1. Building Virtual Financial Wellness Experiences May | 2018
Tiffani Montez Senior Analyst

2. Technology convergence is creating a unique opportunity
ARTIFICIAL INTELLIGENCE
DATA
MOBILE AND OTHER EMERGING DIGITAL TOUCH POINTS
Source: Aite Group

3. This opens the door to engage customers in new and meaningful ways …
Source: Aite Group

4. Consumers struggle with paying for unexpected expenses
59%
4 OUT OF 10 $ $
respondents indicate they get nervous when they get large bills
of respondents indicate they can comfortably pay their standard monthly bills for their household, even when there are a few extra bills that month
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
4 OUT OF 10
3 out of 10 respondents are worried about money and whether they will be able to pay their bills, and they get anxious when they think about their financial situation
respondents indicate they have saved some money, whether it’s that they have it an account or they add money to a saving account two times a year through work or on their own
Source: Aite Group survey of 5,174 consumers, Q4 2017

5. Meet the virtual financial wellness coach …
The virtual financial wellness coach would help consumers:
See where they are spending money, get account balance projections, and understand how much they can spend based on upcoming income and expenses
Set up savings goals, create a plan to achieve a goal, and monitor progress toward the goal
Compare their expenses to the expenses of other people like them to see where they may be able to optimize their spending
Get real recommendations, information, and advice on how to improve overall financial health
“A new online tool that allows you to understand your financial picture.”

6. Over three-quarters of 22-to-49-year-olds are interested in using the virtual financial wellness coach
79%
77%
62%
22-TO-34-YEAR-OLDS
35-TO-49-YEAR-OLDS
79% of 22-to-34-year-old consumers and 77% of 35-to-49-year-old consumers indicate they are moderately to extremely interested in using the virtual financial wellness coach
of those 50 years old and older are moderately to extremely interested in using the virtual financial wellness coach
Source: Aite Group survey of 5,174 consumers, Q4 2017

7. Consumers are interested in reducing debt, saving money, and tracking their finances to improve their financial health
MOST INTERESTED
Reduce debt
Achieve savings goals
Track their finances
Optimize their financial health
Plan for taxes
Obtain advice from a financial advisor
VIRTUAL FINANCIAL WELLNESS COACH
LEAST INTERESTED
Source: Aite Group survey of 5,174 consumers, Q4 2017

8. Key takeaways
Focus on building digital experiences that improve financial wellness for 22-to-49- year-olds
Explore how new touch points can help you build an interactive experience
Consider the role artificial intelligence and other technology can play in transforming the entire banking experience— customer to employee

9. tmontez@aitegroup.com Tiffani Montez Senior Analyst
Aite (pronounced “eye-tay”) Group is an independent research and advisory firm focused on business, technology, and regulatory issues and their impact on the financial services industry. Visit us on the web and connect with us on Twitter and LinkedIn.
Tiffani Montez
Senior Analyst