Javelin Strategy & Research Outlines How to Turn Online and Mobile Banking into a Personal Finance Journey
San Francisco, CA, June 4, 2015: Digital banking can be constructed to influence what consumers spend, save, borrow, invest, insure, yearn to achieve, and even what they earn. The challenge is to integrate personal finance principles into the online and mobile banking experience. Today, Javelin Strategy & Research released Turning Digital Banking into a Financial Journey Starts with the First Paycheck, which demonstrates how 10 time-tested personal finance principles can transform digital banking from a simple facilitator of transactions into the centerpiece of a consumer’s financial journey.
The report provides a blueprint for how financial institutions can apply existing digital banking capabilities such as aggregation, categorization, data mining, predictive analytics, direct deposit, bill payment, financial alerts, credit-scoring and gamification to stimulate engagement. It can serve as a catalyst for adopting smarter financial habits. These 10 principles open the door for financial institutions to deliver tools and advice that enable customers to develop healthy, lifelong financial habits with every login.
“Building on this blueprint, financial institutions can position themselves as a guide on their customers’ journey to financial success and it can start with young customers from their first paycheck,” said Mark Schwanhausser, Director of Omnichannel Financial Services, Javelin Strategy & Research.
This report, Turning Digital Banking into a Financial Journey Starts with the First Paycheck provides a roadmap where digital banking is the centerpiece of a consumer’s financial journey, starting with the first paycheck —and positions banks and credit unions as the trusted guide This report includes an online surveys of over 8,500 U.S. adult consumers to assess their digital channel behaviors of customers at financial institutions of differing sizes from giant national, regional, and community banks, as well as credit unions.
Related Javelin Research
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- A Tale of Two Gen Ys: On the Road to Long-Term Banking Profitability
- Managing Money in the ‘Mobile-First’ Era: A Blueprint for On-the-Go Personal Finance Management
About Javelin Strategy & Research
Javelin Strategy & Research, a Greenwich Associates LLC company, provides strategic insights into customer transactions, increasing sustainable profits for financial institutions, government, payments companies, merchants and other technology providers. Javelin’s independent insights result from a uniquely rigorous three-dimensional research process that assesses customers, providers, and the transactions ecosystem.