ProsperityHSA: Grow Deposits

Attract and retain retail deposits

Leverage digital advancements and financial wellness benefits

Tailored, digital-first services and how ProsperityHSA can help

Traditional banks are at risk of losing their role as the primary financial institution for many consumers, who say that their primary financial institution doesn’t make offers tailored to their financial situation or doesn’t offer personalized service. Some believe their financial institution simply doesn’t understand their needs.

To retain their most valuable customers, banks and credit unions must provide digital-first, intelligent, and eventually autonomous services that are tailored to consumer financial and budgeting needs.

ProsperityHSA can be a critical component in that effort.

Evolution of household budgeting

The line items in a typical household budget have changed significantly in just the past few decades. Certain expenses – such as mortgage or rent, utilities, food, clothing, and transportation – have always been a constant.

However, with the evolution of the U.S. healthcare system and related insurance trends, families now find themselves also needing to budget specifically for substantial healthcare deductibles, co-pays, and co-insurance. 

HSAs: a strategic approach to meet consumer financial needs and attract retail deposits

HSAs provide a method for financial institutions to align with consumers’ needs and interests while opening an additional source of revenue. Younger adults in particular (Millennials and Gen Z) want to broaden their retirement investment and savings choices and HSAs provide a path to do that. These consumers look to digital-first options and more comprehensive financial and health savings solutions in one place.

By offering important, even essential financial well-being benefits to consumers both through their employers and directly, your institution can gain a significant advantage in the minds of current and potential depositors, boosting customer acquisition, retention, and lifetime value.

Financial institutions are experiencing a 15% average customer attrition rate per year, with a 1-2% average net income loss per point of customer attrition. At the same time, the average acquisition cost for a new customer has reached $500!

Can you afford NOT to explore the opportunities presented by working with ProsperityHSA? Contact us today to start a conversation.