The Journey to Financial Wellness

‘The journey towards financial wellness is an evolutionary process. It starts with understanding the basic concepts and then layering those concepts with context, e.g. how do these apply to me. Then, it’s about applying them and building capability, making it easy for people to act upon their knowledge in a seamless way. Once capacity is there, you can build toward confidence. 

It’s really difficult to achieve financial wellness if you don’t understand your own situation or basic financial concepts. However, more importantly, if you don’t have the opportunity to put that knowledge into practice, you aren’t going to build up the confidence to really reach financial wellness.’

Tiama Hanson Drury, Chief Product Officer, Minna Technologies

Financial Wellness Post COVID

Being a consumer who is part of the rising subscription economy, we all have so many subscriptions, but people don’t realise how many they have. We help you understand how many you have and then how can you manage those? Now, how do you take control of those and then take control of them? Once the consumer has a grasp of the concept and context – how do you build the capability and make that easy? 

That’s what our tech at Minna does. It allows you to realise you have those subscriptions – and most people don’t realise how many they have- and by making that available within the incumbent banking world, we really democratise access to a group of people who aren’t necessarily digital native. It opens up financial literacy and builds the confidence towards wellness to a portion of the population that isn’t digitally native.

Post COVID Digital & Financial Literacy

There have been many positive trends around the adoption of digital banking apps and savings apps – which is a great sign of progress during COVID.  

However, over the same time period, we have also signed up for more free trials and signed up for more services. My biggest fear with those things is that you tend to spend much more than you realise. Subscriptions are a great thing. They help providers tap into a segment of the market of consumers who can’t afford their product upfront. They are great for consumers because you can pay over time. But, those things are nothing if they eat up a larger portion of your spend in a way that you are not conscious of or that you aren’t doing as part of strategic financial wellness.

Our CFO together with the other panelist at Fintech Week London

Embedded FinTech: ‘You don’t have to do it alone’ 

You don’t have to do this all alone: for the past 4-5 years people have been talking about embedded finance. But let’s talk about embedded fintech and the partnership element which allows you to go where the consumers are or ‘bring it in to where you are’.

A great example of that is the long list of fintechs in the space that enrich data within a consumer’s trusted environment. The companies we are working with are dealing with that and they can bring in ‘green context’ to the spending environment within a banking app, help a consumer understand the green footprint of their spend.

You see it even at the boardroom level. There are people that bring in the hopefulness of bringing on new partnerships and you have the people who want to build it themselves. We don’t have 18 years to solve some of these problems. We need to move faster. Partnerships is a the best way to offer context and better services to the consumers.

Look at the Customer Journey, Remove Pain-points and Add Value

You have an entire segment of the market now who is consciously trying to avoid call centres- and that number is skyrocketing. They are constantly avoiding anything that is not a digital experience. If you aren’t looking at what is the customer life-cycle, what is the journey, of them within your application or your environment, and saying how am I going to enrich that at each point, you aren’t going to be serving a conscious experience within your population set.

 Think about how you empower these people. At Minna – that is our tagline “ Empower the modern consumer’ – don’t make it more complicated. Think about the customer journey, think about the steps that they need, the pinpoints that they have and how can you make that effortless and painless? We don’t need to get lost in all of the technology. Stripe it down to the bare essentials – the thing you can explain to your grandmother – and then look to add value to that. Digital makes it easier than ever before to do that.