Financial Health Tools for Financial Institutions

This guide outlines various tools that financial institutions can utilize to enhance the financial health of their accountholders. It begins by presenting statistics on the financial struggles faced by Americans, highlighting the importance of financial health tools in fostering stability and loyalty among customers. The document details the issue of financial fragmentation, where individuals manage numerous financial accounts, complicating their financial understanding. It introduces external account aggregation as a solution, allowing users to consolidate their financial data into a single platform. The integration of Banno and Finicity is discussed, emphasizing the benefits of a new cost structure that encourages the use of aggregation tools. Additionally, the guide stresses the importance of embedding financial health tools within the main digital banking experience to increase user adoption. Finally, it suggests leveraging the Banno Digital Toolkit to implement innovative financial health features and outlines the potential for financial institutions to fill gaps left by competitors in the market.