Tag Archives: Opportunities

Perfect storm in the financial services market

A Perfect Storm ?

A Perfect Storm in the financial services marketplace for a personal financial management (PFM) tool 

It certainly feels like a perfect storm is unfolding at the moment that we think provides an opportunity for financial organizations & professionals to provide clients with a personal  financial management tool offering a Win/Win benefits.

The challenges are many:

  • Demographics: Aging/Sandwich Generation/Smaller families
  • Demographics: Increased longevity/Rise in incapacity
  • Increasing need for enhanced financial literacy
  • Increased risk related to Inter-generational wealth transfers ($41 Trillion)
  • Push to ‘paperless’ reporting
  • Increasing Complexity of personal finances/impact on executing estates
  • High levels of personal financial stress impacting productivity in the workplace
  • Increase in the number and impact of natural/physical disasters highlighting the need for emergency preparedness
  • The need to differentiate in the marketplace due to fierce competition
  • Higher expectations from clients to show value for fees
  • An alarming rise in the balance of unclaimed financial assets ($63 Billion)
  • Increased appetite for technology tools particularly from younger generations to manage their financial lives
  • Continued procrastination on the part of individuals & families to have important conversations about estate planning/final wishes

A little organization can make a BIG difference.

LegacyTracker helps clients simplify, safeguard & share their important financial & estate info, documents & to do’s with loved ones and/or advisors.

Better Organized Clients are Better Clients.

LegacyTracker can provide a Win/Win solution for Organizations:

  • Enhanced Loyalty/Retention/Referrals by demonstrating Customer Advocacy
  • Better Differentiation in the market
  • Better Insight into the challenges & needs of clients for products & services
  • Improved engagement/collaboration with clients (“Do More”)
  • Reduced costs related to marketing/on-boarding
  • Increased Revenue/Profit

We think that all leads to Increased Revenue/Profit on your bottom line with happier clients

Get in Touch/Connect for the details

 

the Millennial Mind

Millennials rising: With the power to be disruptive (in a good way)

This interesting infographic on the (mysterious?) Millennial Mind highlights how Millennials have a devotion to Authenticity, Community and Giving & comes by way of PSCU : The Millennial Mind

PSCU initiated a Make your Money Matter Movement recently to help leverage what they know about the Millennial generation to attract, engage & move millennials to Credit Unions.  Based on what we know about Credit Unions and what we are learning about Millennials, that makes good sense. It seems to be paying off based on the results that PSCU has posted. It’s an interesting and insightful read.

There’s no question: Millennials (born between 1976 & 1994) think differently than older generations and they definitely have the buying power to be disruptive especially with their fresher attitudes towards living life in a friendlier manner and their preference for using technology to manage that life. PSCU summarizes it as “Millennials are drawn to business models in which extending the life and value of good s is a core tenet”

We like the way millennials think .

We can help financial service providers attract millennials with a technology offering to help them manage their busy financial lives going forward.

 

 

 

A Tall Order for Credit Unions-Challenges & Opportunities

Credit Unions are trusted financial institutions with a legacy in financial services but like many financial organizations, they are facing more challenges than ever in the financial marketplace. A November 2013 survey  of 547 Credit Unions was undertaken by Sundeep Kapur of Allied Solutions alongside the National Association of Federal Credit Unions (USA) to identify and look at some of those challenges. Regulatory Compliance is always a challenge.

But the results showed many of the challenges today are related to determining HOW TO:

  • Provide member value to last a lifetime
  • Grow Member relationships beyond an average of 2.5 products per member
  • Attract & retain members by creating deeper relationships
  • Increase both Self Service & Digital Channels & Connections with members
  • Help/Mentor members learn what they need to know
  • Compete with non traditional financial organizations
  • Do more with existing members (especially if they are using another partner currently)
  • Reduce marketing costs from an average of $9-$11 per consumer and/or receive specific or better return on that investment

Or In Summary: How to reduce costs, increase member engagement and drive incremental revenue because Credit Union Members want Convenience, Knowledge, Recognition, Services and Innovation while having higher expectations, questionable loyalty to a brand , and lower attention spans A Tall Order to be sure, but these are the key benefits that we truly believe LegacyTracker can help your Credit Union with.

If you would like to read the survey, you can download it here 

What are Credit Union Leaders worried about?