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Published: 08.25.2021
Author:
Amsive Marketing


Categories:

Article

Data and Audience

Research, Trends, and Insights


THE IMPORTANCE OF FINANCIAL LITERACY IN BANK AND CREDIT UNION ACCOUNT HOLDERS



Financial advice and consultation will help customers and members better manage
their finances — and remain lucrative account holders into the future. 

Americans’ financial literacy challenges are far from new. According to the U.S.
Financial Literacy and Education Commission, only one-third of adults could
answer at least four of five fundamental financial concepts such as mortgages,
interest rates, inflation, and risk. For years, financial institutions have
talked about the need to educate their account holders on how to better manage
their money — and thus retain them longer — but most haven’t really done
anything. This speaks to a bigger financial wellness need for many account
holders and the institutions that serve them.

Over 20 percent of Americans polled by the National Financial Educators Council
did not feel they had anyone they trusted when they had a question about
finance, and don’t typically think to go to financial institutions for advice.
Why is that? One reason for the overall lack of education is the pejorative
measures banks and credit unions rely on bank and credit unions’ continued
reliance on the short-sighted practice of charging non-sufficient fund (NSF) and
overdraft fees to make up a significant portion of non-interest income leads to
short-term gains, but the gradual attrition of established customers.

In the post-Great Recession, current COVID-19 economic environment, it remains a
persistent problem. Still, U.S consumers are warming up to the idea of seeking
extra financial education help; and according to a recent Charles Schwab
survey: 

 * 63 percent said financial education was the most important supplementary
   graduation requirement next to math, English, and science. 
 * 52 percent said they would teach their younger selves basic money management.
 * 51 percent said they would teach their younger selves about setting financial
   goals and working toward them.

By successfully harnessing data to identify banking habits and propensities that
lead to such fee penalties, financial institutions can instead strategize on
proactive and viable ways to keep account holders long-term. Now is the time to
shift their reliance on non-interest income to consider how to promote
educational resources and available tools to help consumers better manage their
finances. Here’s how:

1. SHIFT PERSPECTIVES

Do financial institutions want to win the battle or the war? Decision-makers are
doing nothing but angering account holders and driving them out the door with
the current mindset. Plus, it’s not financially beneficial. Data
from Raddonprojects that a typical institution generates only $52 in overdraft
and fee revenue per checking account. A simple change in overdraft policies or
reworked fee charges doesn’t solve the root of the issue either This is where
financial education comes in. 

Account holder behaviors are changing; they are more comfortable banking via
digital channels like online and mobile, and there is now an ingrained
expectation of a customized and personalized experience. It’s not enough to tell
an account holder they are doing something wrong by charging them exorbitant
fees — these banks and credit unions need to give them insights and products to
bank smarter. 

Making the effort to overhaul means opening up the potential to boost both the
institution and account holder’s financial stability.

> By successfully harnessing data to identify banking habits and propensities
> that lead to such fee penalties, financial institutions can instead strategize
> on proactive and viable ways to keep account holders long-term.

2. USE DATA TO FOCUS ON THE RIGHT ACCOUNT HOLDERS

The biggest question isn’t just to change the way to look at financial literacy,
it’s also figuring out who to target and how. Banks and credit unions need to
embrace first-party dataiFirst-party data is information about a consumer
collected directly from that person's online habits. It is an important piece of
information that can help you understand your customers because it is based on
actual interactions with your brand. In other words, it's not hypothetical
trends but actual habits by a real consumer. This data can include everything
from purchase... Read More resources to identify who among their existing
customers is likely struggling financially and who needs financial advice and
consultation. 

For example, first-party account data can be used to identify:

 * People with persistently low balances
 * People who are bouncing checks 
 * People who are draining balances from one week to the next and likely living
   paycheck to paycheck. People who are habitually late with their loan payments

Crunching the data and gaining that information allows the bank or the credit
union to reach out to those people in one way, shape, or form to provide
financial advice and consultation with the goal and objective of increasing and
strengthening the account holder’s financial literacy — and boosting
retentioniCustomer retention is the actions a company takes to maintain its
current customer base and prevent them from switching to a competitor. Customer
retention is widely seen as being less expensive than aquiring new customers, so
it becomes an important element of a company's marketing efforts that are often
focused on building a relationship and enhancing loyalty rather than...
Read More and potential cross-sell opportunities.

> The Demise of the Bank and Credit Union Branch Has Been Greatly Exaggerated

3. PROVIDE CONTINUED VALUE

One of the leading reasons why people attriteiAttrition rate is a term often
used as a staffing measurment tool that assesses the rate at which employees are
leaving a company. But it is also a term commonly used in marketing used to
measure a company's customer base and assess the number of returning customers
vs. those who are not recurring. Also referred to as "churn", customer attrition
can indicate a problem that... Read More is they’re tired of paying fees. They
get fed up and go somewhere else where the perception is they won’t be penalized
as badly. Those sorts of fees and that extra revenue are good up to a point for
the bank or credit union. But keeping an informed and educated account holder
in-house outweighs the short gains of constantly docking them.

Any way a bank or credit union can avoid that and provide value will turn the
tide.

What is most important is to get people to boost their knowledge about finance
and then actually apply it. Armed with data insights, financial institutions can
push viable educational resources and indicate omnichannel opportunities to make
customers aware of product and service opportunities to meet their lifestyle
needs and get the best overall experience. Ideally, this makes once-struggling
account holders into continual account holders for an extended period of time.

--------------------------------------------------------------------------------



TODAY’S CONSUMERS HAVE DIVERSE, UNIQUE, AND EVOLVING NEEDS. LEARN HOW WE CAN
CHANGE THE WAY FINANCIAL INSTITUTIONS GROW RELATIONSHIPS BY LEVERAGING DATA AND
INSIGHTS TO DRIVE MEANINGFUL, MEASURABLE CONNECTIONS ACROSS THE ENTIRE CONSUMER
JOURNEY BY CONTACTING US TODAY.


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