Financial stress is negatively affecting workplace performance, and as a result, innovative FinTech firms are leveraging digital solutions to provide employees with better financial knowledge. The latest example is FinTech leader TRUSTIVO, which has developed a financial wellness platform that offers employees access to a national network of financial professionals, education and other resources.
A digital online community and social networking platform, TRUSTIVO’s latest development enables employees to select one of many third-party financial advisors and schedule an in-person meeting or speak one-on-one by phone. They can also use the online resources provided by the TRUSTIVO digital community, which include blogs, forums and webinars.
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The TRUSTIVO platform’s professional counselors, all from certified partners, provide advice on budgeting, student loans, credit management, debt counseling, mortgage counseling and similar financial issues. Employees can also access the platform for fee-based financial planning for needs like college and education, investments, retirement readiness, estate and wills and protection/insurance.
Growing Trends
Like other FinTech companies, TRUSTIVO is leveraging a few different technology and social trends:
- Consumers want more control over their finances. They want to pay bills, obtain credit and manage other financial needs on their own schedules, using mobile technology like smartphones and tablets.
- Consumers need to improve their financial wellness. According to the 2016 PwC Financial Wellness Survey, 45 percent of those surveyed said that financial matters were the most stressful factors in their lives, nearly as stressful as their jobs, health and relationships combined. More than half (52 percent) of PwC survey respondents said they found dealing with their financial situation stressful, while nearly half (45 percent) said that their stress level related to financial issues increased over the last year.
- Financial wellness can be improved through the use of easily available digital resources that assist with tasks such as monitoring finances and making payments. By keeping track of their financial information through digital means, employees can ensure they’re saving for vacations, retirement, children’s education and other things that are important to them, while also making sure they have a growing nest egg for other financial needs. Knowing and planning for these essential financial needs can greatly lower stress levels.
More Than Just Account Management
TRUSTIVO’s application is an effective tool for HR to offer employees because financially fit workers have less stress, and, therefore, can better focus on their jobs. More than one in four (28 percent) of employees in the PwC survey said that issues with personal finances have been a distraction at work — an increase from the 20 percent who cited the issue in the previous year’s survey.
Financial wellness in the workplace is just one area where digital financial services are becoming more commonplace. FinTech companies offer a variety of services without using traditional payments channels, and in some instances, traditional financial firms are partnering with FinTech firms to digitize their offerings. Lenders such as Kabbage and OnDeck offer small business lending; Square offers payment services; and TransferWise offers peer-to-peer payments, to name a few.
More combinations of digital and social platforms are likely to be among FinTech offerings in the future. Typical of a relatively new industry, additional FinTech providers are likely to emerge this year, providing consumers with additional financial, social and other digital capabilities.
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