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Transcript of 1410 How to Educate Consumers on Your Financial...
How to educate consumers on your financial services
May 2017
Jeanette Garrett, Senior Director Debit Strategy, FIS GRP
Joe Brickman, COO, SaveUp
Financial Empowerment
2
• Financial education –strategy that provides people with financial knowledge, skills and
resources
• Financial education builds an individual’s knowledge, skills and capacity to use resources and
tools, including financial products and services leading to Financial Literacy
• Financial empowerment includes financial education and financial literacy – focuses both on
building people’s ability to manage money and use financial services and on providing access to
products that work for them.
• Financially empowered individuals are both informed and skilled. They know where to get help
with their financial challenges and can access and choose financial products and services that
meet their needs.
• How Do We Help Individuals Become FINANCIALLY EMPOWERED?
Savings & Debt repayment
3
• 42% of Americans were unable to pay their bills at least one month within the last year -Federal Reserve 2016 survey
• Nearly half of American households would have to incur debt or sell assets to pay for a surprise $400 expense. - Federal Reserve 2016 survey
• Average U.S. household with debt owes $130,922 including credit cards, mortgages, auto loans, student loans. – NerdWallet’s2015 American Household Credit Card Debt Study
• Average individual student loan debt is about $29,000 - NerdWallet’s 2015 American Household Credit Card Debt Study
4
How to connect
Our phones are changing who we are
5
• US consumers check their phones a
collective 9 billion times per day
• Half of all users are looking at their phones at
least once in the middle of the night
• Little under 40% are using social media in the
middle of the night
• 66 percent of consumers check their phones
within 15 minutes of opening their eyes
6
What to provide
First steps
7
Personal Financial Management (PFM) –
software that helps users manage their money
– Banked millennials are four times likely to use a mobile
PFM app from their primary financial institutions as
from another source – FIS Pace Index Report, US
Community Banks, June 2016
– 91% of millennial smartphone/tablet owners today point
to at least one PFM benefit they would like to see their
bank provide via mobile app. - FIS Pace Index Report,
US Community Banks, June 2016
“Ensure consumers have continuous access to
their data..” – Richard Cordray, CFPB Director
Individuals need assistance in managing their
current financial situation and setting basic
goals:
• Save money
• Pay down debt
• Establish an emergency savings fund
• Plan for large purchases and life events
• Track the specific ways they are using their
money
8
Provide basic tracking
0
100
200
300
400
500
Aug Sep Oct Nov Dec Jan
Monthly Spending Snapshot
Next Steps
9
• Provide excitement
– Gamification, discounts and products can influence consumers
– Two-thirds of 160 banks surveyed plan to implement a gamification
program – Infosys
– Gamification is expected to grow 67% by 2018
• Learn and educate
– Provide financial education opportunities
– Collect personal financial information
• Engage consumer
– Utilize data to provide relevant financial service information
– Leverage advanced analytics, machine learning and contextual
engagement to provide a highly personalized experience – Deluxe
Corp, Improving the Customer Experience in Banking, Feb. 2017
10
What is my ROI
Incentives for financial institutions
11
• Collect competitive data from PFM
– Feed into market tracking to provide competitive rates
– Save money on market research
• Identify cross-sell opportunities
– Offer better rates and incentives to switch brands
• Identify life cycle events
– Compare transaction data to financial accounts in PFM
for predictive analytics
• Provide personalized experience
– Target market within the experience to provide relevant
financial services
Data example
12
Sarah
32 year old marketing executive
Mother of 2 (3 & 6 Years Old)
$135k Annual Salary
• Chase Mortgage ($240k owed)
• 4.1% APR
• 25 Y Left (30 Y Term)
• Zero Late Payments
• USAA Auto Loan ($3K Owed)
• 7.5% APR
• 9 m left (60 m term)
• Drives 1,400 miles monthly (72,000
miles)
• Zero Late Payments
• Chase Savings
• $23,540
• .025%
• Capital One Venture Card
• $1250 Balance ($8500)
• 12.15% APR
• Zero Late Payments
• American Express Platinum
• $750 Balance
• 1 Late Payment (30-60) November
2015• Fidelity 401K
• $135,000
Why You Absolutely
Need an Emergency
Fund.
Click here to learn more
Target marketing/Social Media
13
Did you know ABC bank
offers great rates on
auto loans?
Click here to learn moreTransfer credit card
balances to a lower rate
and save money.
Click here to learn more
14
Where do I find the tools
Debit 2.0 SAVE Strategy
15
STARTFlavors of
Instant
Issuance
SAVECompetitor
insights for
cross sell
PAYTokenization
and Mobile
Wallets
GIVEEngage with
Charitable
giving
GROWAddress
Under and
Unbanked
User Experience
16
• Incentivizes users to pay down debt and
save money by gamifying the debt
payment and savings process.
• Users receive gaming credits for every
dollar they pay in linked debt accounts,
deposit into linked savings accounts or
every financial education video watched.
• Credits are then used to play games and
win prizes ranging from $5 to $2 million!
Exciting! Engaging! Educational!
Financial Institution Benefits
17
• Access to user data
– Reporting in Admin Portal or Export into other systems
• Lead Generation
– Create campaigns to target market
– Define settings for target market
– Messages sent in experience as designed in campaign
• Aggregate user data/reporting
– Total money saved and Debt paid
– Number of financial education videos watched
– Number of credits played
• Financial Branded URL/SaveUp Mobile App
• Increase Deposits & Deepen Relationships driving “top of wallet”
Jeanette Garrett, FIS
Title and content layout – Arial 20 pt bold white
22
• Body text level 1 – Arial 14 pt bold dark teal
bullet: dark teal
– Body text level 2 – Arial 12 pt dark teal
bullet: dark teal
Body text level 3 – Arial 10 pt dark teal
bullet: dark teal
• Font: always Arial - for text and drawings
• For highlighting text use jade, or purple
• Avoid font effects such as underline, shadow, emboss
• Limit the use of italics and uppercases
• All text is sentence case (only first letter of first word is capitalized)
Title with subtitle and content layout
23
• Body text level 1 – Arial 14 pt bold dark teal
bullet: dark teal
– Body text level 2 – Arial 12 pt dark teal
bullet: dark teal
Body text level 3 – Arial 10 pt dark teal
bullet: dark teal
• Font: always Arial - for text and drawings
• For highlighting text use jade, or purple
• Avoid font effects such as underline, shadow, emboss
• Limit the use of italics and uppercases
• All text is sentence case (only first letter of first word is capitalized)
Subtitle is Arial 14 pt white
• Body text level 1 – Arial 14 pt bold dark teal
bullet: black
– Body text level 2 – Arial 12 pt; bullet: dark teal
Body text level 3 – Arial 10 pt ; bullet: dark teal
• Font: always Arial
• For highlighting text use jade, or purple
• Avoid font effects such as underline, shadow,
emboss
• Limit the use of italics and uppercases
• All text is sentence case (only first letter of
first word is capitalized)
24
• Body text level 1 – Arial 14 pt bold dark teal
bullet: black
– Body text level 2 – Arial 12 pt; bullet: dark teal
Body text level 3 – Arial 10 pt; bullet: dark teal
• Font: always Arial
• For highlighting text use jade, or purple
• Avoid font effects such as underline, shadow,
emboss
• Limit the use of italics and uppercases
• All text is sentence case (only first letter of
first word is capitalized)
Two content with subtitle layout
Two content with subtitle layout
25
• Body text level 1 – Arial 14 pt bold dark teal
bullet: black
– Body text level 2 – Arial 12 pt; bullet: dark teal
Body text level 3 – Arial 10 pt ; bullet: dark teal
• Font: always Arial
• For highlighting text use jade, or purple
• Avoid font effects such as underline, shadow,
emboss
• Limit the use of italics and uppercases
• All text is sentence case (only first letter of
first word is capitalized)
• Body text level 1 – Arial 14 pt bold dark teal
bullet: black
– Body text level 2 – Arial 12 pt; bullet: dark teal
Body text level 3 – Arial 10 pt; bullet: dark teal
• Font: always Arial
• For highlighting text use jade, or purple
• Avoid font effects such as underline, shadow,
emboss
• Limit the use of italics and uppercases
• All text is sentence case (only first letter of
first word is capitalized)
Subtitle is Arial 14 pt white
Title only layout
26
Title with subtitle only layout
27
Subtitle is Arial 14 pt white
Text and image layout
28
Body text level 1 – Arial 14 pt bold dark teal
bullet: black
– Body text level 2 – Arial 12 pt; bullet: dark teal
Body text level 3 – Arial 10 pt ; bullet: dark teal
Font: always Arial
For highlighting text use jade, or purple
Avoid font effects such as underline, shadow,
emboss
Limit the use of italics and uppercases
All text is sentence case (only first letter of first
word is capitalized)
29
Blank layout
30
“Quote layout
Type quote and adapt
font size if necessary.
Arial 28 pt bold white"
31
Subtitle is Arial 14 pt white
Transition page with subtitle only layout
Additional Information
Additional resource templates are available on FIS&me
For FIS colors, graphs and approved brand elements see the 4:3 PPT presentation tool kit
located on fisandme.com
https://www.fisandme.com/fis/ourbrand/Pages/template.aspx
For helpful presentation guidelines, download the “FIS Presentation How To Guidelines”
Note: you will be able to pull the charts and graphs into a 16x9 presentation with no loss of
information or resolution. Do not drag a 4x3 slide into a 16x9 presentation. You will need
to copy the element you wish to use (a graph) from the 4x3 presentation and paste it into
your 16x9 presentation.
©2017 FIS and/or its subsidiaries. All Rights Reserved. FIS confidential and proprietary information.