Financial wellbeing is an enabler of long-term sustainability commitment. And reducing financial stress is key to increased average customer lifetime value
Financial wellbeing in a cost-of-living crisis
In an environment of rising costs and higher interest rates, financial wellbeing has never been a more critical, and yet challenging, topic. Banks must explore creative approaches to help customers shift consumption habits.
Even in regular economic periods, addressing the intention-action gap where customers do not take intended and fiscally responsible long-term choices to save is key to enabling them to have a buffer and feel financially secure.
Building a customer base free of financial stress opens up a range of opportunities, from partnering with customers on building their wealth or taking them on a journey of more mindful, sustainable consumption.