Deepening Commercial Banking Relationships with Financial Education
By: Anthony Pitalo, AVP Commercial Deposits NFCU
Financial institutions are constantly seeking ways to deepen their banking relationships with clients in order to gain value. Financial products are a commodity, and anyone can walk within a square mile and find the same type of checking or savings account so we must look at other avenues.
Enter, Financial Wellness Programs. On the surface things may appear great, with the stock market at all-time highs, salaries and bonuses competitive, low mortgage loan rates allowing employees of companies to attain the “American Dream,” and sleep sound at night, right.
However, the numbers say otherwise. Recent studies have shown that financial stress is the #1 concern in the workplace. According to a financial wellness survey, 76 percent of Americans are still living paycheck-to-paycheck according to Angela Johnson of CNN.
This situation causes undue stress resulting, employees feeling fatigued and distracted by their personal finances. Over time this leaves the companies with very skilled individuals that are inefficient and disengaged. Companies will do everything to protect their greatest assets, the employees. However, companies with a lack of resources and know-how can feel stuck or helpless.
Financial institutions that incorporate financial education into their culture are great resources. We have a stake in your employees because they are our members. We have the tools and know-how on staff and can ease the burden faced in the workplace. Neighbors Federal Credit Union just launched our Employer Financial Wellness Program for our commercial clients. The program includes both online modules and in-person financial education that our commercial members can offer to their employees as a benefit at no cost to the company. Ultimately, the company gains its skilled employees working at maximum efficiency, which helps your bottom line.