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Using Data to Drive Consumer Financial Wellness

May 17, 2023|0 min read
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The money experience encompasses every interaction consumers have with their finances. Whether opening a new account or working towards financial goals, every touchpoint along the way should be simple, safe, and personalized. Right now, regardless of how much money you have, the money experience is broken. And consumers are looking to their financial providers for an experience that helps them manage their financial lives.

We sat down with Jana Manley, Senior Vice President of Marketing and Digital Strategy at Suncoast Credit Union, and Carlyn Lamia, Vice President of Strategic Initiatives at Achieve, to discuss ways financial service providers can improve the consumer money experience and empower financial wellness during our recent Product Forum. Here’s a few key takeaways: 

Data is the key. Financial providers have immense amounts of data, but keeping data siloed within the organization limits the value and insights that can be derived from it. Once the data is combined, a clearer picture of consumer behavior emerges. From there, the data doesn’t tell you what to do. Rather, the right questions must be asked. Carlyn explained Achieve uses data to drive their strategy for products and services so they know they are solving the right problems for their customers.

Money is personal so the experience should be too. It’s important to use data to inform how, and when, you talk to your customers. A one-size-fits-all marketing approach doesn’t educate consumers how they would benefit from using the particular products and services being offered. Jana explained that financial service providers can leverage data to be proactive in educating their customers about how to be good stewards of their money and improve their lives with it. Data, when aggregated and enriched, enables organizations to talk to consumers about what they need, when they need it.

If the consumer is successful, we’re successful. When creating new products and services, tying business goals to consumer outcomes is the best way to stay aligned to empowering consumers as an organization. Carlyn shared one way Achieve does this was by adding a step in the home loan underwriting process to check how much their customer would save by using their services (and the average is $800 per month).  

Jana spoke to the power of showing consumers an accurate picture of their financial health alongside guidance around how to get closer to their financial goals, while celebrating small wins along the way. “When you see where you’re spending your money, you can make better decisions,” Carlyn agreed. She continues, “Every bit of information that you can use to understand your financial situation better, can lead to you making better decisions for yourself, which add up significantly over time.”

Watch the full Product Forum here:

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