CLEVELAND and WASHINGTON, March 9,
2015 /PRNewswire/ -- KeyBank National Association, a
leading regional bank, and HelloWallet Holdings, Inc., a
Morningstar company and an award-winning provider of personalized
financial guidance, have been working together to launch an
initiative intended to help KeyBank clients achieve better
financial health.
The initiative stems from separate research by KeyBank and
HelloWallet that showed consumers know their personal finance goals
– such as retirement or paying for college – but are not confident
that they know what steps to take to reach those goals.
KeyBank and HelloWallet believe this confidence gap prevents
people from taking charge of their financial health.
Defining the Confidence Gap
In October 2013, KeyBank surveyed more than 1800
people, including bank clients about their financial goals. Among
other findings, 70 percent of those surveyed reported saving for
the future was their top financial goal. But 72 percent admitted
they are not confident in their ability to plan for that
future.
HelloWallet research shows a similar trend. An October 2014 survey of more than 1,500 workers
showed 77 percent of those surveyed said saving for retirement was
their top priority, yet only 49 percent had a plan for achieving
those goals.
Working together, KeyBank and HelloWallet are launching a
multiphase initiative to better understand what drives financial
confidence and wellness, so KeyBank can help its clients make
better informed decisions.
"We want our clients to feel confident in their financial
choices," said Dennis Devine,
Co-President of Key Community Bank, Consumer and Small
Business.
"Our relationship with HelloWallet will give us insight into
what we can do to help our clients bridge the confidence gap."
Bridging the Confidence Gap
HelloWallet and KeyBank's plan includes:
- Conducting further research across diverse segments to learn
what drives KeyBank clients' financial health and financial
confidence, with a focus on evaluating financial outcomes and
reported confidence levels.
- Offering KeyBank clients HelloWallet's 3 Minute Financial Plan,
a program for delivering quick, unbiased financial insight.
Participating KeyBank clients will derive immediate benefit, as the
bank can offer them more insightful, individual guidance, such as
how much to hold in emergency savings.
- Using HelloWallet's mobile and web-based applications to
provide KeyBank clients with independent financial
guidance—including the financial wellness score—and personalized
budgeting and spending tools. The HelloWallet program will help
KeyBank clients set and monitor their financial goals, prioritize
financial decisions, and have a clear understanding of how they are
spending their current income.
Devine added: "KeyBank will continue to work together with
HelloWallet to create an integrated program we can use every time
we interact with clients to ensure we offer them insightful,
personalized guidance based on our understanding their specific
short- and long-term needs."
"Our goal is to democratize access to financial guidance for all
Americans," said Matt Fellowes,
founder of HelloWallet and Morningstar's Chief Innovation Officer.
"Working with KeyBank is a tremendous opportunity to offer the
bank's clients consistent, personalized guidance so they can feel
confident in their ability to make well-informed financial
decisions."
About HelloWallet Holdings, Inc.
HelloWallet Holdings,
Inc., a wholly owned subsidiary of Morningstar, Inc. (NASDAQ:
MORN), works with employers to provide independent, personalized
financial guidance to employees through web and mobile-based
software applications. Using behavioral and consumer research and
analytics, HelloWallet helps employees make the most of their
salary and benefits. HelloWallet operates a double bottom line
business model: for every five subscriptions sold, HelloWallet
donates one subscription to a family in need. HelloWallet is
headquartered in Washington, D.C. For more information,
visit www.hellowallet.com.
About KeyCorp
KeyCorp traces its history back more
than 160 years and is headquartered in Cleveland, Ohio. One of the nation's largest
bank-based financial services companies, Key has assets of
approximately $94 billion. Key (NYSE:
KEY) provides deposit, lending, cash management and investment
services to individuals, small and medium-sized business under the
name KeyBank National Association. Key also provides a broad range
of sophisticated corporate and investment banking products, such as
merger and acquisition advice, public and private debt and equity,
syndications and derivatives to middle market companies in selected
industries throughout the United
States under the KeyBanc Capital Markets trade name.
For more information about KeyBank, visit www.key.com. Follow
KeyBank on Twitter @KeyBank_News and @KeyBank.
Banking products and services are offered by KeyBank National
Association. Key.com is a federally registered service mark of
KeyCorp. ©2015 KeyCorp. KeyBank is Member FDIC.
KeyCorp, its affiliates, and subsidiaries are not affiliated or
in any way related to HelloWallet Holdings, Inc.
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SOURCE KeyCorp