THE FIRST STEP TO FINANCIAL HEALTH
At Frost, our values drive us to make people’s lives better, and that includes our commitment to financial health. Outside of our walls, consumers are craving more from their banking relationship. Read below for the latest research on financial belonging and what your bank can do to help you feel like you belong.
Those who feel a sense of financial belonging are more likely to have better financial health.
What is Financial Belonging?
Financial belonging is the feeling of importance and connectedness in a person’s banking relationship. To build financial belonging you need trust, knowledge, access and a hybrid banking experience.
“When a bank cares for me as a person, not just my account.”
“To not be judged based on income or lack of knowledge.”
“Being able to access accounts and pay bills online whenever I need.”
“An easy-to-use app and customer care reps available when I need them.”
Finding Financial Belonging
Research uncovered four key indicators of financial belonging that consumers should look for in a bank.
8 in 10 say banking actions that drive two-way trust, such as waiving overdraft fees and offering early access to paychecks, improve a sense of belonging.
Learn more about Overdraft Grace and Early Payday.
1 in 6 cite lack of financial knowledge as a barrier to belonging. Banks that offer guidance and advice can increase feelings of financial belonging.
More than three-fourths of people say greater access through ATMs, more financial centers, and the ability to access money whenever they need it, would improve feelings of financial belonging.
More than two-thirds of people do their banking online; however, consumers are nearly twice as likely to prefer in-person services for major financial events.
The Current State of Financial Belonging
While our research showed that Americans are seeking financial belonging, the current state of belonging across the U.S. is staggeringly low.
And the research shows Americans want more from their banks.
How Frost Is Building Financial Belonging
Barriers to financial belonging are barriers to financial health. That’s why we fielded this research and why we put in the work every day to make sure our consumers feel like they belong.