Rising unemployment rates and the economic toll of the coronavirus pandemic are affecting household budgets everywhere. At the same time, an extraordinary number of customers and members are pivoting to the digital channel to meet their changing banking needs.
Digital solutions for a changing financial environment
As these two dynamics intersect, it’s a critical time for banks and credit unions to evaluate the digital personal financial tools they provide for account holders while raising awareness within their user base about the options available to them. Here are a few ways useful tools can help account holders weather the storm in this moment:
- Make the most of available funds
It’s an unfortunate reality, but even with government benefits, unemployed and furloughed workers will likely find themselves struggling to make ends meet. By providing a comprehensive view into their spending through robust digital money management tools, FIs can help account holders stretch their resources when every dollar counts.
- Reduce debt loads
Account holders who are working from home may find that their spending patterns have shifted considerably in response. With a digital means to take a closer look at spending, funds once earmarked for entertainment and travel may provide a new opportunity to pay down debts.
- Improve financial health
Following a significant shift in the ways account holders are spending their time, many may find themselves with the occasion to analyze their spending and take stock of their overall financial health. With the right tools, they can set new goals and prepare for better financial success.
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