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How Pocketnest, a white-label financial wellness app, can boost your digital strategy, operations, and user experience
Talk a walk around your credit union, bank, or wealth advisory firm. What do you notice? For one, you probably see fewer people in your branches—but that doesn’t mean you have fewer members, clients or customers. And, let’s chat about the folks that actually are in your branch. How many of them are bent over their phones? Probably a lot of them.
It’s no secret your community expects more digital innovation and convenience directly from their fingertips.
Why digital strategy matters
A 2019 PwC survey revealed that 81 percent of banking CEOs are concerned about the speed of technological change (1) and nearly 80 percent of leaders in the financial industry admitted that the pandemic revealed shortcomings in their institutions’ digital capabilities (2).
Simply put, your financial institution needs to improve its digital strategy to remain competitive, meet your community’s expectations, reduce costs, and improve member and customer experience. Doing so can position your institution for long-term success and growth in an increasingly digital financial landscape.
Regardless of the type of firm—a bank, credit union, wealth management firm, etc.—financial institutions are working tirelessly to determine how to improve their digital strategy. (Psst, we have some tips on how to do that. Watch this free webinar or download this ebook.)
Get to more intimate conversations faster
Leverage tech to transform your financial institution into a living, breathing deposit-making, revenue-generating, member-and-customer-serving machine.
Rather than using your team’s precious time getting members to complete intake forms or pulling teeth to compile comprehensive member data, Pocketnest does that all for you!
As users invite us into their financial plans, we can see the breadth of their finances—from retirement savings plans to estates and wills. Along the way, as we coach them through their comprehensive financial plan, we ask them questions and share calculators and insights. Combined with their integrated accounts, their answers to our financial questions give us a crystal-clear view of their financial situations, where their gaps are, and how their institutions can fill them.
Pocketnest, a B2B2C SaaS platform, licenses its software to financial institutions—just like yours—to share these insights.
Get better customer and member insights
Pocketnest will bring your financial institution enhanced data analytics, allowing your team to understand member behavior and preferences better.
Do your members need to open a savings account? Do they need to refinance their mortgage? Are they interested in updating their home and auto insurance? Before Pocketnest, financial institutions like yours would have to spend countless hours on lead generation and qualification. Endless cold calls, emails, voicemails, and texts with little return.
Pocketnest delivers these key insights—and more—straight to your CMS, inbox, data lake, you name it.
With deeper insights into your communities' personal finances, you'll be able to offer them personalized product solutions that are much more relevant, timely, and accepted. And, in turn, improve member and customer retention, and increase your cross-selling opportunities.
Streamline processes to reduce costs and run more efficiently
Using Pocketnest, your organization can run more smoothly and efficiently. We help your institution reduce costs associated with manual processes, paperwork, and staffing. And with operational efficiencies come cost savings.
Put those resources to work generating deposits and revenue rather than digging through piles of data or filing endless paperwork.
Better yet, put those dollars to work! Grow and retain your community with more competitive rates and fees.
Reach millennials and younger audiences
By incorporating fintech solutions like Pocketnest, your financial institution can stay ahead of the curve and remain competitive with other institutions that are also adopting these technologies. And guess what else? You’ll attract more millennials!
And, while millennials tend not to trust financial institutions, they’re desperate for financial guidance.
8% of millennials demonstrate high financial literacy3
81% carry long-term debt3
~75% cannot demonstrate basic financial knowledge3
43% of millennials say their financial institution doesn’t communicate with them through their preferred channel4
86% of financial advisors ignore genX and millennials5
98% would fire their parents’ advisor upon inheritance due to lack of tech and relationship6
Trying to reach millennials? Use Pocketnest’s digital strategy tips and millennial magic! We know what makes the nextgen tick, what banking innovation and tech they crave, and what they want—no, need!—from you. (Peep the infographic.)
Incorporating fintech solutions like Pocketnest can help credit unions improve efficiency, enhance member and customer experience, expand your institution’s reach, stay competitive in an increasingly digital landscape, and save costs.
Interested in learning more about Pocketnest? Let’s chat!
(1) “Financial Services Technology 2020 and Beyond: Embracing disruption.” PwC, 2020.
(2) “How the Digital Surge Will Reshape Finance.” The Economist, 2020.
(3) PriceWaterhouseCoopers Survey, Millennials & Financial Literacy, The Struggle with Personal Finance, 2014
(4) Fair Isaac Corporation FICO Millennial Quiz, 2014
(5) Financial Advisor Magazine, More Younger Millionaires Emerge October 2017
(6) PriceWaterhouseCoopers Global Private Banking/Wealth Management Survey