Improving people’s financial well-being takes creativity, commitment and a culture of service. These are the stories of credit unions and how they are putting people’s financial well-being at the center of their strategy. Shared with you, our credit union family, to inspire you and give you the tools to navigate to the next stop on your own financial well-being journey.
In the ninth episode of our Foundation Field Notes video series, we meet with Justine Zinkin, CEO of Neighborhood Trust Financial Partners, to talk about the impact and importance of qualitative data on financial coaching. Qualitative data allows credit unions and financial institutions to dive deeper into the lives of their members and communities and understand their history with the industry, which could help explain hesitance to follow advice or place their money with financial institutions.
Understanding the “why” and making changes to financial coaching to reflect that helps individuals become empowered to take control of their finances and improve their financial well-being.
Foundation Field Notes Episode 9: Neighborhood Trust Financial Partners & the Impact of Qualitative Data on Financial Coaching
Here are the three main takeaways from the interview:
- Financial coaching can help members improve their overall financial health and help employees with the data available to tailor how they coach members.
- It’s important to understand where people are coming from and know their financial history so you can understand the decisions they’ve made or why they may be hesitant to place their money with that financial institution.
- It is on financial institutions to design for inclusion for all, and as more is learned about barriers (online banking, language, email, etc), you can learn and do even more to help them.