CEO and CoFounder Rochelle Gorey was recently featured on the BAI Banking Strategies Podcast, a weekly podcast focused on key issues facing financial services leaders in order to empower them to make smarter decisions.
Rochelle spoke to how financial institutions can benefit from making consumer consumer financial wellness a top priority.
Most Americans can’t afford an unexpected $400 expense and are living paycheck to paycheck. As increased awareness around financial health grows, more banks and financial institutions are looking for innovative ways to help their customers stay on top of payments and increase opportunities for savings.
Rochelle explains that connecting consumers to financial resources that allow them to save an extra $200 a month, for example, not only increases the rate at which they are able to make payments, but it strengthens the banking relationship.
If a consumer feels that their banking partner is taking a genuine interest in understanding their unique situation, and then assisting them in finding the resources to help, they are far more likely to trust and continue to bank with that institution. Additionally, as their financial situation improves they may be eligible to purchase better financial products.
Listen to the entire podcast to hear more about the importance of financial wellness in banking and visit our site to see how SpringFour is working with financial institutions to help their consumers access important cost-saving resources and improve payments.