FIs can now leverage Financial Health KLIs to identify and assist their account holders experiencing a wide variety of financial hardships.

Cuyahoga Falls, Ohio — 73% of Americans rank their finances as the number one stress in their life.1 Segmint, the global leader in transaction cleansing and analytics for financial institutions (FI), has announced the launch of its Financial Health Key Lifestyle Indicators® (KLIs®) to solve for the significant gap of overall financial health and wellness that has plagued the financial industry.  The problem is two-fold: a lack of tools and financial education programs with the right products and services to empower those account holders suffering from financial stress; and the inability to proactively identify those who are in or on their way to financial hardship.

Financial institutions traditionally have not done enough to bridge the gap, and account holders today expect their primary FI to anticipate and solve all of their financial needs. Whether an account holder proactively reaches out for help or not, financial institutions are the experts and need to initiate outreach on all channels with tools, educational programs and advice.

The Segmint Financial Health Indicator KLIs can drive strategic decisions when planning innovative campaigns and products to increase financial wellness in your account holders. The use of data insights derived from recurring financial spend patterns and credit transactions, specifically from these KLIs, can put an FI in a differentiated position to assess account holders’ financial stressors and trigger engagement to provide support and education.

“The Financial Health KLIs will be a game-changer for our credit union. The ability to determine in real-time when one of our members may be experiencing financial stress or hardship allows us to be proactive in our outreach to them. We have a very robust financial coaching program that offers individual financial advice for members, these

KLIs allow us to identify who will need that service and when. This not only helps our members but financial coaching generates new product leads for our credit union, a real win-win situation,” said John Maroni, Marketing Director at Canopy Credit Union.

Recently The Financial Brand called out FIs and Fintechs alike for “blowing it” when it comes to making any real strides at affecting the financial health of their account holders2. Ironically, Segmint went live with their newest set of KLIs to target this issue on the very same day their article was published.

“Together we can have a positive impact and change people’s financial stories for the better,” urges Segmint’s co-founder Rob Heiser. “Financial institutions can do more. Up until now, it has been a constant struggle; prior to Segmint, data has been notoriously messy and hard to make sense of. Segmint is here to help make sense of all of the unstructured payment and transaction data and deliver insights which we can prove builds stronger relationships between an FI and its account holders. Every institution has to strive to best serve their customers and members by leveraging this valuable data as it tremendously benefits both the consumer and the banker.”

Financial institutions need to make overall financial health and wellbeing a fundamental principle within their ecosystem, where the results are limitless and have a positive direct impact on account holder relationships and financial stability, revenue, long-term brand loyalty and relevancy. 

Learn more about putting Segmint’s Financial Wellness Key Lifestyle Indicators into action on the Use Cases page of their website.

About Segmint, Inc.
Segmint empowers financial institutions and financial technology providers to easily understand and leverage data, interact with customers, and measure results. Derived from billions of transactions, Segmint provides the fastest and most accurate customer insights through advanced data tagging, categorization, and contextualization. Our insights enable all functions of an organization to develop informed strategies including competitive analysis, risk, marketing, customer experience, and product innovation. For more information, visit www.segmint.com.

Sources:
1 https://www.cnbc.com/select/73-percent-of-americans-rankfinances-as-the-number-one-stress-in-life/
2 https://thefinancialbrand.com/113166/financial-wellness-bank-engagement-fintech/