KeyBank institutes in-branch Financial Wellness Review

Source: KeyBank

Paving new paths on the journey to financial wellness, KeyBank has introduced the Financial Wellness Review—a new tool aimed at helping clients better understand and address their financial pictures.

The review, which the bank rolled out in branches across its footprint, combines advanced analytics with personalized expertise to provide clients deeper insight into their financial behaviors and help identify real solutions.

"We know that each person's financial wellness journey is unique—behaviors vary, and needs differ—so personalized banking experiences are truly valuable," said Dennis Devine, President of Key's Consumer Bank. "The Financial Wellness Review is an investment in transforming and personalizing traditional retail banking by focusing less on transactions and more on individual needs and financial goals, supported by cutting-edge technology. It is the most recent addition to Key's financial wellness suite of tools which include in-branch experiences, online and mobile banking."

The Financial Wellness Review tool was created to enhance the client experience, making it more efficient, customized and high-tech. Clients can walk through the Wellness Review on a touch screen with a banker while engaging in a personal conversation about their financial habits to set and reach new goals, as well as have the ability to open a new checking account from start to finish in a matter of minutes.

"The ease of the tool, coupled with the knowledge and expertise of our bankers, is empowering our clients," said Devine. "They now have access to personalized advice and can immediately implement sustainable financial solutions -from consolidating debt to opening a new account, to setting up savings, or planning for retirement."

Demand for this interactive support tool has continued to grow since initial rollout. In fact, one of the top reasons KeyBank clients seek help in a branch is for a financial-wellness review. More than 100,000 clients have already taken the steps to complete Financial Wellness Review with results to take steps towards financial wellness.

The initial data from the Financial Wellness Review shows just how many clients are seeking financial guidance, particularly when it comes to emergency savings and planning for retirement.

Financial Emergency: While some respondents feel they are prepared to deal with a financial emergency, many people feel that they could be better financially equipped. In the event of a financial emergency, more than half (54 percent) of respondents say they would have to borrow money, don't know what they would do or have some, but not enough, savings.

Retirement Savings: While saving for retirement dominates financial-wellness interests, there's room for growth when it comes to dollars saved. When clients are asked how they feel about their retirement savings, one-third (33 percent) say they are not saving at all. Another 29 percent say they don't have enough or aren't sure if it's enough.

Budgeting and Spending Habits: Planning for the long term happens in the short term for our clients, most of whom are doing a good job at spending within their budgets. Nearly 72 percent of respondents who say they have budgets, are staying within them. Among those, 46 percent say they are saving extra, and 26 percent say they'd like to save more.

Paying Off Credit Card Debt: A major step for millions of people towards financial wellness is paying off their credit card debt. Among respondents who have a credit card, 51 percent say they currently carry no credit card debt, and just 8 percent say they are adding credit card debt.
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This content is contributed or sourced from third parties but has been subject to Finextra editorial review.

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