SpringFour Moderates a Panel with Clients BMO, Capital One, and KeyBank at Consumer Bankers’ Association Live 2024 Event
SpringFour Moderates a Panel with Clients BMO, Capital One, and KeyBank at Consumer Bankers’ Association Live 2024 Event
Last week, SpringFour was invited by the Consumer Bankers’ Association to moderate a panel at its CBA Live 2024 event with three of our incredible partners: BMO, Capital One, and KeyBank. SpringFour’s EVP of Business Development & Strategic Partnerships, Yasmine Anavi, moderated the panel with Jeoffrey Begin from BMO, Ray Tervol from Capital One, and David DeSantis from KeyBank.
The topic? “The Data Doesn’t Lie: Leveraging innovation and financial health for long term recovery strategies.”
With a focus on SpringFour’s impact on customers’ financial health, each panelist shared how SpringFour has enabled them to further support customers in their respective default management and account management strategies, nurture better customer engagement, and prioritize consumer financial health.
The consensus? Supporting customers’ financial health as a part of ongoing customer management is here to stay.
Consumers are facing a very challenging environment, with consumer debt rising to record highs, delinquency rates rising, student loan repayments restarting, and 78% of Americans living paycheck to paycheck, according to Payroll.org. Consumers are facing hardships and most do not know where to turn for financial health support.
That’s why our clients look to SpringFour as the trusted source for connecting consumers with vetted, local nonprofit and government resources that address their customers’ specific financial health needs.
We’re also looking to meet customers where they want to interact, and in that we’ve started with a digital-first approach that proactively raises awareness for our customers of the support they can find through SpringFour’s platform. Our strategy of connecting customers with SpringFour’s resource platform is a newer one that we’re actively scaling, and we’ve seen promising results with the way customers engage with the platform.
Supporting customers with the help they need before they fall behind on payments is a real opportunity to build customer trust and loyalty and ensure that people stay current on their payments. Ultimately, customers appreciate knowing their bank is in their corner and willing to help them, and employees feel empowered and proud to deliver actionable resources to customers in need.
We lean into these strategies first and foremost because we believe it’s good for our customers. We work back from a belief that there is a virtuous cycle between our customers being better off and our business being better off as a result. Obviously helping a customer through a difficult situation, and potentially that leading to fewer delinquencies and/or charge-offs is a win-win. But the ultimate objective is to develop products and experiences that deliver great value to our customers and help them succeed. Doing that will ensure these investments are worth continuing.
To learn more about partnership with SpringFour, visit the Contact Us page of our website or reach out to us at impact@springfour.com.
Morgan Pierce
Impact and Communications Manager, SpringFour
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