Tips to Support your Customers and Members

April is Financial Literacy Month: Tips to Support your Customers and Members on their Financial Education Journey

Recent surveys show account holders are turning to their primary institution for financial guidance. A better understanding of financial knowledge translates into better decisions – for customers and members at all stages of their user journeys and linked directly to their own life events. 

By being proactive with educational programs and suggesting tools to better manage finances, budgets, or savings, you’ll grow trust, expand service adoption, and help your customers and members achieve financial wellness.  

Provide Education to Build Trust and Establish Healthy Financial Habits
Building long-term relationships establishes your bank or credit union as a reliable source of wellness advice. Promoting savings habits through personal financial management (PFM) tools like goal setting and budgeting, as well as education around saving, investing, and other financial trainings, promotes positive money management. In addition to building trust with account holders, you’ll attract new customers and members through user-focused solutions and programs. 

Increase Trust with Personalization for Short-Term, Medium, and Long-Term Goals
Customers and members want to feel like their institution knows and understands their unique needs – both in the branch and through digital banking channels. Personalized marketing messages at various points of the user journey can support wellness goals by linking directly to their unique financial stories – like tips for purchasing a home, savings advice after the birth of a baby, or budgeting for retirement. By leveraging data insights like spending or savings habits and user behavior data, institutions are best positioned to suggest new services that support these financial goals and to support financial literacy.

Enable Anytime Access to Account Balances and Transaction Details with Real-Time Alerts
Enabling anytime, anywhere access to balances and transaction details keep customers and members informed of charges and in better control of their funds. With real-time alerts, you’ll also help to avoid friction with potential overdraft fees as they improve spending habits and budgeting - sharing tips on how to avoid low balance thresholds and to maximize savings. 

Being financially literate means having the knowledge and tools to support financial growth – borrowing, saving, budgeting, and investing. Whether transacting and engaging with account holders in-person or through digital channels, it’s important to support your customers and members with the tools they need to achieve financial wellness.  

Financial literacy is an ongoing effort, spotlighted in April.

Click here to connect with Team Alogent. Learn best practices and techniques to leverage your existing banking solutions to promote increased engagement and financial education throughout the year. 

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