Financial institutions are constantly looking for new ways to bring financial services to low-income populations. It’s only natural, many families need only a little consultation on debt management and budgeting to pull themselves from the red into the black, to save up for that first house, and start really planning for retirement. But actually reaching these populations is often easier said than done.
Clicky Apps vs Serious Financial Services
However, the one surefire way to get a concept into the hands of every teen, college student, and bored retail worker in the nation is to make it into a clicky app. Candy Crush, Minecraft, even Google Maps each have a certain clicky element to them that make them fun and easy to use. For banks looking for a way to get their mobile services off the ground, consider that element of clickiness in a post-millennial approach to financial apps.
Here are four unique ideas to start with that will transform your serious bank approach into a more fun way to introduce low-income populations to financial services:
Ask-A-Banker Blog / Chat
Giving basic financial advice is at the heart of offering financial services to low-income populations. Many people don’t thrive because they don’t know how to save, how to get out from under their debts, or how to manage windfalls when they occur. But in our world of Google, everyone knows that looking up answers is an option.
This opens the door to a friendly Ask-A-Banker app. Similar services like Ask-A-Dentist/Lawyer/Teacher are all over the internet and are attracting new business every day. Not by marketing directly, but by making it easy and even funny to ask important questions when they are brought up the first time.
Pay Comparison App
Along the same lines of on-demand information are apps that are quick and easy tools. Many people, for example, find themselves wondering if their pay is comparable to their company’s average salary, to their colleague’s salaries, and to the state or regional average salaries for their position. These stats are easily available for the financial industry but are remarkably hard to find down in the consumer-level trenches.
By creating a comprehensive pay comparison app and giving it a bright friendly wrapper, many low-income workers may curiously download and try the tool to see where their pay falls in the bell curve. Those who discover they are underpaid will be motivated, those who discover they are well paid may value their employers more. And all will come back to your brand for more useful financial widgets.
Quick Credit Score Portal
Credit score monitoring is already a hot market for low-income professionals who are on the rise. Anyone who is already looking into buying a home, a car, or even renting an apartment may be on the look-out for a tool to monitor their credit score. As a financial institution, you can go above and beyond providing reports, creating a better app than numbers-only competitors.
Rather than simply offering a current credit score, your app can also include smart and relevant ways for each user to improve their credit. Of course, with advanced features for anyone who opens an account or consults with a financial advisor.
Finally, there’s home budgeting tools. While there are dozens of budgeting apps out there, most people are still on the lookout for the perfect app to help them balance their debt, savings, bills, and discretionary spending. If you can come up with a life management tool that helps the disorganised and inexperienced master their income, then your app will explode all on its own.
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