Financial institutions have a unique opportunity to build lasting relationships with their customers by engaging them during significant life milestones. However, many banks and credit unions are missing out on these crucial touch points, leaving customers feeling unsupported during pivotal moments in their financial journeys. Here’s how financial institutions can connect with their customers and meet them where they are in their financial journey.

Life Milestone: Graduating College

The transition from college to the professional world marks the beginning of a new chapter in a young adult’s life. Financial institutions can seize this opportunity to engage with recent graduates by offering products and services that cater to their unique needs. This includes student loan refinancing options and budgeting tools. By helping graduates manage their finances effectively, banks can establish themselves as trusted partners in their customers’ financial journeys.

Life Milestone: Home Buying

One of the most significant financial decisions a person can make is buying a home. Many financial institutions fail to provide personalized guidance and support during this process. By offering tailored mortgage advice and debt repayment tools, banks can help customers navigate the complexities of home buying. This is also an ideal time to assist customers in creating emergency savings for unforeseen home repairs or job loss, ensuring they are financially prepared for any situation.

Life Milestone: Small Business Ownership

Entrepreneurs and small business owners face numerous challenges, from securing funding to managing cash flow. Financial institutions can support these customers by offering specialized business accounts and advisory services. Providing resources such as business planning workshops, networking events, and access to industry experts can empower small business owners to succeed. Additionally, banks can help these customers learn how to invest their profits wisely and create emergency savings for unexpected business expenses.

Life Milestone: Starting a Family

Welcoming a new family member is another significant milestone that comes with its own set of financial challenges and opportunities. Financial institutions can engage with customers by offering tailored financial planning services, such as budgeting for childcare expenses, saving for education, and managing household finances. By providing support and resources during this life stage, banks can help families build a secure financial foundation and foster long-term loyalty.

By proactively engaging customers during key milestones and addressing their ongoing financial needs, financial institutions can foster deeper connections and enhance customer loyalty. To help financial institutions better serve their customers, EVERFI Achieve offers a comprehensive suite of financial education resources. From personalized learning modules to interactive financial planning tools, banks and credit unions can empower customers to take control of their financial futures.