The trend: Customers say in surveys that they want to improve their financial wellness—but when banks and credit unions give financial tips in social media posts, newsletters, or online courses, customers often don’t take them up on it.
Do customers really want what they say they want? That’s the question raised by a Personetics survey commissioned by Forrester Research, which found 88% of banks and credit unions surveyed said that less than half of their customers actively use the tools they provide.
Earlier, a different Personetics survey found that 58% of respondents would switch to a financial institution that offers financial health features, such as helping them budget smarter and save more.
What can banks do? To address the clear disconnect, here are four ways to promote and drive greater customer engagement with financial wellness offerings, per the Financial Brand.
1. Financial wellness must become a core strategy: Financial health-related content and advice isn’t just an accessory or a nice-to-have. Articles and social media posts designed to improve financial literacy are worthwhile to promote the bank’s brand. But by themselves, they can’t tackle a complex issue like helping people achieve financial health or alleviate the stress people feel about their finances during a cost-of-living crisis.
2. Give consumers hope: Your campaigns must reassure customers and offer empathy. For instance, though millennials and Gen Zers want to own a home, they’re not sure they’ll ever be able to afford one. To give them hope, banks need to dig into their data and determine how they can serve each customer, creating touchpoints to offer the right piece of content at the right time.
3. Focus on what customers actually want: Don’t jump in with financial wellness content you think customers may find interesting. Start by asking them what they want and then distribute that content through varied channels. Consumer focus groups and audience research will help identify which financial topics resonate the most.
4. Measure the impacts of financial wellness efforts: Look into outcomes as well as customers’ level of engagement through open-rate metrics. For example, analyze whether those who complete an online course on budgeting have fewer overdrafts, an increase in emergency savings, or a decrease in overall debt load. Look into whether consumers who watched a video series show different behaviors from those who completed a written course.
First Published on Aug 25, 2023
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