Your accountholders crave more, better communication

Today's consumers admit to knowing very little about managing finances. But they want to learn. Even better, they want to learn from you. J.D. Power reports that 78% of U.S. retail banking customers would prefer to receive financial advice or guidance from their bank or credit union.

Additionally, 80% of accountholders expect their financial institution to provide them with materials that will help them make more informed financial decisions. Subjects they would prefer to see covered include:

• Improving financial situations.
• Investments.
• Retirement savings/strategies.
• Tracking spending and creating budgets.
• Saving for large purchases.

Despite the desire for connection with their financial institution, only 28% report having received financial advice. Nearly three-quarters (72%) think that their institution does not provide information they need to meet their financial goals.

Focusing on better communication

But your institution has a wide range of accountholders in a multitude of income brackets and life stages. Where would you begin?

First, never assume that higher income or age equates to financial security. You achieve security by protecting your earnings through smart financial decisions. 

Currently, 41 million American seniors are at risk of economic hardship. More than 9% of families with six-figure incomes are still living paycheck-to-paycheck. More than half (59%) of those with six-figure salaries report carrying consumer debt.

Moreover, 25% of households on track to financial security earn $50k or less.

A good start is to open the door to financial questions by creating opportunity. Here are a few ideas to get the conversation started:

• Generate a "financial facts" email newsletter featuring new tips every week.
• Provide a live question-and-answer time on your social networks.
• Offer a financial wellness webinar series.
• For more in-person learners, provide a bimonthly financial learning class.

The good news is that there is little risk of providing too much information. Only 11% of accountholders think they receive too many communications from their financial institution. 

Accountholders who do receive advice from their institutions have a 91% higher level of trust. They are also far more likely to use their institution for another product or service and spread positive word-of-mouth to their peers.

So what is holding you back? Start building your communications plan now!