1213 How To Educate Consumers On Your Financial Services

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How to educate consumers onyour financial servicesJeanette Garrett, Senior Director Debit Strategy, FIS GRPJoe Brickman, COO, SaveUpMay 2017

Financial Empowerment Financial education –strategy that provides people with financial knowledge, skills andresources Financial education builds an individual’s knowledge, skills and capacity to use resources andtools, including financial products and services leading to Financial Literacy Financial empowerment includes financial education and financial literacy – focuses both onbuilding people’s ability to manage money and use financial services and on providing access toproducts that work for them. Financially empowered individuals are both informed and skilled. They know where to get helpwith their financial challenges and can access and choose financial products and services thatmeet their needs. How Do We Help Individuals Become FINANCIALLYEMPOWERED?2

Savings & Debt repayment 42% of Americans were unable to pay theirbills at least one month within the last year Federal Reserve 2016 survey Nearly half of American households wouldhave to incur debt or sell assets to pay for asurprise 400 expense. - Federal Reserve2016 survey Average U.S. household with debt owes 130,922 including credit cards, mortgages,auto loans, student loans. – NerdWallet’s2015 American Household Credit Card DebtStudy Average individual student loan debt isabout 29,000 - NerdWallet’s 2015 AmericanHousehold Credit Card Debt Study3

How to connect4

Our phones are changing who we are US consumers check their phones acollective 9 billion times per day Half of all users are looking at their phones atleast once in the middle of the night Little under 40% are using social media in themiddle of the night 66 percent of consumers check their phoneswithin 15 minutes of opening their eyes5

What to provide6

First stepsPersonal Financial Management (PFM) –software that helps users manage their money– Banked millennials are four times likely to use a mobilePFM app from their primary financial institutions asfrom another source – FIS Pace Index Report, USCommunity Banks, June 2016– 91% of millennial smartphone/tablet owners today pointto at least one PFM benefit they would like to see theirbank provide via mobile app. - FIS Pace Index Report,US Community Banks, June 2016“Ensure consumers have continuous access totheir data.” – Richard Cordray, CFPB Director7

Provide basic trackingIndividuals need assistance in managing theircurrent financial situation and setting basicgoals: Save money Pay down debtMonthly Spending Snapshot500400300 Establish an emergency savings fund Plan for large purchases and life events Track the specific ways they are using theirmoney2001000AugSepOctNovDecJan8

Next Steps Provide excitement– Gamification, discounts and products can influence consumers– Two-thirds of 160 banks surveyed plan to implement a gamificationprogram – Infosys– Gamification is expected to grow 67% by 2018 Learn and educate– Provide financial education opportunities– Collect personal financial information Engage consumer– Utilize data to provide relevant financial service information– Leverage advanced analytics, machine learning and contextualengagement to provide a highly personalized experience – DeluxeCorp, Improving the Customer Experience in Banking, Feb. 20179

What is my ROI10

Incentives for financial institutions Collect competitive data from PFM– Feed into market tracking to provide competitive rates– Save money on market research Identify cross-sell opportunities– Offer better rates and incentives to switch brands Identify life cycle events– Compare transaction data to financial accounts in PFMfor predictive analytics Provide personalized experience– Target market within the experience to provide relevantfinancial services11

Data exampleSarah32 year old marketing executiveMother of 2 (3 & 6 Years Old) 135k Annual Salary Chase Mortgage ( 240k owed) 4.1% APR 23,540 25 Y Left (30 Y Term) .025% Zero Late Payments USAA Auto Loan ( 3K Owed) Chase SavingsCapital One Venture Card 1250 Balance ( 8500) 7.5% APR 12.15% APR 9 m left (60 m term) Zero Late Payments Drives 1,400 miles monthly (72,000 miles) Zero Late PaymentsFidelity 401K 135,000American Express Platinum 750 Balance 1 Late Payment (30-60) November201512

Target marketing/Social MediaDid you know ABC bankoffers great rates onauto loans?Transfer credit cardClick here to learn morebalances to a lower rateand save money.Why You AbsolutelyNeed an EmergencyFund.Click here to learn moreClick here to learn more13

Where do I find the tools14

Debit 2.0 SAVE StrategySTARTSAVEPAYFlavors ofInstantIssuanceCompetitorinsights forcross sellTokenizationand MobileWalletsGIVEEngage withCharitablegivingGROWAddressUnder andUnbanked15

User Experience Incentivizes users to pay down debt andsave money by gamifying the debtpayment and savings process. Users receive gaming credits for everydollar they pay in linked debt accounts,deposit into linked savings accounts orevery financial education video watched. Credits are then used to play games andwin prizes ranging from 5 to 2 million!Exciting! Engaging! Educational!16

Financial Institution Benefits Access to user data– Reporting in Admin Portal or Export into other systems Lead Generation– Create campaigns to target market– Define settings for target market– Messages sent in experience as designed in campaign Aggregate user data/reporting– Total money saved and Debt paid– Number of financial education videos watched– Number of credits played Financial Branded URL/SaveUp Mobile App Increase Deposits & Deepen Relationshipsdriving “top of wallet”17

Jeanette Garrett, FISjeanette.garrett@fisglobal.com

Financial Empowerment 2 Financial education –strategy that provides people with financial knowledge, skills and resources Financial education builds an individual’s knowledge, skills and capacity to use resources and tools, including financial products and services leading to Financial Literacy Financial empowerment includes financial education and financial literacy –focuses .

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