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

Each year, SpringFour surveys the agents and counselors who use S4pro to provide vetted financial resources to consumers in need. We conduct this survey to explore user experience, obtain feedback and improve our products, understand best practices, and learn more about how SpringFour benefits the end users – individuals and families who are struggling. Read the results here.

SpringFour is proud of its consistent track record in achieving best in class results: This year’s user survey shows that SpringFour both improves companies’ customer engagement and brand value while enhancing efficiency, and helps power tangible financial health for end users. In fact, 94% of S4pro users say that using SpringFour makes them feel better about their work, and the same percentage find our resources highly reliable and easy to use. Ninety-three percent tell us that SpringFour helps their customers save on monthly expenses, with 90% of survey respondents sharing that SpringFour improves customer interactions. 

It is our pleasure to arm our S4pro clients with much needed resources for the customers they speak to every day, and to provide a win-win-win: for SpringFour, for our clients, and for millions of families in need. 

“There is no better validation than to see our product rated so highly by those who use it every day. Those high marks reveal that S4pro is doing exactly what it was designed to do for agents and counselors at banks, lenders, servicers and nonprofit organizations: help our clients empower households to get the help they need, reduce their household expenses, and overcome their financial challenges,” said SpringFour CEO & Co-Founder Rochelle Gorey. “We’re thrilled that our innovative solution is transforming the financial industry’s approach to financial health – and in doing so, making it possible for organizations to improve their brands and their customers’ lives.”

Katy Jacob

VP of Research & Impact, SpringFour