It’s normal to worry about your financial future. We often ask ourselves what we can do to stay on track for our financial fitness. Do we ever stop to think about how banks and financial services could do better to help us, too?
The data shows that most Americans are satisfied with their primary bank. 97.3% are very or somewhat satisfied according to the FDIC. Even viewed from another angle, 60% say they’ve experienced exceptional service from their current bank. These results seem encouraging, but the questions fail to strike at the heart of the matter.
Banks and financial partners can do more to support our financial success. Only 1% of Americans surveyed by FICO responded that their bank is crucial to the future of their financial success. The other 99% of answers covered a massive list of items that banks and financial services by-and-large ignore today.
America’s financial system can do more. A good financial partner should help customers make better use of financial products, help them work smarter with existing resources, and develop personalized experiences instead of cookie-cutter solutions. Banks and financial institutions need to understand customers through the lens of their personalized needs and not from the viewpoint of the outdated banking system. Doing so is both good for business and good for customers.
Financial products are like lighter fluid. Used responsibly, lighter fluid sparks life into your fireplace or grill. We can all agree that is a good outcome. However, used inappropriately, lighter fluid can burn down your house. The same could be said for financial products. Financial partners should offer a guiding hand to make sure it doesn’t happen.
Customer advocates should take note of more informed stats beyond satisfaction with the status quo. 64% of Americans do not have a written budget. 36% of Americans don’t have a monthly budget. This should not be surprising. It’s hard to find the time of day to write out a budget if you are a student busy with exams, a new grad navigating the start of your career, or a parent balancing work and family.
A great financial partner does more than offer creative ways to make payments. Great financial partners help customers manage money matters safely, responsibly, and efficiently. Layering in technology means amplifying these effects and personalizing them for each customer.
Safely Finance wants to help everyone know if they are on track for financial fitness. Every journey starts somewhere. You just need to take the first step. Our team is here to help whether you are just getting started or deep into your journey.
From the beginning, our team wants to help everyone get on track and stay on track. Your long-term financial fitness is our goal. Safely Finance believes the best path forward is helping you build good habits that compound, like any good investment.
Safely Finance wants to give everyone the tools to develop personalized goals and to help them work toward those goals. A great financial partner helps you worry less about keeping up with neighbors. A better future for all lives in finding financial self-fulfillment and community impact. Safely Finance wants to help you learn, earn, and give back.