. It's clear that consumers are looking for a more holistic approach to their financial health, and this is a valuable market segment to embrace. 

 

 

Show Personality, and Get Personal 

Banks have been introducing chatbots to connect virtually with customers for a while now, but there's an opportunity to make digital communications more personal. Connecting your app users to real people can help set your services apart from the pack. Can customers message mortgage lenders easily in-app? Do you have financial advisors on staff available for remote coaching sessions on savings or debt-busting? 

Even if you're not to that stage just yet, keeping your branding personable can go a long way to helping you connect with your customers, establishing trust for the long haul. Making educational web content accessible and conversational, along with incorporating intuitive planning tools, can give you a big boost in the financial wellness sphere. 

 

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Put More Than Just Money in Their Pockets 

The rise of mobile platforms is no joke. Mobile banking is here to stay, ready to take over the world. According to Business Insider Intelligence's Mobile Banking Competitive Edge Study, 89% of survey respondents said they use mobile banking. 

And though millennials took the biggest slice of the pie—with a whopping 97% using mobile banking—91% of Gen X responders and 79% of baby boomers reported appreciating what these services have to offer. When any phone can serve as a bank branch, those tools have the potential to reach more and more customers, acting as a top incentive for users all around the country and around the globe.

It's all a matter of giving your customers the tools they're looking for in-house, rather than having them turn to third parties instead. And those resources can be a big draw for new customers, too. From the technicals to the big ideas for implementation, PRIME can take you through everything you need to consider as you roll out more financial wellness options for your members. 

 

 

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Topics: Marketing Strategy, Target Marketing, Tips From the Pros, Financial Institutions

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