Interactive, mobile-first financial education
tool enables financial institutions to deliver critical education
to adults in their communities
CHARLESTON, S.C., Nov. 12,
2024 /PRNewswire/ -- EVERFI® from Blackbaud®, the
leader in powering social impact through education, today announced
a major evolution of its EVERFI Achieve™ product, a powerful
tool designed to provide just-in-time financial education and
elevate financial institutions' relationships with their customers.
With a fresh new look, an intuitive mobile-first design, and
enhanced personalization features, the revamped Achieve goes beyond
basic financial education to empower banks and credit unions in
building trust, fostering deeper connections, and enhancing brand
loyalty. This innovative platform not only offers a significant
return on investment opportunity, but also serves as an
essential enhancement to customers during their journey as a real
time financial resource, is a powerful customer retention
tool, and a versatile resource for CRA compliance and small
business employee financial wellness.
An August 2024 survey by EVERFI
revealed that most adults lack the information and confidence
needed to make financial decisions. More than 70% of respondents
reported that they feel stressed when making financial decisions,
and only one in five felt confident in their current knowledge.
Those who have received some form of financial education were more
confident in making financial decisions and used a wider range of
financial products from their financial institution, but their
preferred way of learning varied widely. While most preferred brief
(61%), online (64%) education, specific needs differed by
demographics and prior financial experience, emphasizing the demand
for flexible, tailored, personalized guidance.
Building on five years of insights and feedback from its vast
customer network, EVERFI has reimagined Achieve to help financial
institutions deliver even more value to their customers with
personalized, relevant content. In addition to a content library of
more than 100 topics, 13 new resources have been added to meet bank
customer needs, covering important financial topics like home
equity loans and lines of credit, inherited IRAs, and how to
understand social security benefits and statements. Moreover,
financial institutions can now embed strategically placed calls to
action that introduce customers to relevant products, services, and
other financial coaching opportunities.
EVERFI has also released two new Learner Pathways designed to
help learners reach a specific financial goal, such as getting out
of debt or building an emergency savings fund, with additional
topics to come. In each Learner Pathway, users navigate through
"just-in-time" financial content followed by a tool and/or
calculator that enables the user to enter their own unique data to
generate a customized plan. By following a step-by-step plan to
achieve a particular financial goal, users can enhance their
financial security while fostering stronger relationships with
their financial institution.
New Learner Pathway: Debt Repayment Strategies
More
than half of Americans find themselves burdened by personal debt; a
reality that has been entrenched more deeply by recent U.S.
economic conditions. According to the American Psychological
Association's 2023 Stress in America Survey, 77% of Americans
report feeling anxious about their financial situation, with 58% of
respondents citing debt as the primary stressor. The new Debt
Repayment Strategy Pathway offers a structured approach to
developing a customized debt repayment plan. The pathway includes
three modules: Debt Repayment, which introduces strategies like the
avalanche and snowball methods; Debt Consolidation, which helps
users learn how to consolidate their debt and determine if
combining debts could lower their overall interest rates; and
Preventing Overdraft Fees, which provides tips to help avoid
unnecessary charges. A final Next Steps module offers guidance on
maintaining progress and accessing further financial resources.
New Learner Pathway: Building My Emergency Savings
Based on a recent survey, 58% of Americans do not have an emergency
fund separate from their savings account. The Emergency Savings
Learner Pathway offers customers a step-by-step guide to building
an emergency savings plan and learning how to save money through
savings accounts. Key features include an Emergency Fund Tool,
which helps consumers see what amount they need in emergency funds
and how long it might take to save that amount, and an Investment
Growth Calculator, that helps users see how their money can grow
when invested in stocks, mutual funds, or other investments. The
Building Emergency Savings Next Steps module provides simple tips
to help start and grow an emergency savings plan.
"We completely overhauled EVERFI Achieve based on direct
customer feedback to deliver an unrivaled financial wellness
experience. Our focus is on impactful, engaging tools designed to
foster sustained learning and genuine financial empowerment," said
Ray Martinez, president and
co-founder, EVERFI from Blackbaud. "Unlike gamification, which
drives instant gratification but diminishing long-term engagement,
our approach prioritizes personal relevance, goal-setting, and
meaningful action planning to ensure lasting engagement and
satisfaction."
EVERFI Achieve offers a unique opportunity for financial
institutions to position themselves as a trusted guide in their
customers' financial journeys. The mobile-first experience adapts
to the diverse needs of modern consumers, and the improved
navigation makes it easier for users to find the financial guidance
they need right when they need it. The easy-to-customize platform
allows financial institutions to embed product offers and
incentives directly into the learning experience, effectively
tailoring their marketing to specific customer needs. By investing
in Achieve, banks and credit unions can demonstrate your commitment
to financial well-being, aligning their brand with the values of
their community, and making a tangible impact on financial
literacy.
EVERFI has partnered with thousands of financial institutions to
reach more than 60 million learners globally. Learn how partnering
with EVERFI can help bring this critical education to the next
generation and create a scalable, lasting impact:
https://everfi.com/financial-education/consumers/
About EVERFI from Blackbaud
EVERFI® from Blackbaud®
(NASDAQ: BLKB) is an international technology company driving
social impact through education to address key societal challenges
like financial wellness, mental health, workplace conduct, and
more. Founded in 2008, EVERFI has reached millions of K-12 and
adult learners worldwide with its transformative digital
educational content. Through a unique third-party payer model,
EVERFI provides K-12 schools in the U.S. with access to essential
educational resources at no cost, ensuring that students everywhere
gain vital life skills. Recognized as one of the World's Most
Innovative Companies by Fast Company and featured on Fortune
Magazine's Impact 20 List and the GSC EdTech 150, EVERFI continues
to shape the future of digital learning. To learn more about
EVERFI, please visit everfi.com or follow us on Facebook,
Instagram, LinkedIn, or X/Twitter @EVERFI.
Media Inquiries
Jennifer Edgerly
EVERFI from Blackbaud
jedgerly@everfi.com
Forward-Looking Statements
Except for historical information, all of the statements,
expectations, and assumptions contained in this news release are
forward-looking statements that involve a number of risks and
uncertainties, including statements regarding expected benefits of
products and product features. Although Blackbaud attempts to be
accurate in making these forward-looking statements, it is possible
that future circumstances might differ from the assumptions on
which such statements are based. In addition, other important
factors that could cause results to differ materially include the
following: general economic risks; uncertainty regarding increased
business and renewals from existing customers; continued success in
sales growth; management of integration of acquired companies and
other risks associated with acquisitions; risks associated with
successful implementation of multiple integrated software products;
the ability to attract and retain key personnel; risks associated
with management of growth; lengthy sales and implementation cycles,
particularly in larger organization; technological changes that
make our products and services less competitive; and the other risk
factors set forth from time to time in the SEC filings for
Blackbaud, copies of which are available free of charge at the
SEC's website at www.sec.gov or upon request from Blackbaud's
investor relations department. All Blackbaud product names
appearing herein are trademarks or registered trademarks of
Blackbaud, Inc.
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SOURCE EVERFI
