Financial Wellbeing – Thematic Research

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Banks are developing wellness solutions, going beyond providing financial products to leveraging individual customer relationships in order to become a source of financial guidance. They already offer a range of products intended to assist with some of the fundamental pillars of wellbeing – particularly those surrounding medical and financial aspects. They are also increasingly seeking to use advances in software to add value.

Wellbeing as a concept is gaining traction across financial services but has particular relevance for insurance related to health or life cover. Wellness components are being introduced in both group and individual policies and insurers are shifting from merely paying out medical claims to promoting customers’ health and wellbeing in order to reduce certain claims. Healthier customers also mean fewer claims (and of reduced severity).

Banks are undergoing a similar transformation, aiming to become financial wellness partners and increase the resilience of customers, with the expectation this will lower defaults and non-performing loans (NPLs) as a result.

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What are the market dynamics of financial wellbeing?

Over the last few decades, it has become customary for banks to offer some kind of wellness component in their business product proposition. Banks and insurers typically offer various add-on services to the core offering in business banking or group insurance that complement the underlying product. This includes health-related benefits for a group life or health insurance policy and financial advice for retirement products.

While most banks offer wellness components to some extent, there is little standardization. Offerings range from simple finance tips to highly involved software analysis, budgeting tools, specialized account features, and even formal advice and debt restructuring. Wellness services targeted at businesses also vary considerably from no-cost financial education resources that can be offered to employees to subsidized retirement planning, group financial (often insurance) benefits, and tailored one-on-one advice. For example, Morgan Stanley at Work provides workplace financial solutions that run the gamut of simple budgeting help to more involved financial advice sessions that aim to help structure employee share plans in the most advantageous manner.

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What are the main trends shaping the financial wellbeing?

Technology trends

PFM software, big data analytics, artificial intelligence (AI), wearables, are few of the technological trends that will be shaping the financial wellbeing.

Macroeconomic trends

Demographic shifts, environmental, social, and governance (ESG) issues are also trends in financial wellbeing. There is also an increasing understanding and sophistication around wellbeing. Aspects such as physical, mental, financial, or emotional wellbeing are seen in a more holistic way, rather than distinct from each other. The COVID-19 pandemic has highlighted the importance of good health and financial wellbeing. It is also accelerating the concept of wellbeing in the workplace.

Regulatory trends

Employers have a duty of care to their employees and are legally required to take steps that are reasonably possible to ensure their health, safety, and wellbeing at work. They may employ OH professionals to implement health and safety regulations and promote wellbeing. Many financial regulators have enhanced the duty of care obligations financial services providers have to their customers – particularly those offering credit or investment products.

Strategy trends

Neobanks/ digital banks, open banking, salary advances/employee loans are few of the key strategy trends impacting the financial wellbeing theme.

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Which are the leading companies in the financial wellbeing theme?

Betterment, Discovery, Douugh, HSBC, John Hancock, Morgan Stanley, Verily and Yodlee are some of the public companies in the financial wellbeing theme.

Acorns, BrightDime, Credit Karma, dacadoo, Frollo, SmartDollar, Vitality, YuLife, and Wellable are some of the private companies in the financial wellbeing theme.

Market Report Scope

Public Companies Betterment, Discovery, Douugh, HSBC, John Hancock, Morgan Stanley, Verily, and Yodlee
Private Companies Acorns, BrightDime, Credit Karma, dacadoo, Frollo, SmartDollar, Vitality, YuLife, and Wellable


  • Financial wellbeing has become more of a concern with the rise of COVID-19 but has seen no drop off in consumer interest as the pandemic has started to come under control.
  • Many banks are investing in a wellness offering to add stickiness to the main financial institution relationship.
  • Wellness offerings are increasingly driven by AI and insights derived from customer transaction data.

Reasons to Buy

  • Learn about the current shape of the financial wellbeing marketing.
  • Gain insight into best practice cases studies from around the world.

Commonwealth Bank of Australia
Morgan Stanley

Table of Contents

Executive summary


Thematic briefing


Industry analysis

Value chain


Banking sector scorecard


Further reading

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