Source: 1. MyBankTracker
The Need for Financial Wellness in Digital Banking
A large percentage of Americans struggle to effectively manage their personal finances.
Americans 18 to 24 who don’t spend any time managing their finances weekly
State of Americans’ Financial Health in 2019
Millennials Experiencing Financial stress**
*U.S. Financial Health Pulse: 2019 Trends Report
** PwC 2019 Employee Financial Wellness Survey
New data-driven Megabank and fintech technologies have reinvigorated interest in meaningful digital financial wellness solutions.
Aite Group’s Top Two 2020 Trends in Retail Banking & Payments
Financial Wellness is the Center of Many FI Strategies
Consumers Take Control of their Credit Scores
Finance app growth in highly developed nations including the U.S.
4. 2019 App Download and Usage Statistics Guide
Where regional and community banks and credit unions can help users:
Consumer short-term financial needs
Paying Bills and Everyday Expenses
Even those feeling financially well have long-term concerns.
Good Savings Habits
Living Within Means
Evolved digital banking platforms allow banks and credit unions to deliver a deeper experience to users. The right digital banking platform capable of powering new and future third-party integrations can tailor financial wellness for users.
Financial institutions that strongly agree their tech vendors could support a near-future customer experience
Financial institutions that have already deployed APIs to provide enhanced digital banking
6. Cornerstone Advisors’ 2020 What’s Going On in Banking report