SimplyCast
Use Case: Financial Health Index
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ID: OUC002

Financial Health Index

Financial Health IndexFinancial Health QuizzesAccess Financial Health Info

Every credit union wants to introduce the concept of a Financial Health Index (FHI) to their clients. This is a metric that measures a client’s financial flexibility and resiliency for navigating challenges and seizing opportunities when they are presented unexpectedly.

Unlike standalone metrics, like a credit score or the balance of a savings account, financial health is measured holistically by asking eight questions — one for each key indicator of financial health and four pairs of questions that speak to spending, saving, borrowing, and planning for the future.

Growth, the SimplyCast Way

By working with financial advisors, SimplyCast has built a solution that helps make financial health information more accessible to everyone through the use of quizzes and facilitated appointment scheduling and reminders.

We can help you:

  • Make it easier for members to assess their financial health.
  • Show prospective members how their financial health can be improved.
  • Reduce the time it takes to evaluate the financial health of members.

Actions for Success

  1. Provide FHI Tool to Clients
    The FHI tool can be provided to clients and new potential clients using a combination of several communication channels including email newsletters, online forms, and communications specifically to promote the FHI.
  2. Clients Complete Quiz
    Before new or potential clients complete the FHI quiz, their contact information needs to be gathered. If they are existing clients, this data can be used to update their existing profiles. If they are new potential clients, use this information to build a database of leads financial advisors can follow up with.
  3. Assess Financial Health
    Based on the answers submitted via the quiz, the solution will automatically assign a score to each client that will represent a holistic measurement of their financial health. These scores range from 0 to 100 and they are used to determine in which of three tiers a client belongs.
  4. Schedule Appointments
    After clients have received their financial health score, the solution will automatically send them a conversation guide that will provide them with information that they can discuss with a financial advisor, with links to book appointments.

Frequently Asked Questions

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