The turning tide 🌊
A decade after the financial crisis, too many financial service providers are going about business as usual.
Overdraft fees drive revenue streams, while products and services are designed to benefit the most affluent customers. According to the FDIC, America’s biggest banks collected $11.45 billion in overdraft and non-sufficient funds fees in 2017, up $10 million from 2016.
But there are signs the tide is turning. Earlier this year, the Financial Health Network conducted a study of more than 650 financial services executives to find out how they are investing in the financial health of their customers.
Their findings? Increasingly, financial services providers view customer financial health as a business opportunity to address unmet needs, expand into new market segments, increase customer loyalty, and drive long-term revenue streams.
Discover seven ways to build consumer financial health into the fabric of your business.
Happy reading,
The Plaid Team
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