The connection between health and financial wellbeing might not be obvious, but they are deeply intertwined.
FinTech Global recently sat down with Thomas Dijohn, senior vice president, Asia-Pacific at dacadoo, to explore how health and wellness empowers banks to provide their customers with better products.
Despite skepticism, Dijohn noted there is a logical connection between health and finance. A person that is physically well has the potential to work for many years and generate a huge earnings capacity. At the same time, they will likely have a greater spending capacity, whether it is for products or trips. Finally, they are also more likely to spend less on healthcare costs. Ultimately, this makes a healthy individual an attractive client to a bank, he said.
At the same time, mental health is equally important. Dijohn noted that people that are mentally healthy are more likely to have better spending habits, such as spending habits and ensuring they do not spiral into debts.
He said, “Simply speaking, someone who is mentally and physically well is actually quite an attractive customer for the bank, because of their capacity to earn and burn and have a predictive behaviour. There is a very close relationship between the three and banks are starting to recognise that is another segmentation parameter that can be quite interesting.”
Banks are great for collecting data about individuals and using that to build profiles that reflect the customer needs. For instance, when to suggest a new low-interest credit card or mortgage products. Health data is just another piece of this puzzle that can help banks provide personalised and relevant products to their clients. “I think it further enriches the dataset that a bank is working with and can use for a vast range of financial products.”
To help banks take advantage of the opportunity that health data provides, it offers a white-label health app for businesses. This empowers the financial institution to launch a branded health tracking app for customers, prospects and employees. Through this, users can get access to the dacadoo Health Score, which gives them a score between 0 and 1,000 on their overall health. This includes personalised insights on how to make healthier choices to improve the score.
This allows banks to gain access to valuable data that can influence the products they offer a client but can also help boost customer engagement.
Dijohn explained, “What we have seen from clients is that when you deploy health and wellbeing, people are using the app much more frequently than to check their credit card statement. When you use something more frequently and you find value, it builds much stronger NPS and gives you a deeper relationship. It also gives the bank greater access to the consumer and implies a bit of permission as well, because you have that trusted relationship on health and wellbeing it is almost like a conduit.
“In insurance you talk a lot about embedded insurance. When you go to buy a holiday, it comes up and says would you like to buy travel insurance. You find it completely natural to do it because it is just part of the process you are going through. There are more and more cases where you can embed products, services and other aspects into that journey in a way that seems completely natural in the context of what you are doing.”
Watch the full interview to get insights into:
– The metrics and KPIs that best demonstrate the value of health integration in banks
– The biggest challenges in embedding health and wellness features
– How banks can use health engagement to attract high-value customers
– Privacy and ethical considerations to be mindful of
– The future of digital health and financial services
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