In recent years, there has been a growing emphasis on the importance of financial health (FH)—defined as the extent to which an individual or family can smoothly manage their current financial obligations and have confidence in their financial future. Financial service providers (FSPs) adopting a client FH strategy focus on improving their clients' financial well-being rather than merely selling products or services. This shift towards a more client-centric model is hypothesized to lead to better outcomes for both clients and FSPs. In this session, the e-MFP Research Action Group will introduce the business model for FH, the framework developed by the AG, alongside some early-stage experiences. Additionally, participants will gain valuable insights from FH experts working on the ground, who will share successful strategies and real-world examples of how prioritizing client financial well-being drives tangible results.
The session will provide the audience with:
- A framework to understand the rationale for implementing a FH approach to benefiting clients and FSPs
- Real examples of how FSPs are benefiting from introducing FH strategies in their financial services supply
