KeyBank is launching Financial Wellness Review, a new tool aimed at helping customers better understand and address their financial pictures.

The review combines advanced analytics with personalised expertise giving clients deeper insight into their financial behaviours and identifies real solutions.

“We know that each person’s financial wellness journey is unique. Behaviours vary, and needs differ. Personalised banking experiences are truly valuable,” says Dennis Devine, President of Key’s Consumer Bank.

“The Financial Wellness Review is an investment in transforming and personalising traditional retail banking. It focuses 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 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, customised and high-tech. Clients can walk through the Wellness Review on a touch screen with a banker. At the same time they can discuss their financial habits to set and reach new goals. Moreover, customers can open a new current 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,” adds Devine. “They now have access to personalised advice and can immediately implement sustainable financial solutions. This covers consolidating debt to opening a new account, to setting up savings, or planning for retirement.”

Demand for the interactive support tool has continued to grow since initial rollout. According to KeyBank, one of the top reasons clients seek help in a branch is for a financial-wellness review. More than 100,000 clients to date have completed a Financial Wellness Review.

Financial Wellness Review: initial findings

More than 100,000 clients to date have completed a KeyBank Financial Wellness Review.

  • Financial Emergency:  many customers feel that they could be better financially equipped. In the event of a financial emergency, more than half (54%) say they would have to borrow money, don’t know what they would do or have some, but not enough, savings.
  • Retirement Savings: 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%) say they are not saving at all. Another 29% say they don’t have enough or aren’t sure if it’s enough.
  • Budgeting and Spending Habits:  nearly 72% who say they have budgets, are staying within them. Among those, 46% say they are saving extra, and 26% say they’d like to save more.
  • Paying Off Credit Card Debt: among respondents who have a credit card, 51% say they currently carry no credit card debt.  Only 8% say they are adding credit card debt.

KeyBank is headquartered in Cleveland, Ohio and has assets of more than $141bn. It runs a branch network of more than 1,100 outlets across 15 states.

Financial Wellness Review