Building a Future of Financial Wellness: Why It Matters Now More Than Ever

As Americans continue to face uncertainty about the economy, employment, and the cost of living, consumers need financial partners that can help them make ends meet, absorb financial shocks, and plan for the future. 

But, achieving financial wellness across our country and communities requires more than individual effort by an individual financial provider. It depends on an ecosystem — one where financial institutions, fintechs, and technology partners work together to deliver meaningful, measurable outcomes for consumers. And, we have work to do.

Jennifer Tescher, founder and CEO of the Financial Health Network (FHN), challenged the industry to think differently about what progress really means at MXS 2025.

Tescher’s message was simple but powerful: financial institutions have an outsized role to play in improving the lives of their customers. And, in that role, financial providers do not need to wait for regulation or massive transformation to make an impact. As Tescher put it, "small actions, when taken with intention, can have outsized impact.”

The Business Case for Financial Wellness

The connection between financial wellness and business performance is clear. Research from FHN and JD Power shows that when banks and credit unions offer even one tool, it increases customer engagement and satisfaction. Offering tools like budgeting, forecasting, or expense tracking consistently see customer satisfaction increases by double digits.

When customers experience less financial stress, they’re more engaged, more trusting, and more likely to view their financial institution as a true partner in their success.

Tescher shared examples of institutions putting this philosophy into action. One bank saw late payments drop by 27% simply by letting borrowers choose their own payment dates. This human-centered adjustment improved both customer outcomes and portfolio performance. Small change. Big impact.

From Tools to Standards: Creating Systemic Change

While progress is being made, Tescher emphasized that the moment calls for more than good intentions. It calls for standards — clear, industry-wide benchmarks that define what effective financial health practices look like.

Standards have long been catalysts for transformation, from building codes that ensure safety to nutrition labels that empower better choices. Financial wellness should be no different. Establishing and adopting shared standards can help institutions design products that consistently improve financial health, foster consumer trust, and strengthen brand reputation.

The Financial Health Network’s newly developed standards for checking and credit products are designed to get the ball rolling. These standards focus on spending well and aligning product features with consumer well-being. And, tools like MX’s financial wellness solutions align closely with these standards, enabling consumers to better manage their budgets, label their money, and gain a complete view of their finances through data connectivity.

The Path Forward

The financial industry is entering a new era — one where customer well-being isn’t just a metric, but a mission. 

As Tescher reminded us, the power to build a financially healthier future lies not in sweeping reforms, but in the collective impact of many small, intentional choices. For financial institutions, the opportunity is clear — prioritizing financial wellness leads to better outcomes for both consumers and providers.