1410 how to educate consumers on your financial...

How to educate consumers on your financial services

May 2017

Jeanette Garrett, Senior Director Debit Strategy, FIS GRP

Joe Brickman, COO, SaveUp

Financial Empowerment

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• Financial education –strategy that provides people with financial knowledge, skills and

resources

• Financial education builds an individual’s knowledge, skills and capacity to use resources and

tools, including financial products and services leading to Financial Literacy

• Financial empowerment includes financial education and financial literacy – focuses both on

building people’s ability to manage money and use financial services and on providing access to

products that work for them.

• Financially empowered individuals are both informed and skilled. They know where to get help

with their financial challenges and can access and choose financial products and services that

meet their needs.

• How Do We Help Individuals Become FINANCIALLY EMPOWERED?

Savings & Debt repayment

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• 42% of Americans were unable to pay their bills at least one month within the last year -Federal Reserve 2016 survey

• Nearly half of American households would have to incur debt or sell assets to pay for a surprise $400 expense. - Federal Reserve 2016 survey

• Average U.S. household with debt owes $130,922 including credit cards, mortgages, auto loans, student loans. – NerdWallet’s2015 American Household Credit Card Debt Study

• Average individual student loan debt is about $29,000 - NerdWallet’s 2015 American Household Credit Card Debt Study

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How to connect

Our phones are changing who we are

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• US consumers check their phones a

collective 9 billion times per day

• Half of all users are looking at their phones at

least once in the middle of the night

• Little under 40% are using social media in the

middle of the night

• 66 percent of consumers check their phones

within 15 minutes of opening their eyes

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What to provide

First steps

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Personal Financial Management (PFM) –

software that helps users manage their money

– Banked millennials are four times likely to use a mobile

PFM app from their primary financial institutions as

from another source – FIS Pace Index Report, US

Community Banks, June 2016

– 91% of millennial smartphone/tablet owners today point

to at least one PFM benefit they would like to see their

bank provide via mobile app. - FIS Pace Index Report,

US Community Banks, June 2016

“Ensure consumers have continuous access to

their data..” – Richard Cordray, CFPB Director

Individuals need assistance in managing their

current financial situation and setting basic

goals:

• Save money

• Pay down debt

• Establish an emergency savings fund

• Plan for large purchases and life events

• Track the specific ways they are using their

money

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Provide basic tracking

0

100

200

300

400

500

Aug Sep Oct Nov Dec Jan

Monthly Spending Snapshot

Next Steps

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• Provide excitement

– Gamification, discounts and products can influence consumers

– Two-thirds of 160 banks surveyed plan to implement a gamification

program – Infosys

– Gamification is expected to grow 67% by 2018

• Learn and educate

– Provide financial education opportunities

– Collect personal financial information

• Engage consumer

– Utilize data to provide relevant financial service information

– Leverage advanced analytics, machine learning and contextual

engagement to provide a highly personalized experience – Deluxe

Corp, Improving the Customer Experience in Banking, Feb. 2017

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What is my ROI

Incentives for financial institutions

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• Collect competitive data from PFM

– Feed into market tracking to provide competitive rates

– Save money on market research

• Identify cross-sell opportunities

– Offer better rates and incentives to switch brands

• Identify life cycle events

– Compare transaction data to financial accounts in PFM

for predictive analytics

• Provide personalized experience

– Target market within the experience to provide relevant

financial services

Data example

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Sarah

32 year old marketing executive

Mother of 2 (3 & 6 Years Old)

$135k Annual Salary

• Chase Mortgage ($240k owed)

• 4.1% APR

• 25 Y Left (30 Y Term)

• Zero Late Payments

• USAA Auto Loan ($3K Owed)

• 7.5% APR

• 9 m left (60 m term)

• Drives 1,400 miles monthly (72,000

miles)

• Zero Late Payments

• Chase Savings

• $23,540

• .025%

• Capital One Venture Card

• $1250 Balance ($8500)

• 12.15% APR

• Zero Late Payments

• American Express Platinum

• $750 Balance

• 1 Late Payment (30-60) November

2015• Fidelity 401K

• $135,000

Why You Absolutely

Need an Emergency

Fund.

Click here to learn more

Target marketing/Social Media

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Did you know ABC bank

offers great rates on

auto loans?

Click here to learn moreTransfer credit card

balances to a lower rate

and save money.

Click here to learn more

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Where do I find the tools

Debit 2.0 SAVE Strategy

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STARTFlavors of

Instant

Issuance

SAVECompetitor

insights for

cross sell

PAYTokenization

and Mobile

Wallets

GIVEEngage with

Charitable

giving

GROWAddress

Under and

Unbanked

User Experience

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• Incentivizes users to pay down debt and

save money by gamifying the debt

payment and savings process.

• Users receive gaming credits for every

dollar they pay in linked debt accounts,

deposit into linked savings accounts or

every financial education video watched.

• Credits are then used to play games and

win prizes ranging from $5 to $2 million!

Exciting! Engaging! Educational!

Financial Institution Benefits

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• Access to user data

– Reporting in Admin Portal or Export into other systems

• Lead Generation

– Create campaigns to target market

– Define settings for target market

– Messages sent in experience as designed in campaign

• Aggregate user data/reporting

– Total money saved and Debt paid

– Number of financial education videos watched

– Number of credits played

• Financial Branded URL/SaveUp Mobile App

• Increase Deposits & Deepen Relationships driving “top of wallet”

Jeanette Garrett, FIS

jeanette.garrett@fisglobal.com

Title and content layout – Arial 20 pt bold white

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• Body text level 1 – Arial 14 pt bold dark teal

bullet: dark teal

– Body text level 2 – Arial 12 pt dark teal

bullet: dark teal

Body text level 3 – Arial 10 pt dark teal

bullet: dark teal

• Font: always Arial - for text and drawings

• For highlighting text use jade, or purple

• Avoid font effects such as underline, shadow, emboss

• Limit the use of italics and uppercases

• All text is sentence case (only first letter of first word is capitalized)

Title with subtitle and content layout

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• Body text level 1 – Arial 14 pt bold dark teal

bullet: dark teal

– Body text level 2 – Arial 12 pt dark teal

bullet: dark teal

Body text level 3 – Arial 10 pt dark teal

bullet: dark teal

• Font: always Arial - for text and drawings

• For highlighting text use jade, or purple

• Avoid font effects such as underline, shadow, emboss

• Limit the use of italics and uppercases

• All text is sentence case (only first letter of first word is capitalized)

Subtitle is Arial 14 pt white

• Body text level 1 – Arial 14 pt bold dark teal

bullet: black

– Body text level 2 – Arial 12 pt; bullet: dark teal

Body text level 3 – Arial 10 pt ; bullet: dark teal

• Font: always Arial

• For highlighting text use jade, or purple

• Avoid font effects such as underline, shadow,

emboss

• Limit the use of italics and uppercases

• All text is sentence case (only first letter of

first word is capitalized)

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• Body text level 1 – Arial 14 pt bold dark teal

bullet: black

– Body text level 2 – Arial 12 pt; bullet: dark teal

Body text level 3 – Arial 10 pt; bullet: dark teal

• Font: always Arial

• For highlighting text use jade, or purple

• Avoid font effects such as underline, shadow,

emboss

• Limit the use of italics and uppercases

• All text is sentence case (only first letter of

first word is capitalized)

Two content with subtitle layout

Two content with subtitle layout

25

• Body text level 1 – Arial 14 pt bold dark teal

bullet: black

– Body text level 2 – Arial 12 pt; bullet: dark teal

Body text level 3 – Arial 10 pt ; bullet: dark teal

• Font: always Arial

• For highlighting text use jade, or purple

• Avoid font effects such as underline, shadow,

emboss

• Limit the use of italics and uppercases

• All text is sentence case (only first letter of

first word is capitalized)

• Body text level 1 – Arial 14 pt bold dark teal

bullet: black

– Body text level 2 – Arial 12 pt; bullet: dark teal

Body text level 3 – Arial 10 pt; bullet: dark teal

• Font: always Arial

• For highlighting text use jade, or purple

• Avoid font effects such as underline, shadow,

emboss

• Limit the use of italics and uppercases

• All text is sentence case (only first letter of

first word is capitalized)

Subtitle is Arial 14 pt white

Title only layout

26

Title with subtitle only layout

27

Subtitle is Arial 14 pt white

Text and image layout

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Body text level 1 – Arial 14 pt bold dark teal

bullet: black

– Body text level 2 – Arial 12 pt; bullet: dark teal

Body text level 3 – Arial 10 pt ; bullet: dark teal

Font: always Arial

For highlighting text use jade, or purple

Avoid font effects such as underline, shadow,

emboss

Limit the use of italics and uppercases

All text is sentence case (only first letter of first

word is capitalized)

29

Blank layout

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“Quote layout

Type quote and adapt

font size if necessary.

Arial 28 pt bold white"

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Subtitle is Arial 14 pt white

Transition page with subtitle only layout

Additional Information

Additional resource templates are available on FIS&me

For FIS colors, graphs and approved brand elements see the 4:3 PPT presentation tool kit

located on fisandme.com

https://www.fisandme.com/fis/ourbrand/Pages/template.aspx

For helpful presentation guidelines, download the “FIS Presentation How To Guidelines”

Note: you will be able to pull the charts and graphs into a 16x9 presentation with no loss of

information or resolution. Do not drag a 4x3 slide into a 16x9 presentation. You will need

to copy the element you wish to use (a graph) from the 4x3 presentation and paste it into

your 16x9 presentation.

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