In today’s competitive financial landscape, customer loyalty is more important than ever. Given the multitude of available options, financial institutions must find ways to cultivate stronger connections and build lasting relationships with their clients.

Adult consumers often already have a specific financial goal in mind, like buying a home, improving a credit score or building emergency savings, so they may not be looking for broad financial literacy resources from their bank. By leveraging customer engagement and learning strategies that incorporate goal-setting principles, we’re able to meet the learner where they are and help them directly with the financial goals they are trying to achieve. This approach has been shown to lead to more personalized and satisfying interactions at every touchpoint of the customer journey.

The Power of Goal Setting in Financial Education

Goal setting plays a crucial role in learner motivation. Research shows that individuals who set specific, achievable goals are more likely to stay engaged, retain information, and take action. When banking customers set clear financial objectives, they’re more likely to actively engage with their financial institution, seek relevant resources, and make informed decisions. In turn, this helps financial institutions learn more about the specific needs of their customers and be able to recommend banking products that will help them achieve their goals.

How Goal-Setting Principles Enhance the Customer Experience

• Clear Expectations: Setting specific, measurable goals related to financial milestones provides customers with a clear understanding of what they need to achieve. This clarity helps customers stay focused and motivated, leading to better financial outcomes.
• Personalized Engagement: A well-designed financial education program encourages customers to set individual goals based on their unique financial situations. This personalized approach not only improves customer satisfaction but also fosters trust and loyalty with the institution providing the financial education. When customers feel understood and valued, they are more likely to remain loyal to their financial institution.
• Proactive Problem-Solving: By setting goals aimed at resolving financial challenges, customers are motivated to take proactive measures to improve their financial health. This proactive approach minimizes financial stress, enhances the overall customer experience, and reduces the likelihood of financial setbacks.
• Empowerment and Ownership: When customers already have a financial goal in mind, they are more likely to take ownership of their financial journey. Helping customers with those goals leads to more meaningful and productive interactions with their financial institution, ultimately strengthening brand loyalty.
• Continuous Improvement: A goal-setting curriculum fosters a culture of regular feedback and analysis of financial progress. This allows customers to identify areas for improvement and adapt their strategies to better meet their financial goals. By continuously refining their approach, customers can achieve long-term financial success.

Driving Customer Loyalty and Financial Success

In designing EVERFI Achieve, we identified the top financial goals adults from various age demographics and tailored our learning pathways to those specific goals. By integrating these goal-setting principles into their financial education offerings, financial institutions can empower their customers to meet their financial goals while significantly enhancing customer loyalty. This holistic approach ensures that every customer interaction is an opportunity to build lasting relationships and drive financial success.

For financial institutions looking to rethink their engagement strategies, prioritizing financial education that incorporates goal-setting principles can be a game-changer. This approach not only improves customer satisfaction and trust but also fosters long-term financial success and brand loyalty. To explore how EVERFI’s approach can help your institution, download our Rethinking Gamification Whitepaper.