Leading retail checking providers are taking a much broader approach to how they attract and serve the affluent, and with lifestyles in mind, they’re considering what these customers are doing with their money.
Their initiatives include an emphasis on wellness through advanced, long-term financial-planning tools. Several national providers are offering sophisticated digital interfaces that provide insights into net worth (with API-links to accounts held with third parties), automated spending and budgeting capabilities and investment services that include access to advisory services.
Most of the top personal financial management (PFM) tools humanize the experience by building targets around life goals such as retirement and travel budgeting, and they’re using this data to personalize the relationship and add to customer lifetime value. Some are going a step further: They’re looking at what their affluent customers are using their checking funds for and offering non-banking services to provide a more holistic approach to wellness (see chart). A number of brands have expanded their affluent offering to travel bookings and, most recently, even access to medical services such health check-ups and prescriptions.
Some FIs may consider this expansion as an unnecessary departure from the traditional offerings associated with their brand. But others are delving into the customer data, and what they see is an opportunity to deepen relationships by going to where the preferences of their wealthier customers are now, and where they’re headed.
Affluents’ Reasons for Setting Money Aside
in Their Checking Account
Source: 2024 Curinos Segmentation Study
