The UK public has been through tumultuous times over the last few years, hitting their financial and wider wellbeing.  Innovative banks have worked hard to support their customers with services such as financial information hubs, easy to use apps and online events that save them time and help them better manage their finances.

Being aware of customers’ wider wellbeing is also becoming a greater priority for banks. To enable customers to thrive in their financial lives, they need help with their time, money, and health.

Time

People are struggling to find good quality medical advice that they can access at a time that suits them. That includes both GPs and follow-up support, or a second opinion. Demands at work make it difficult to take time out for treatment, and we are seeing increasing numbers of people leaving employment due to ill health.

Money

As well as putting pressure on day-to-day finances, the cost-of-living crisis has made it harder for people to fund the care they need to remain well and in work, and to deal with unexpected emergencies.

Health

Mental health concerns– from burnout at work to worrying about paying the bills – and illnesses associated with sedentary lifestyles are on the increase. Public health services are under strain, especially in areas such as children’s services, adding to the burden of keeping the whole family healthy.

How can banks support their customers’ health?

Banks are in a perfect position to help customers with these challenges.  They are already a trusted partner in their clients’ finances, and people are becoming used to looking to their bank for top quality digital tools that add value, save time, and help them manage their wider financial lives. Supporting their health as well is a natural next step.

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By GlobalData

Banks are redefining relationships with their customers. Banking is also about enabling people to live well, get better at managing their finances, and grow their wealth. But the last few years have taken their toll on everyone. The link between finances and wellness has become closer than ever.

By partnering with a virtual care solution provider, banks can help their customers look after their health and offer them extended value when they need it most, at no additional cost to the end user. They will be supported at a time of need, in a joined-up way, through a virtual platform that fits the same style of delivery and standards of care that banks already provide in their own apps and services.

Banks are under pressure to create better customer experiences in a competitive market. They have a golden opportunity to look beyond traditional banking practices and offer customers extra value through relevant services that improve their lives.

Virtual healthcare support can differentiate banks from their competitors, open up new standards of customer care and build deeper, longer-term relationships that drive future renewals and retention.

Dominic Howard is Director of Strategic Partnerships, Teladoc Health UK