Overcoming the Hurdles of Digital Financial Fitness
- Date:August 29, 2022
- Author(s):
- Dylan Lerner
- Report Details: 36 pages, 10 graphics
- Research Topic(s):
- Digital Banking
- Digital Strategy & Experience
- PAID CONTENT
Overview
To stand out in a world of commoditized banking services, financial institutions need to stretch beyond a focus on selling the next product or service and position themselves as trusted partners on their customers’ most important financial journeys: building an emergency fund, harnessing debt, preparing for retirement, and managing cash flow. Differentiation lies in being at the forefront of customers’ strides toward financial fitness. This Javelin Strategy & Research report looks at what has historically been a weak area for financial institutions and outlines steps that can be taken now, as well as longer-term objectives, to shore up gaps in how these institutions gather and deploy data and deliver useful, actionable advice to customers. The result can be a deep, fruitful relationship that puts the FI at the center of the most important decisions and moves customers make in their financial lives.
Key questions discussed in this report:
- Where should FIs and vendors start with financial fitness?
- What delivery challenges are holding back progress in digital financial fitness?
- What are the biggest blind spots preventing FIs from fully understanding their customers and personalizing their digital experiences?
- How can FIs and vendors overcome the hurdles impeding personalization and advice?
- How can FIs and vendors make progress in financial fitness using today’s digital banking toolbox?
- What must FIs and vendors do to elevate experiences from “do it yourself” to “do it for me”?
Companies Mentioned:
Ally Bank, American Express, Array, Bank of America, Chase, Empower Retirement, Fidelity, Fifth Third, M&T, MX, Personal Capital, PNC, QCash, Regions, Santander, SavvyMoney, U.S. Bank, Wells Fargo
Learn More About This Report & Javelin
Related content
Open Banking Lessons From the UK
Long at the forefront of regulations regarding open banking, the United Kingdom serves as a reference point and offers a blueprint for how U.S. banks, fintechs, and digital banking...
The Savings Continuum: A Digital Playbook to Help Savers Succeed
Javelin’s analysis of 21 savings features in mobile banking at five top banks—Ally, PNC, Truist, U.S. Bank, and Wells Fargo—found that FIs largely take a check-the-box, product-foc...
2025 Online Banking Scorecard
U.S. Bank repeated as the Best in Class winner in the 2025 online banking edition of Javelin Strategy & Research’s industry-leading annual digital banking scorecards. U.S. Bank, wh...
Make informed decisions in a digital financial world