In case you have not seen any of the Barbie live-action commercials in the past months, the new movie is about who is the main character and rules Barbieland. A similar "fight" is happening between banks and financial institutions to be the clients’ number 1 account. In Brazil, for example, on average, people have 5 accounts but will only receive their salaries and concentrate most of their spending on one of them.
With open banking is easier than has ever been to change financial institutions. If the user is not happy with the products available and the user experience changing is just a few clicks away. The financial health of end users is also a main concern when it comes to user engagement. During Febraban Tech, financial technology event in São Paulo that gathers over 20.000 people. The speakers positioned financial well-being as a public health issue with serious consequences such as depression and anxiety.
According to the panel on "Social impact of financial education actions for consumers and businesses," 34% of the Brazilian population spends more than they earn, only one in five can handle unexpected debt, and four out of ten Brazilians have overdue bills. And in order to have a healthy client base financial institutions to provide learning experiences focused on financial education. It is important to remember that the customer doesn't just need to make a purchase; they need to make a purchase and return.
Flourish Fi aims to partner with banks and credit unions to offer an innovative engagement platform that combines gamification and behavior science to keep customers loyal. Our technology is designed to help individuals develop better money habits, increase financial well-being, and achieve their goals effectively by paying bills on time and developing the habit of checking their bank apps and learning about the possibilities offered by the financial institution. By integrating Flourish's solution the financial institution develops intelligence to create personalized journeys that help your users to be healthy financially while using your account as their main one.
With Flourish Fi we can take your client engagement to the next level and use behavior science and gamification to make sure your financial institution is not "just a Ken in Barbieland".
Let's get in contact so we can take your clients’ financial engagement to the next level!