Financial Wellbeing in a Cost-of-Living Crisis

In an environment of rising costs and higher interest rates, financial wellbeing has never been a more critical, and yet challenging, topic. Banks must explore creative approaches to help customers shift consumption habits.

Even in regular economic periods, addressing the intention-action gap where customers do not take intended and fiscally responsible long-term choices to save is key to enabling them to have a buffer and feel financially secure.

Building a customer base free of financial stress opens up a range of opportunities, from partnering with customers on building their wealth or taking them on a journey of more mindful, sustainable consumption.

The Benefits of a Financially Well Customer Base

Increased Customer Lifetime Value
Whether it’s due to a deepening of customer relationships that drive retention or enhanced cross-selling conversion, a financially sound customer will drive more business value.

Growth in Savings and Assets
As customers move from day-to-day financial stress to longer term thinking, banks can effectively nudge them towards savings and investment products that secure their long-term financial wellbeing.

Mitigated Credit Risk
Financial wellbeing programs contribute to lower default rates by enhancing customers' ability to manage their finances, thus improving their credit profiles and reducing overall credit risk.

Facilitate Climate Action
Create bandwidth for the climate action that is held back by short-term stress, other priorities or lack of funds to invest in more sustainable consumption choices and financial products.

Science-Backed Trust

Behavioral Science Expertise
There is an inextricable link in the long-term thinking, emotional connection, and future visualization central to driving both climate action and financial wellbeing. We use our behavioral science expertise to help individuals enable tangible change on both fronts.

Strengthened through Acquisition
With the acquisition of Dreams Technology, Doconomy has shown a long-term commitment to innovating and supporting banks to  empower financial wellbeing throughout their customer base.

Built By and For Developers
More than expertise, we have a range of out-of-the-box, customizable solutions available via API, built with ease-of-implementation and DevEx at heart.