Save Your Business and Consumers from the Pitfalls of Holiday Overspending

Let’s face it…the holidays are ‘the’ time for overindulgence. As consumers ourselves, we’ve earned it right? From food and drink to holiday gifts and parties, that means yes to extra spending.

While the euphoria is great in the moment, there’s always a price to pay in one way or another. And digging out of debt is one New Year’s Resolution no one wants, especially this year with inflation at 40+year highs and interest rates continuing to increase.

Fortunately, there are actions you can take to protect your customers from unnecessary heartache and earn greater loyalty in the process.

Automated Budgeting Tools

Building and following a budget is critical to effectively managing money but not something that all consumers know how to do. It requires discipline to stay within a budget, but also taking on the task of tracking every purchase, how much it was, and what it was for.

Personal financial management platforms like MX’s Personal Financial Management automate all of this. It can continually track consumer spending and categorize purchases automatically for them. This means all they have to do is stick to the spending limits they set for themselves in their budget.

Proactive Alerts 

Personalized alerts can notify your customers of the events they care most about. These could include an unusual transaction in one of your accounts, purchases over a set amount, or when an account balance falls below a threshold that could lead to costly overdrafts, as well as upcoming due dates for bills, which can help them avoid missed or late payments that can impact a credit score.

Real-Time Verifications

Instant Account Verifications (IAV) are another proactive step providers can take to protect their customers and themselves. MX identity and account verification solutions can confirm the customer’s identity to fight fraud and ensure sufficient balances are available to prevent costly chargebacks.

Personalized Insights

MX offers an actionable intelligence platform that enables organizations to gain more value from their data, power the best experiences, and improve engagement so their consumers can become financially strong. 

Featuring behavior-based, automated insights that proactively alert customers to take action, financial institutions and fintechs can deliver targeted recommendations that drive loyalty and engagement.

By putting your customers’ financial data to work for them, and for you, the joy of the holidays doesn’t have to disappear when the inevitable ‘balance due’ arrives.