Today, as more consumers view banking as a transactional relationship, banks and financial organizations are facing fierce competition to attract new customers and increase revenue from existing customers.
Yet, even while most consumers are banking online or using mobile apps, fostering customer loyalty and building long-term relationships is not impossible. In fact, one overlooked approach may provide a tangible business edge: providing tailored personal financial education.
This opportunity and how to realize it, was the topic of a recent webinar Empowering Financial Health: The Role of Financial Education, hosted by EVERFI in partnership with the Financial Health Network.
Free financial education that is made available by a reliable and trusted source is enticing for consumers because so many Americans lack basic financial knowledge. According to the latest Financial Health Pulse report, only 30% of Americans are considered financially healthy, with significant disparities across different demographic groups.
This widespread financial vulnerability has real consequences. Americans lost an average of $1,506 in 2023 due to financial illiteracy, paying higher credit card interest and fees, overspending more, and falling victim to fraud at a higher rate. With the average American having only $400 in cash savings and living paycheck to paycheck, the cost of financial illiteracy can be devastating. That doesn’t even take into account financial illiteracy’s health impact and its cascading effect on productivity and health.
EVERFI AchieveTM: Turnkey Financial Education Solutions
That’s where EVERFI AchieveTM comes in. With Achieve, companies and organizations can easily offer highly impactful branded financial education to their customers, community, and employees.
Whether a customer is managing debt, saving for emergencies, or planning for retirement, Achieve empowers financial institutions to deliver targeted financial education in a personalized and contextualized way. For example, a customer engaging with a module on debt reduction could be introduced to a debt consolidation product—providing them with the specific tools they need to act on their financial goals, exactly when it’s top of mind.
This type of “just in time” personalized financial education not only helps banks differentiate themselves among competitors but also helps build long term banking relationships. Happy, financially empowered customers are more likely to engage with banking products and services, leading to higher retention rates and increased revenue. Plus, the flexibility of EVERFI Achieve means it can be used in multiple ways—whether as a standalone education tool, part of a customer onboarding process, or as an HR benefit for employees.
If you’re ready to take your customer experience to the next level, EVERFI Achieve is the solution to help you get there. With Achieve, customers benefit from personalized financial empowerment while banks can see higher revenue as they nurture more long-term, trusted customer relationships.
Watch the on-demand webinar now to see how you can empower financial health with EVERFI Achieve.