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.

As daily expenses are on the rise and people face financial challenges, it’s vital to prioritize financial health and join the mission of increasing people’s financial health everywhere. We should all get behind financial health strategies and play an integral part in helping customers thrive despite financial circumstances.

Morgan Pierce

Client Success and Impact Associate, SpringFour

Consumer financial health is increasingly at the forefront as consumers try to manage rising inflation and interest rates. At the same time, the economic outlook is becoming more stressed, with many corporate leaders preparing for the possibility of a recession. Being able to provide assistance to customers in need delivers a win-win for both companies and their customers.

With SpringFour’s vetted financial resources, we are making those win-wins possible.

Thanks to our work with financial organizations and employers across the country, we are able to meet the ever-changing financial health needs of households across the US — whether due to a pandemic, inflation, unemployment, or natural disaster. During the pandemic, we’ve enabled families to meet their needs and find their footing by delivering more than 10 million vetted resources. In 2021, the resources that were demanded most were:

• Food assistance (18%)
• Employment resources (12%)
• Rental resources (11%)
• Heat and utilities support (10%)

Meeting Your Customers’ Needs Today 

We founded our company because we knew that there had to be a better way to provide assistance to people experiencing financial hardship — and we are proud that nearly 16 years later, our mission is stronger than ever, and that we are as relevant as ever. 

People need help and they want their financial service providers to help them. In a recent survey, 83% of respondents shared that they want to turn to their banks and financial institutions for financial health support. And when we extend empathy, support, and assistance, our customers can stay on track or get back on track — which is a win-win for all, building trust and loyalty that drive long-term value.

The Solution Households Need

No doubt it has been an extremely difficult few years. Our solutions were built to help in times of need, and we can help companies deliver best-in-class financial health resources straight to their customers with little to no tech support on their end. We can provide customer service and support teams with curated, up-to-date, and accurate financial health resources through our newly enhanced S4pro application and provide borrowers with access through our 24/7 customer self-service S4direct solution. Both can be deployed in under three weeks. 

Make your customers’ financial health a priority today. Give them access to the resources that will help them solve their immediate needs so that they can become financially stronger in the long term. 

To learn more or get involved in SpringFour’s mission and impact, contact impact@springfour.com.

Rochelle Nawrocki Gorey

CEO and Co-Founder, SpringFour

• 32% of all respondents said they had trouble paying their rent or mortgage
• 47% of respondents said they were unable to pay all their bills on time at least once in the past 12 months

The Network’s study shows that these financial challenges have a significant impact on individuals’ performance and productivity at work, highlighting the domino effect that one financial stressor can have on multiple areas of a families’ life. At SpringFour, we know very well how one missed bill can lead to a cascade of other financial challenges, especially if a family is having trouble making a large payment like a housing payment. On the flip side, having access to resources that can help families pay for other basic necessities like food, utility costs, and health care, can make it that much easier for a family to stay current on their rent or mortgage.

Every day, we see the impact of the fact that families often forgo other basic necessities in order to pay their mortgage and not lose their homes. Thus, mortgage assistance is crucial for families who own their homes and are experiencing financial hardship in any environment. This assistance is especially needed in times of widespread financial disruption. During the COVID-19 pandemic, we saw state and federal focus on this as the industry and government worked together to try to avoid a foreclosure crisis–and  the Homeowner Assistance Fund was born.

The Homeowner Assistance Fund (HAF) is a federal program designed to help homeowners impacted by COVID-19 catch up on mortgage and utility bills and pay other housing costs. Funding for the program is provided by the United States Department of the Treasury through the American Rescue Plan Act. States developed their programs in 2021 and have been launching them as they receive approval from the Treasury. 

Over 35 programs have been launched, most of them during the first quarter of 2022. As HAF has gained momentum, SpringFour has become known as the one-stop shop for information on each individual state program. SpringFour integrated each state program into its referral database as soon as programs were launched, and has closely followed all developments related to HAF, in order to help families get access to assistance as soon as possible.

SpringFour’s Mortgage Relief (HAF) category connects homeowners to information about the HAF resources available and our expertly authored guides provide a quick way for homeowners to understand the guidelines of the HAF program in their state. We include contact information and eligibility and application information; our resources are updated daily. Our informational guides on each state program provide extensive information for servicers, banks, and others to use. SpringFour is unique in its ability to serve as an expert one-stop shop of information on HAF programs throughout the country. In the first quarter of 2022, SpringFour has provided over 23,000 referrals to families related to HAF programs across the country.

If you are interested in learning more about the HAF category or if you are a SpringFour subscriber and would like it added to your application, please reach out!

Katie Gottschall Donohue

Vice President, Strategy and Customer Engagement, SpringFour

SpringFour Co-Founder & CEO Rochelle Gorey was selected as a 2022 LendIt Fintech Woman of the Year Finalist. As LendIt shares, “this award is given to the senior executive who has demonstrated outstanding leadership, integrity, performance, and a commitment to fostering gender diversity both within her company and in the industry at large.” In February, Rochelle went to Miami to be honored along with other finalists from the field of 800 submitted applications. This was the 5th annual industry award event to celebrate the top fintech influencers and innovators in the country, and followed two days of networking sessions. 

Co-finalists for Woman of the Year included:

• Jo Ann Barefoot, AIR
• Wendy Cai-Lee, Piermont Bank
• Rania Succar, Intuit
• Stephany Kirkpatrick, Orum

And the award ultimately went to Luvleen Sidhu of BM Technologies. Rochelle was honored to be among this illustrious group of women in fintech, and looks forward to sharing best practices and mentoring other women in the field.

Katy Jacob

VP of Research & Impact, SpringFour