The “Great Recession” has caused millions of Americans to tighten their belts financially. However, nearly one out of five consumers are financial sleepwalkers who do not monitor or manage their personal finances, which is more than double the rate in 2009. James Van Dyke of Javelin Strategy & Research writes that despite financial sleepwalkers, there is opportunity for banks and credit unions:
“Half of consumers have a relationship with more than one bank (10 percent have four or more relationships!), consumers always predominately trust banks more than tech companies, and people need ways to simplify the complexity of managing so many interaction channels, financial products and mixed economic trends in order to achieve financial health in challenging times. For example, as Mark Schwanhausser points out in his new report ‘Personal Finance Management PFM and mobile can work together quite well and pragmatic features, benefits and messages must be given the highest priority.”
To read more, visit Javelin Strategy & Research.
How do you plan to help your customers/members better manage finances today and better plan for their future? How would increased customer acquisition and retention, deeper relationships and more cross-sell opportunities impact your future revenue stream? Let us know in the comments section below.