SpringFour + Partners = Impact
Financial Health for consumers has quickly risen to the strategic forefront as a huge focus for many companies across our nation; especially knowing that 40%+ of Americans don’t have $400 in the bank for emergency expenses (per a report published the Federal Reserve). And, with all kinds of creative solutions being devised, partnerships with emerging FinTechs being formed, and billions of dollars being invested into the “Financial Health ” strategy bucket, it has most of us wondering “are we making an impact?” Well…at SpringFour, we ask that question every day, as we want to be certain that our solutions not only sound like the right thing to do, but also confirm what we believe to be true – that access to local, vetted and trusted resources helps to reduce expenses and financially stabilizes households.
Solutions That Work
SpringFour solutions (S4pro and S4direct) enable access to nearly 14k local non-profit and government resources aimed at reducing household expenses in up to 30 spending categories (Food Savings, Utility Savings, Medical Savings, etc.). By annually connecting over 250k struggling Americans to these high impact resources, SpringFour gets individuals and families living paycheck to paycheck back on track and helps to create a cushion for paying down debt and setting aside savings. And, in partnership with our clients, we have proven that offering SpringFour solutions really DOES make an impact.
Consumer Impact & Case Studies
Published case studies with our client partners U.S. Bank and LendUp demonstrate the positive impact SpringFour is creating for the consumer, the employee, the business and its brand. Evidential data within these studies show that the SpringFour solutions increased debt repayment by 10% and more than doubled the likelihood of consumers participating in key activities such as foreclosure prevention. These figures were fueled by the finding that many of those who received SpringFour resource referrals reduced their household expenses by as much as $250 per month, with some cases showing savings north of $1,000 per month. These savings impact figures were highlighted by the fact that many of the struggling consumers receiving SpringFour referrals stated that just a $50 per month cushion would greatly assist in managing repeated and unexpected income swings.
Employee Well-Being & Productivity
Going a step further, SpringFour has also pursued other meaningful and impactful measures with our client partners. Beyond the impressive portfolio impact and consumer expense savings figures stated above, we also found that offering SpringFour to consumers had an impact on the purpose and well-being of the employees providing the SpringFour resource referrals. With nearly 75% of employees stating that SpringFour improves their ability to provide customer service and over 80% of employees agreeing that SpringFour allows them to provide quality financial health resources to their consumers, SpringFour has found a way to create a stronger mission-based bond between not only a company and its consumer, but between the company and its employee. Consequently, we are seeing upticks to key employee measurements such as employee retention rate when SpringFour is part of the equation. And, the benefits of this stat alone can save a company thousands of dollars per employee each year.
At SpringFour we also see that the brand value of a company offering SpringFour solutions improves. And, brand value alone can have immeasurable impact over the course of a company’s journey with their consumers. In fact, we have client partners that are tracking significant improvement to NPS scores due to the introduction of the SpringFour offering. This impact to brand and company loyalty can be attributed to 94% of surveyed respondents noting that SpringFour helps provide for a better experience and that 88% of those same respondents stating that SpringFour addresses real-life problems and greatly reduces stress. These impact stats are also echoed within an insightful Q&A piece with BMO Harris Bank where we share how SpringFour is changing the typical collections conversation and is providing a tool that is easy to use with 90% of those surveyed noting appreciation by the consumer for the referrals delivered.
We are proud of the work we have been able to accomplish alongside our client partners over the last 15 years we have been in business, but we are not stopping there. At SpringFour, we have our sights set on continuing to expand and improve our solution offerings. This will enable us to build on the already incredible impact that we have created.
In order to continue and accelerate our impact, we will look to build on our nationwide coverage – currently offering financial health resource listings in all 50 states and in 475 cities. Additionally, we will work hand-in-hand with our client partners to ensure that our product evolves with the need of their consumer base and continues to provide access to the most trusted local resources aimed at reducing expenses and increasing overall financial health. Lastly, we will sustain our track record of building partnerships that respond to and deliver required scale, ensuring more consumers have the help they need and deserve to be financially healthy. In doing all of this, SpringFour and its client partners will resoundingly answer “YES!” to the question of “are we making an impact?”
Chief Operating Officer, SpringFour Inc.