All of which directly impacts their financial wellbeing. Transactional data can provide consumer behaviour insights to help the banks offer a more personalised service offering and allow their customers better understand their spending patterns to help them make better informed financial decisions. Below we provide some thoughts and insights on financial wellbeing we view as important factors in this growing trend across financial services.
The business models and risk management thresholds of financial institutions must be adapted to reflect the broader economic changes that have emerged since COVID-19, with a focus on the more affected customer segments.
Adopting Personal Finance Management (PFM) tools allows customers to manage their finances through exposure to behavioural insights and transaction analysis, which in turn enhances customer financial wellbeing and the overall customer experience.
Read how banks can make a strong recovery post COVID-19.
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