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Help Your Customers Build Generational Wealth

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Help Your Customers Build Generational Wealth and Grow Opportunities for the Future

Interest rates continue to remain at record lows, and the recent employment numbers are showing improvement as we continue to recover from the COVID crisis.  Now that the economy is recovering, there are opportunities for financial institutions to help their customers get back on track for planning and preparing for the future.  Two of those areas include providing guidance and assistance with the planning and saving necessary to buy a home and providing the guidance, support, and services that will enable them to save for retirement.  

An article published by the US Census Bureau mentions that the most significant contributors to household wealth are home equity and retirement accounts, which accounted for 62.9% of households’ net worth.  Providing guidance and assistance in these two critical areas will help your customers build generational wealth and provide opportunities for themselves and their families in the future. 

 

A Quick Guide To Bank Deposit Growth

 

Insight Financial Marketing® (IFM®) has an industry-leading solution that provides deep insight into customer behavior and financial activity.  Using IFM’s advanced data analytics, your financial institution can identify key characteristics about your customers in near real-time and identify the segments likely to be more receptive to specific messaging in these critical areas.  

IFM offers event-based alerts and marketing campaign files that allow you to message your customers at the right time so you can provide them with the guidance and support they need to build wealth via homeownership, investing, and saving for retirement.  

To learn more about IFM’s services, you can visit our website or communicate with me directly via email or voice at [email protected] and 703-856-4060.

 

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ACH Transaction Volume Growth Indicates Rapid Shift to Digital Money Movement

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ACH Volume Soars At Record Pace

Wow!! Have you seen the new information that the National Automated Clearing House Association (NACHA) has posted about ACH transaction volume during the second quarter of 2021?  Volume soared at a record pace.

According to the post, the quarterly volume of 7.3 billion was an increase of 9.9% from the same period in 2020. The value of those payments was $18.4 trillion, reflecting a nearly 25% increase from a year earlier. Additionally, during the first quarter, a “new record was set in February when ACH volume averaged more than 118 million payments per day, the ACH Network’s highest daily average for a month. The second was in March, when ACH volume hit 2.7 billion payments, the largest monthly volume in ACH Network history. This included approximately 110 million economic impact payments by Direct Deposit from the federal government.”

 

In March, ACH volume hit 2.7 billion payments, the largest monthly volume in ACH Network history.

 

Clearly, these numbers show that the COVID pandemic has accelerated a change in behavior.

amongst consumers and businesses to adopt electronic payments and digital money movement.  Drilling down further into the Q2 numbers, we see that P2P transactions increased by 24.2% from the year-ago quarter, B2B activity increased by 28.7% and internet transactions increased by 14.3%. 

These volume numbers indicate that the rapid growth of transactions within the ACH network has not only continued to grow but are now growing at a record pace.

Question:

Why are ACH transaction volumes increasing so quickly and how will financial institutions adapt to this change in behavior from a customer intelligence perspective?

Answers: 

More and more consumers are choosing to conduct their lives online and in the mobile space. This includes entertainment, travel, paying bills, sending money to family, friends or businesses, shopping, buying digital currency, being paid by Direct Deposit, and investing. Businesses are also moving away from paper checks and adopting digital payments. From a financial institution perspective, firms will be challenged as their customers will be expecting that when moments that matter occur, their financial institution will be there for them, in near real-time with the right guidance and the financial products and services that meet their needs.

Customer Expectations Are Changing To Near Real-Time

Customers will be expecting that when moments that matter occur, their financial institution will be there for them with the proper guidance, financial products, and financial services that meet their needs.

Insight Financial Marketing has an industry-leading solution that will enable your financial institution to better understand consumer and business behavior in near real-time.  We have a proprietary analytical approach that identifies pattern changes, life events, and lifestyle changes that will help your FI to deepen relationships with your consumer and business customers. To find out how IFM can help your team better engage with your customers, visit us at our website, Infimark.com, or contact Rob Reale at [email protected].  

 

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