Financial Wellness is a Win-Win for Financial Providers and Consumers

Financial wellness can mean different things for different people — whether it’s being able to cover expenses in the present, planning for a successful future, or both. 

In our newest consumer research of more than 1,000 U.S. consumers, 30% of consumers said it means being able to pay all of their bills each month. Another 29% said it is not having to worry about how to cover unexpected expenses. And, 20% defined financial wellness as being able to save for the future, such as retirement.

However consumers define it, our research shows consumers want help to achieve their financial wellness goals. In recognition of Financial Wellness Month this January, here’s a breakdown of some of the top financial wellness features financial providers should focus on: 

1. Bring Finances Together into One View: Managing money is more complicated than ever as consumers have to look across multiple different providers and accounts to see where their money is going. Financial providers can help them create a 360-degree view of their finances using account aggregation and Open Finance. This makes it easier for consumers to see the full picture of their finances, and it arms financial providers with more insight into customer behaviors so they can deliver better products and services. 
2. Deliver Proactive Reminders: No one wants to miss a payment or savings goal — and consumers want all the help they can to remember to hit those due dates or goals . Financial providers can help consumers stay on top of their finances by providing proactive reminders to pay bills, make payments, save money, etc. By providing a safety net for consumers with proactive reminders, financial providers can build trust with their customers, which can also translate to long-term loyalty and drive greater deposits. 
3. Enable Seamless Savings: What’s better than reminding consumers to save? Doing it for them. At the 2024 Money Experience Summit, Digital Product Leader Lea Sims said, “People do not want to bank. They want to buy, they want to be with their families, they want to have things they want to take care of their families and their children. They don’t want to bank.” So, make it even easier for consumers to save by offering automatic savings options like rounding up to the nearest dollar on purchases and depositing in savings. 
4. Help Them Get Smart on Spending: While bringing finances into one view is something consumers want, that doesn’t mean they will instantly know exactly where their money is going. Consumers also want help categorizing and breaking down their spending so they can see a comprehensive breakdown. This can have a huge impact on helping them achieve their financial wellness goals. 
5. Guide Them on What to Do Next: In addition to understanding their current finances, consumers want help looking ahead. Generic experiences and impersonal financial advice is no longer enough to meet rising customer expectations. In fact, 54% of U.S. consumers want financial providers to leverage their financial data to personalize their experience. Are you delivering personalized recommendations on where they can make changes to improve finances? 

There is no definitive measure for financial wellness, but our research shows that consumers want help in pursuing their version of it. And, by helping consumers reach their goals, financial providers can drive higher engagement, deposits, and lasting relationships with customers.