With the onset of COVID-19, public mental health concerns have taken centre stage. Aggravated loneliness, low job security and fear of getting infected are some of the themes that have ignited conversations around mental health during the pandemic. While mental health is a topic that has slowly become acceptable to discuss, speaking openly of one’s financial struggles can be extremely uncomfortable.
Financial service providers can make a difference in their customer’s lives by leveraging the vast amounts of accounting data that they already possess. For instance, a sharp rise in a customer’s Accounts Payables could indicate that they may require budgeting advice. Many customers are not aware of the programs or products that they could qualify for to help such issues, or may not reach out for help for personal reasons.
Companies can also leverage open accounting APIs to speed up their service delivery. Financial information through alternative data can help in providing customer information, which can help in approving services at a faster pace, such as loans and lines of credit; another concern for stressed-out customers.
While open accounting provides endless opportunities to tackle mental health and financial wellbeing, user experience and service delivery are low hanging fruit to help support at-risk customers. Forward-thinking Fintechs are already leveraging accounting data to improve the mental health of their customers by promoting financial wellbeing through frictionless services, supporting informed decision-making and identifying flags throughout their users’ journey.
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