With a potential recession ahead, customers at varying points of their financial journeys are all feeling the impact of inflation and higher prices. Consumer debt is also rising. According to a recent article in The Financial Brand, credit card debt was up 13% in the second quarter of 2022 compared to the same period last year — the largest year-over-year increase seen in two decades. For the first time in the history of the Financial Health Network’s Pulse research, financial health has decreased over the last year. In fact, the report states, “Greater financial health declines appear to be on the horizon as inflation shows no signs of letting up, debt levels rise, and loan delinquencies grow.”
As consumers face greater financial challenges than ever before, they need support from their employers and financial institutions to improve their financial health. Fortunately, SpringFour partners with financial institutions, lenders, fintechs, and employers to help people get back on track and improve their financial health.
SpringFour’s contact center and direct-to-consumer cloud-based solutions give customers access to thousands of vetted and local financial health resources that meet their specific needs — from food savings to employment resources.
SpringFour solutions create win-wins for businesses, customers, employees, and more. SpringFour has delivered proven results of increasing payment rates, improving customer and employee retention, and positively impacting businesses’ bottom lines.
Together with SpringFour, one major bank delivered over 160,000 financial health referrals to customers in 17 months. The bank realized an estimated credit loss benefit of $1,000 per customer who received referrals over a 6-month period.
This client example demonstrates the impact SpringFour can make on business bottom lines, employees, and consumers. SpringFour tools connect people with much-needed financial health resources while enabling financial institutions and fintechs to meet their ESG goals and empowering their customers to get back on financial track.
According to SpringFour’s user survey, 90% of agents report that SpringFour helps them provide better customer experiences and increase customer retention and/or collaboration. 86% of agents report that using SpringFour makes them feel better about the work they are doing.