Announcement: Becoming Financially Well, One Step at a Time

Guest Contributor October 23, 2017 0

The following is an announcement from KeyBank:

Do you know how financially fit you are? Many people don’t, because often it’s not as easy to measure as a number on the scale or how long you can run. Until now.

That’s because KeyBank has created an innovative financial wellness initiative that combines high-tech and high-touch to help clients understand their finances and make more confident financial decisions. Financial wellness is achieved when an individual’s daily financial system functions well and increases the likelihood of financial resiliency and opportunity. It’s the result of conscious and consistent financial decisions, based on individual understanding of financial goals and how to attain them.

KeyBank uses an innovative personal finance tool, called HelloWallet, which helps clients to understand their finances. The personal finance tool helps users to track spending, establish budgets and then monitor their progress toward their financial goals. The tool provides a Financial Wellness Score based on factors including spending less than you earn, building emergency savings, retirement savings, credit card debt, health coverage, other loan balances, insurance coverage and home equity.

But more than a score, the Financial Wellness Tool provides alerts to keep you on track such as an alert that lets users know when monthly spending exceeds budget or income. These alerts can help keep you focused on making proactive personal finance changes rather than cleaning up money messes.

Just as important as helping you to track spending, KeyBank’s Financial Wellness Tool helps bankers to better understand each client’s individual personal financial circumstances and goals. That personalized approach is what sets the KeyBank program apart from other personal finance tools. A recent KeyBank client survey found that KeyBank clients who participate in the financial wellness initiative report having more confidence in their financial decisions.

“At KeyBank, we believe the best way to help our clients boost financial wellness is to combine easy-to-use technology with personal conversations with their banker,” says KeyBank Region Executive and Seattle Market President Carol Nelson.

More than 80 percent of those surveyed said they benefit from having regular financial wellness reviews with their personal banker.

“These survey results confirm the value of relationship banking,” Nelson says. “High-tech personal finance programs are helpful, but the key to becoming financially well is to talk to a banker who knows your personal financial goals and habits, and who can draw on his or her expertise to help you find the right banking solutions.”

HelloWallet is an affiliation of KeyBank National Association. ©2017 KeyCorp.  Member FDIC 

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