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Consumer Education

As bankers, we have both an inherent obligation to help our customers learn to manage their finances effectively and an incredible opportunity to help ourselves in the process.

Statistics published in a white paper report of a 2002 symposium entitled Financial Literacy in America demonstrate that customers need financial education at various stages throughout their lives. Banks can play a significant role in providing that education. Two key points made during the symposium are especially relevant:

• Distribution of information is vital.
• Educational material should be presented at a “teachable moment.”

Cross Sell Advantage was designed and built on these principals. The educational information is readily available both online and offline. It is offered to customers when they are already engaged in financial activity, increasing the odds that you have reached them at a ‘teachable moment.” And the approach is soft and non-threatening — it merely invites customers to tell you what information would be useful to them:

• Potential homeowners want to learn how to save.
• Employees facing retirement want to know how to handle their funds.
• People in serious debt generally welcome financial counseling.
• Applicants for Individual Development Accounts are ripe for financial knowledge.
• Parents with children are anxious to learn about saving for college costs.
• Immigrants want to understand how to be successful in their new environment.

By helping your customers uncover their financial needs, you position the bank as a consultative partner capable of helping them achieve their goals.