Introducing the CFSI Financial Health Score™ Toolkit

At its annual EMERGE conference in Los Angeles, CA last week, CFSI publicly released the CFSI Financial Health Score™ Toolkit, a resource to help financial service providers diagnose, track, and ultimately improve their customers’ financial health. While the Toolkit has been available to CFSI’s Financial Health Network members since last October, this broad release represents an exciting opportunity for more organizations to explore tools and information that can help them take a critical step towards improving the lives of their customers, employees, and communities.

The Toolkit is a simple-three part resource that includes a Survey Guide, Scoring Logic, and Benchmarks. Organizations can use the Toolkit to gain a holistic, moment-in-time snapshot of their customers’ financial lives and track changes in their financial health over time. The Toolkit is designed to be simple, straightforward, and easy-to-use; a resource for companies looking to understand, and ultimately improve, their customers’ financial lives.

But the CFSI Financial Health Score™ Toolkit is more than just a measurement framework; it represents a new way of thinking about the role financial services providers can play in their customers’ lives.

Amidst a rapidly evolving competitive landscape, financial services providers must invest in their customers’ wellbeing in order to thrive. Banks, credit unions, lenders, and other providers must evolve from thinking of themselves as being in the financial services business to being in the financial health business. At its heart, being in the financial health business means expanding your company’s definition of success to include positive outcomes for your customers, not just positive outcomes for your business.

The CFSI Financial Health Score™ Toolkit will help you do just that. Your company can use the Toolkit to diagnose your customers’ financial health and track changes in their financial health over time. You can use insights from the diagnosis to inform the design of high-quality products, programs, and solutions. Sharing financial health scores directly with your customers will help them understand how they can improve their own financial health. Ongoing tracking will allow you to assess whether your company is making a meaningful difference in your customers’ lives over time.

A number of companies have already started using the Toolkit to measure and improve their customers’ lives.

Wright-Patt Credit Union is using the CFSI Financial Health Score™ framework to engage members in free, one-on-one coaching programs to help them improve their financial health. Regions Bank has fielded the CFSI Financial Health Score™ survey to 10,000 customers to diagnose their financial health to inform strategic decisions. More than a dozen other companies have committed to using the framework to measure and track their customers’ financial health through CFSI’s Financial Health Leaders program.

The CFSI Financial Health Score™ Toolkit is meant to be a starting point; a critical step towards proving that financial health can be measured and ultimately improved. Data collected from consumers’ transaction records and accounts can provide your company with additional insights into your customers’ financial health. We hope that this framework will inspire your company and others to develop more complex and creative ways of diagnosing and tracking consumers’ financial health.

Explore the Toolkit to start measuring and improving your customers’ financial lives.

Want to learn more? Watch a recording of our webinar on the Best Practices in Financial Health Measurement. Register Today >>