CHICAGO, Feb. 2, 2021 –- SpringFour, the only social impact fintech that helps financial institutions give customers the support they need to regain financial control, today announced that it delivered almost 3.3 million financial health referrals to Americans in need in 2020. Banks, lenders, and nonprofits utilized the cloud-based tool as part of their COVID-19 relief strategy, giving their customers access to more than 20,000 vetted, local government, and nonprofit resources in 575 cities across the U.S. and in 32 categories, including financial assistance, food assistance, employment services, prescription savings, and home repair.
According to SpringFour’s 2020 Survey of Financial Health, created in partnership with Competiscan, 83% of lower-to-middle income households stated that they trust banks as a source of financial guidance, support, and resources.
To help financial institutions address their customers’ pressing financial needs, SpringFour increased its support with 37% more resources available and 21% more cities covered, and increased its subscribers by 43%, which included 44% more banking and lending clients including Avant, Elevate, Enova, and two of the top 10 U.S. banks and others, and 25% more nonprofit clients. The company delivered 200% more referrals than it did in 2019. Since its inception in 2005, SpringFour has delivered more than 10 million referrals to customers.
In 2020, SpringFour users stated the benefits of the tool in a user survey report:
- 98% say SpringFour is an important part of their COVID-19 relief strategy.
- 97% say SpringFour allows them to provide better customer experiences.
- 91% of users say that SpringFour referrals help reduce expenses.
- 86% agree that SpringFour helps get their customers back on track with payments.
“2020 was a tough and challenging year for all of us and we were proud to be a core part of institutions’ COVID response. As an industry, we have seen that helping people isn’t just a nice thing to do. It’s the right thing to do. And when we do this, we can see the business impact.
SpringFour remains committed to transforming the way our industry assists those experiencing financial challenges,” said SpringFour CEO Rochelle Gorey.
SpringFour’s Additional 2020 Highlights Included:
View SpringFour’s 2020 Annual Report here.
SpringFour is the only Certified B, social impact fintech company that helps financial services institutions limit risk by empowering improved payment performance and increased customer engagement. Trusted by BMO Harris Financial Group, Beneficial State Bank, Oportun, Elevate, Enova, Avant, OppLoans, and more, SpringFour’s suite of financial health cloud-based solutions for financial institutions provides vetted financial resources to millions of customers and enables them to meet financial objectives, reduce household expenses, and avoid payment delinquencies. More than 95% of financial institutions report that their customers experienced increased affinity for their brands after receiving a referral from SpringFour. To learn how SpringFour can benefit your financial institution, visit springfour.com.