3 Elements of Building Relationships Through Personal Finance

Personal Finance Advisors

Building relationships through personal finance advice is essential during times of economic uncertainty, customers face anxieties around their wellbeing. Monitoring a checking account can become a stressful endeavor. During these times banks and credit unions can become associated with a stressful personal financial picture for customers.

While financial institutions can’t directly impact someone’s income or spending choices, they can become trusted advisors.  Utilizing the data they have available about their customers along with the right tools, professionals and other resources your employees cab provide value to customers. By doing so, financial institutions can create a more meaningful relationship with their customers . This relationship can  improve their lives in a way that makes them invaluable.

Consider the following ways to deepen your relationship with your customers and positively affect their personal finances:

Better Utilize Customer Data For Personal Finance Advise

Banks can help their customers by collecting and sorting their data easily.  . Details like spending habits and account balances can make useful tools for creating a relational database.

Using “Open” banking with an API makes customer data easier to use. FinTech companies can use this to create valuable services.

Useful Apps

With an API, FinTech partners can use your customer data to make tools like budget calculators. This helps customers with personal finance questions and makes your bank’s data valuable.

Your bank can also provide extra info like white papers and education. These can be custom-made for different customer groups.

Making Sure It Works

After you give your customers these personal finance tools, keep improving the personal finance capabilities based on customer feedback. This will keep the tools useful and valuable.

Also, help your customers understand how to use these tools. Tools that engage the customer to use them more and deepen their relationship with your bank.

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