CLEVELAND, June 25, 2019 /PRNewswire/ -- Paving new
paths on the journey to financial wellness, KeyBank has introduced
the Financial Wellness Review—a new tool aimed at helping clients
better understand and address their financial pictures. The review,
which the bank rolled out in branches across its footprint,
combines advanced analytics with personalized expertise to provide
clients deeper insight into their financial behaviors and help
identify real solutions.
"We know that each person's financial wellness journey is
unique—behaviors vary, and needs differ—so personalized banking
experiences are truly valuable," said Dennis Devine, President of Key's Consumer Bank.
"The Financial Wellness Review is an investment in transforming and
personalizing traditional retail banking by focusing less on
transactions and more on individual needs and financial goals,
supported by cutting-edge technology. It is the most recent
addition to Key's financial wellness suite of tools which include
in-branch experiences, online and mobile banking."
The Financial Wellness Review tool was created to enhance the
client experience, making it more efficient, customized and
high-tech. Clients can walk through the Wellness Review on a touch
screen with a banker while engaging in a personal conversation
about their financial habits to set and reach new goals, as well as
have the ability to open a new checking account from start to
finish in a matter of minutes.
"The ease of the tool, coupled with the knowledge and expertise
of our bankers, is empowering our clients," said Devine. "They now
have access to personalized advice and can immediately implement
sustainable financial solutions –from consolidating debt to opening
a new account, to setting up savings, or planning for
retirement."
Demand for this interactive support tool has continued to grow
since initial rollout. In fact, one of the top reasons KeyBank
clients seek help in a branch is for a financial-wellness review.
More than 100,000 clients have already taken the steps to complete
Financial Wellness Review with results to take steps towards
financial wellness.
The initial data from the Financial Wellness Review shows just
how many clients are seeking financial guidance, particularly when
it comes to emergency savings and planning for retirement.
- Financial Emergency: While some respondents feel they
are prepared to deal with a financial emergency, many people feel
that they could be better financially equipped. In the event of a
financial emergency, more than half (54 percent) of respondents say
they would have to borrow money, don't know what they would do or
have some, but not enough, savings.
- Retirement Savings: While saving for retirement
dominates financial-wellness interests, there's room for growth
when it comes to dollars saved. When clients are asked how
they feel about their retirement savings, one-third (33 percent)
say they are not saving at all. Another 29 percent say they don't
have enough or aren't sure if it's enough.
- Budgeting and Spending Habits: Planning for the long
term happens in the short term for our clients, most of whom are
doing a good job at spending within their budgets. Nearly 72
percent of respondents who say they have budgets, are staying
within them. Among those, 46 percent say they are saving extra, and
26 percent say they'd like to save more.
- Paying Off Credit Card Debt: A major step for millions
of people towards financial wellness is paying off their credit
card debt. Among respondents who have a credit card, 51 percent say
they currently carry no credit card debt, and just 8 percent say
they are adding credit card debt.
For more on the Financial Wellness Review and KeyBank's approach
to guiding clients toward smart money moves, visit
https://www.key.com/personal/financial-wellness/index.jsp.
Financial Wellness Review Methodology
The Financial
Wellness Review captured financial wellness insights and data from
more than 100,000 clients across KeyBank's geographic footprint
through self-reported responses to questions covering the spectrum
of financial wellness. Not all questions applied to every
respondent. The responses included were collected over an 8 month
period, ending in June.
About KeyCorp
KeyCorp's (NYSE: KEY) roots trace back
190 years to Albany, New York.
Headquartered in Cleveland, Ohio,
Key is one of the nation's largest bank-based financial services
companies, with assets of approximately $141.5 billion at March
31, 2019. Key provides deposit, lending, cash management,
and investment services to individuals and businesses in 15 states
under the name KeyBank National Association through a network of
over 1,100 branches and more than 1,500 ATMs. Key also provides a
broad range of sophisticated corporate and investment banking
products, such as merger and acquisition advice, public and private
debt and equity, syndications and derivatives to middle market
companies in selected industries throughout the United States under the KeyBanc Capital
Markets trade name. For more information, visit
https://www.key.com/. KeyBank is Member FDIC.
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SOURCE KeyBank