Your Financial Wellness has emerged as a leader in the provision of financial literacy and budget planning tools to the mutual banking sector, with eight organisations now using its services.
The latest to sign up is Teachers Mutual Bank, which announced earlier this month that it will use Your Financial Wellness services as a “core component of its financial wellness initiatives”.
Other financial institutions using its services include MyState Bank, MOVE Bank, Illawarra Credit Union, Goulburn Murray Credit Union, Orange Credit Union and Northern Inland Credit Union.
Your Financial Wellness chief executive Alexander Hassall said the company provides a platform that allows financial institutions to explain financial issues to their customers.
Customers provide information about their financial situation, their financial goals and attitudes, and they start receiving content in the form of regular reports and guides.
Hassall said: “What we saw in the first iteration of this type of service was the provision of a lot of budgeting tools, bill alerts and so on. That approach hasn’t worked because tools on their own don’t change behaviour.
“You have to get people to set their own goals and talk about their attitude to money, and then give them the appropriate content. To make it work people have to be engaged.”
Teachers Mutual Bank said it chose Your Financial Wellness as a provider because of the flexibility of its platform, which promises to take its members on “a financial wellness journey tailored just for them”.
The content Your Financial Wellness delivers includes budgeting tutorials, a credit management guide, advice on dealing with Centrelink and a guide to approaching aged care.
For the financial services provider, the customer content offers insights into what their customers want to achieve and what their concerns are.
“We are giving them a lot of attitudinal data that feeds into their marketing,” Hassall said.
The Sydney-based company, which was launched in 2018, developed its own intellectual property and software. It has a research program with the University of New South Wales to develop a wellness index.