The Need for Financial Wellness in Digital Banking

“Historically, banks that have offered PFM technologies have failed to win over enough users to make them succeed.” - American Banker
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

Source: 1. MyBankTracker

State of Americans’ Financial Health in 2019

The Need for Financial Wellness in Digital Banking

Financially Healthy*

The Need for Financial Wellness in Digital Banking

Financially Coping*

The Need for Financial Wellness in Digital Banking

Financially Vulnerable*

The Need for Financial Wellness in Digital Banking

Millennials Experiencing Financial stress**

*U.S. Financial Health Pulse: 2019 Trends Report
** PwC 2019 Employee Financial Wellness Survey

The Need for Financial Wellness in Digital Banking

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

The Need for Financial Wellness in Digital Banking

Financial Wellness is the Center of Many FI Strategies

The Need for Financial Wellness in Digital Banking

Consumers Take Control of their Credit Scores

The Need for Financial Wellness in Digital Banking

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

The Need for Financial Wellness in Digital Banking

Debt Management

The Need for Financial Wellness in Digital Banking

Paying Bills and Everyday Expenses

The Need for Financial Wellness in Digital Banking

Budgeting Skills

Even those feeling financially well have long-term concerns.

The Need for Financial Wellness in Digital Banking

Good Savings Habits

The Need for Financial Wellness in Digital Banking

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.

The Need for Financial Wellness in Digital Banking

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

The Need for Financial Wellness in Digital Banking

Credit Unions

The Need for Financial Wellness in Digital Banking

Banks

6. Cornerstone Advisors’ 2020 What’s Going On in Banking report

Regional and community banks and credit unions are better positioned to utilize financial wellness tools than they realize. They just need the right digital banking platform and strategy.