CONSUMERS NEED ADVICE AND SERVICES THEY CAN TRUST WHEN THEY OVERSPEND OR FACE UNEXPECTED EXPENSES
After more than a year of limitations on travel, cancellation of group gatherings and restrictions on community interactions, consumers are ready to get back to pre-pandemic life. For many, this means increasing their spending to recoup the purchases and experiences they missed in 2020. According to a report by McKinsey & Company, more than 51% of U.S. consumers expect to spend more to treat themselves after months of pandemic fatigue.
However, this can be troublesome for individuals whose jobs were impacted by business closures or reduced hours—or who weren’t able to build a savings buffer over the past year. In these situations, the temptation to ‘revenge spend,’ as the trend is being called, can lead to financial difficulties that will negate the temporary joy of a COVID-19-recovery spending spree.
Community banks and credit unions have gone the extra mile throughout the pandemic to improve the account holder service experience and support ongoing—and sometimes changing—financial needs. As the recovery gets underway, there is still a great deal of need among consumers regarding their financial well-being. At the same time, expectations for exceptional service standards remain high.
As the uncertainty continues, here are five areas to consider that can strengthen your account holder relationships while alleviating some of the stress they are feeling about maintaining financial wellness.
Transparent, consumer-focused service yields more balanced results
As the desire to return to normal grows, ensure you’re providing valuable services and advice that can help your account holders avoid risking their long-term financial well-being.
A fully disclosed overdraft service reduces the stress caused by a financial shortfall for your account holders, leading to stronger relationships. And, when it is maintained correctly, it can be a catalyst to help you grow your business.
JMFA can provide guidance on many areas that might be impacting your results or raising compliance concerns. We are available to develop a customized strategy to help you meet or exceed your performance and service goals with confidence.
JMFA is one of the most trusted names in the industry. Focused on account holder communication, transparency and 100% compliant overdraft service. JMFA can help you deliver measurable results with proven solutions. To learn more, please contact your local representative or call us at (800) 809-2307.