Many Americans are struggling to make ends meet as a result of the pandemic and unprecedented wave of global inflation that followed.
That’s the bad news. The good news is approximately eight-in-ten are looking to their financial institutions to help guide them through these dire financial times.
Stark situation facing Americans; Banks Can Help
Nearly two-thirds of Americans fail to qualify as “financially healthy”.
Consider the following:
- 64 percent now live paycheck to paycheck
- 77 percent report feeling anxious about their financial situation
- Only half of consumers are able to cover expenses for two months
- Nearly 40 percent have difficulty paying a bill or expense
- Inflation has hit a four-decade high in the past year
The silver lining is most consumers are prioritizing financial goals above other goals and are turning to their primary FIs for guidance. In fact, eighty percent of banking customers expect their primary FIs to help improve their financial health.
The problem? Only 14 percent strongly agree their FIs are actually delivering on this need.
Banking on Financial Well-being
Are FIs missing out on a major opportunity to connect with their customers? What can mainstream banks do to better deliver on their customers’ needs?
BillGO’s new whitepaper, Banking on Financial Well-being examines the many financial challenges consumers now face and identifies how FIs can benefit by …
- Prioritizing customer needs for financial literacy and guidance
- Collaborating with fintechs to fast-track innovation
- Offering digital tools that help customers better manage their financial lives
As one leading industry analyst says, “Great financial advice is a key differentiator for retail banks at a critical moment in time when, according to our research, 41 percent of U.S. bank customers feel unsatisfied with their current financial condition.”
In other words, in addition to offering loans and other banking services, there is a clear opportunity for FIs to provide sound, trustworthy advice to consumers seeking direction in these troubled financial times.
Want the complete picture? Download your complimentary copy of the latest whitepaper here.