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Financial wellness: the missing link in brand loyalty

Financial wellness: the missing link in brand loyalty


12 months ago

12 months ago


Finance brands are missing a critical link when it comes to fostering customer loyalty, with a recent study revealing a disconnect between customer expectations and the financial wellness tools brands are offering.

By integrating personalised financial wellness content and educational tools into their service offering finance brands may help increase engagement, retention, and income. Here’s how financial marketers can get it right.

Five key findings

According to a report by the Financial Health Network, clients are more satisfied when they think their financial institutions are supporting their financial health, yet most don’t. In fact, 47% of consumers believe it’s their financial institution’s duty to help them make better financial decisions.

Financial wellness tools can take many forms. From savings tools to personalised advice about loans to financial education hubs offered by asset managers, financial wellbeing is about improving clients’ relationships with money and reducing stress.

Five significant findings were identified to help your finance brand improve its financial wellness and loyalty.

Finding 1: Improve customer satisfaction

By providing comprehensive and tailored financial wellness content, asset managers can enhance customer satisfaction levels. This includes offering educational resources, budgeting tools, investment guidance, and personalised financial planning.

Finding 2: Achieve loyalty

Loyalty is a vital aspect of your finance brands’ long-term performance. Clients who believe their primary financial institutions actually care about their financial wellbeing are more likely to remain loyal. You may create trust, foster long-term relationships, and reduce customer churn by addressing your clients’ financial wellbeing demands.

“ 8 in 10 asset managers have no wellbeing strategy.”

Finding 3: Grow customer connections

Focusing on financial health not only increases loyalty but also allows your finance brand to grow customer connections. Having a deeper understanding of your clients’ goals and areas of concerns provides increased opportunities to introduce them to your broader product or service offering.

Finding 4: Broaden your appeal

Adopting financial health as a primary business strategy might assist you in broadening your finance brands’ appeal and reaching previously untapped market segments. You may bridge the knowledge gap and empower individuals by prioritising education and accessible tools.

Finding 5: Deliver high-quality solutions

Clients prefer financial decision-making resources and high-quality solutions that improve their financial wellbeing. You must concentrate on offering relevant and meaningful content that’s easily available via many platforms. You can establish yourself as a trusted authority in the financial wellness arena by delivering transparent information, expert guidance, and user-friendly solutions.

Finance brands getting financial wellness right

While financial wellbeing fosters loyalty and improves client retention, it can often be left to last. According to one study, 8 in 10 asset managers have no wellbeing strategy.

A finance brand leading the charge is Bank of America (BofA). BofA Life Plan App utilises an omnichannel approach to financial wellness creating a platform that converses with the consumer, enabling them to provide content that’s timely and suited to each client’s situation.

In Australia, MLC has its Financial Wellness Hub, which boasts interactive and educational content in one place. Similarly in the UK, HSBC has its Financial Fitness Hub which enables users to determine their ‘financial fitness score’ and offers tailored advice to help people improve.

Embrace financial wellness or be left behind

At the end of the day, by delivering high-value and personalised financial wellness content you can build loyalty among your clients. By prioritising financial health, you can enhance customer satisfaction, foster loyalty, uncover cross-selling opportunities, reach underserved market segments, and deliver the resources customers desire.

To truly make an impact in the financial wellness space, you need to provide personalised financial education tools and seamlessly integrate them into your service offerings and content strategy to drive engagement, retention, and revenue. By embracing financial wellness, you can differentiate yourself in the highly competitive financial landscape and position your brand as a trusted authority in the space.

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