At SpringFour, we know this: An empathy-first strategy drives business results. Today, with inflation and a possible recession looming, financial institutions are working with SpringFour to put empathy front and center. Keeping empathy at the heart of what we do is critical to our success and the success of the brands that choose to use SpringFour. 

We’re thrilled to share that SpringFour is at the forefront of this critical movement with our empathy-first strategy spotlighted in American Banker and CX Leader podcast. Plus, we’re releasing a new empathy-driven product to meet businesses’ growing needs. Scroll down for more details. 

SpringFour’s Empathy-First Strategy in the News

How an Empathy-First Strategy Creates Business Results

Together with SpringFour, financial institutions of all sizes are embedding empathy-first strategies across their lines of business — and it’s working. Empathy enables organizations to demonstrate an understanding of their consumers’ needs and deliver solutions that empower financial health while increasing repayment rates, delivering positive borrower experiences and outcomes, improving NPS scores, adding brand value, and more. 

Financial stress is a uniquely human experience, and it needs a uniquely human solution – one that erases the stigma of delinquency and empowers financial health. 

We know that innovative solutions can and should provide an equitable, empathy-first path forward. That’s why we continually respond to consumer and market needs with solutions that can truly make a difference for organizations. 

Introducing: SpringFour’s new financial health solution

We’ve listened to what companies and their customers want today — and we’ve delivered. To make it possible for financial institutions to deploy an empathy-driven strategy, we’re excited to release a brand new all-in-one, enterprise financial health solution.  If you’re interested in beginning or expanding your partnership with SpringFour, please reach out to us at impact@springfour.com.

Morgan Pierce

Impact and Communications Manager

Today, we are proud to share our Q1 Impact Report with you.

At SpringFour, impact is core to everything we do. A comprehensive look at the first quarter of 2023, this report delves into the consumer needs and financial industry trends we’re seeing. It demonstrates SpringFour’s unique position to deliver critical solutions to pressing needs. Every single day, our social impact fintech makes it possible for brands to help consumers in real ways — and that not only feels good, it makes business sense.  

Together with our partners, we delivered 1,248,781 financial health referrals to consumers this quarter — and as a result, we helped organizations improve repayment rates, boost customer engagement, power financial capability, empower employees, add brand value, and more.

As the economic environment changes, SpringFour is prepared with proactive updates to support consumers as soon as they are faced with a challenge. Since many Americans filed their taxes this quarter, we updated and strengthened our Income Tax Support offerings to help consumers receive all the tax credits they’re entitled to. Before Covid-19 public health emergency declarations ended last week, we updated the nonprofit and government resources in our healthcare-related categories and provided more detailed information about prescription savings programs offered by drug manufacturers, nonprofits, and governments; discounts on prescription medication; and more.

And none of this would have been possible without the SpringFour team and the support of our clients who drive impact for their consumers every day through SpringFour. 

After reading this impact report, we ask that you please do two things:

1. Send us a note to let us know which trend surprised you the most. 
2. Share this report with others in your network.

We are proud to drive impact with you. Thank you, as always, for your partnership.

Rochelle Nawrocki-Gorey

CEO & Founder

Financial capability is knowing where to go for support. 

In a SpringFour survey conducted in 2020, we asked low- to moderate-income households if they were familiar with any resources that can provide assistance in helping reduce household expenses. 40% of respondents were not at all or not very familiar with these resources, while 43% were somewhat familiar. Only 17% of respondents were very familiar with resources that might be available to help them through a financial setback. 

That’s why, in honor of Financial Capability Month (formerly known as Financial Literacy Month), we are highlighting how SpringFour, together with our partners, is helping households across the country find the support they need. This knowledge empowers consumers not only to alleviate any current financial burdens but to know where to turn for support in the future to face financial challenges, pay off loans, and save money.

Mission Lane, a like-minded, mission-driven fintech, uses SpringFour to help its customers improve their credit. In this GoBankingRates article, SpringFour’s partnership with Mission Lane is highlighted as a solution to help consumers reduce expenses and save. Organizations that partner with SpringFour not only empower their customers and deliver on their ESG goals, but also increase repayment rates and reduce delinquency, driving value for the organization to create win-win-wins. 

Mission Lane, a like-minded, mission-driven fintech, uses SpringFour to help its customers improve their credit. In this GoBankingRates article, SpringFour’s partnership with Mission Lane is highlighted as a solution to help consumers reduce expenses and save. Organizations that partner with SpringFour not only empower their customers and deliver on their ESG goals, but also increase repayment rates and reduce delinquency, driving value for the organization to create win-win-wins. 

Morgan Pierce

Impact and Communications Manager

In my first few months as a full-time team member at SpringFour, I was given the opportunity to attend Fintech Meetup. This trip marked: 

– My first time attending a conference for work

– My first time visiting Las Vegas

– My first in-person event with SpringFour

To say I am thankful for this opportunity is an understatement, and I’m honestly floored at how much I was able to take in and learn in less than three days. 

SpringFour was invited to share our story at 1871 and BMO’s WMNfintech lounge. Rochelle, SpringFour’s CEO and Founder, was celebrated as a woman founder and given the opportunity to pitch SpringFour to conference attendees and other founders. I saw Rochelle share SpringFour’s story and how it’s become a critical solution for financial institutions.

She also shared key insights as a panelist on World Business Chicago’s “Masterclass on Chicago Fintech” about the tech ecosystem, investment trends, and the future of fintech in Chicago.

Our mission is to re-create at scale the stories that inspired us to build our company. 

Rochelle has always led SpringFour with the mission – the people – at the forefront. Long before “financial health” was an industry term, she knew there were nonprofit and government resources that could improve lives. She set out to create what she didn’t know at the time was a social impact fintech that was empowering consumers’ financial health before other players in the industry were even paying attention to consumer needs.  

Rochelle’s background in community development and financial services, as well as her experience growing up in a low-income household, gave her the foresight to build SpringFour, the innovative solution that helps financial institutions deliver those resources to consumers. Rochelle’s background inspires her to stay focused on helping as many people as possible by connecting them to free, vetted resources through SpringFour. She embodies this mission every day which makes going to work easy, motivates me to do my best, and helps me feel good about what we’re doing. 

Behind every one of SpringFour’s referrals to free, personalized financial resources is a story. Our driving force is seeing people being directed to free resources that can improve their financial health.

Fintechs can (and should) empower customers facing financial stress, which is the #1 cause of stress in America right now.

I heard stat after stat about the breadth and depth of financial struggle that Americans are facing right now. 

– 60% of consumers can’t afford an unexpected $400 expense.

– Nearly half of Americans between the ages of 27 and 58 now have more credit card debt than savings.

– 16% of high-earners (annual income exceeding $100,000) are struggling to pay their bills.

These are difficult times for everyone – times for fintech to capitalize on its unique position to solve real-world problems that have yet to be solved.

Bank-fintech partnerships are uniquely positioned to drive real, unique, innovative value and expand consumer trust. 

According to a recent study done by MX, only 44% of respondents believe their financial providers have their best interest at heart. Nearly all financial institutions in 2023 need to build, re-build, or expand customer loyalty – and bank-fintech partnerships are an easy step in the right direction. Financial institutions who lead with empathy and adopt innovative financial health technologies do well in business. Mission-driven fintechs like SpringFour can help organizations better address real pain points by providing dependable financial assistance, increasing repayment rates, improving consumer trust, and empowering customers toward financial success.

There is power in leveraging data to anticipate consumer needs, which helps us build effective solutions that truly address those challenges.

As a Liberal Arts major in college, I used to cringe at the word “data,” thinking of it as a big pile of overwhelm and numbers that didn’t connect me quickly enough to the person with the story. Now I know that data is a powerful tool we can leverage to deeper understand the unique stories and needs of the people who use SpringFour. Data helps us provide timely, proactive insights that enable people to get ahead of decisions and empower them to improve their financial health.

Business strategy is not merely reporting numbers, it’s capitalizing on a company’s unique competitive advantage.

Going to Fintech Meetup not only reminded me how special SpringFour is, but many people that I met also confirmed what we are doing in the fintech space is different and that it matters. SpringFour creates win-win-wins: improving business performance, increasing customer trust and loyalty, and empowering consumers toward financial success. That’s not to mention the improvements in employee satisfaction, foreclosure prevention efforts, NPS, and ESG outcomes that happen as a result of partnerships with SpringFour. Every single day, we are helping people, and that not only feels good — it makes business sense.

Fintech has made great advances in DEI and gender equity, but there’s still a long way to go.

Fintech Meetup allowed me to learn from inspiring women who are paving the way and empowering more people in fintech toward success. Women who are building innovative, successful business models that can change the world. Women providing valuable industry insights and driving important conversations. Women who are never giving up and always fighting for a more equitable fintech community. Women who persevere, even when supporting women in fintech is all the rage in conversation – yet in practice, the glaring inequities continue.

THANK YOU

Morgan Pierce

Impact and Communications Manager

The announcement was also covered in IBS Intelligence and PYMNTS.

We are proud to partner with OppFi, a like-minded, mission-driven fintech. To learn more about opportunities for sharing and promoting your organization’s partnership with SpringFour, contact us at impact@springfour.com. 

Morgan Pierce

Impact and Communications Manager

Behind every referral is a consumer experiencing financial hardship. We are committed to changing the way our industry responds to people experiencing financial hardship with the goal of eliminating stigma, providing valuable support, and treating people with empathy, dignity, and respect.

Consumers requested and received access to the following resources in 2022:

Thanks for joining us this year as we work diligently with our partners to connect as many consumers as possible with financial health resources they want, need, and deserve.

“We have seen a tremendous benefit to our customers. Since the beginning of our partnership, SpringFour has provided BMO customers with references to over 200,000 crucial financial health resources. This has been a valuable experience that we are proud to offer our customers, and which has also benefited the bank through improved portfolio performance.” 

 

– Jeoff Begin, Vice President, Head of US Collections & North American Small Business Special Accounts, BMO Harris Bank

Morgan Pierce

Impact and Communications Manager