NatWest partners with Money Wellness to prevent the financial health of its clients

The British Bank Natwest It has just officially signed its new collaboration with the British financial welfare organization Money Wellness. The two new partners present their new joint initiative to identify upstream the bank's customers' financial malady. Banking advisors are directly involved in this action, which links financial and mental health and aims to improve the relationship between the bank and its clients.

FACTS

• NatWest Bank, as well as RBS and Ulster Bank networks, will now offer a new customer support solution in the form of a financial health check with Money Wellness, a partner of the banking group as part of this initiative.

• The latter directly involves the bank's advisors, who will also be accompanied to more proactively identify the signs of financial vulnerability of their clients. They will then be offered the possibility of completing a free Money Wellness financial health check.

• This can be done in three ways:
  • via a contact with a Money Wellness advisor,
  • via telephone appointment,
  • via a secure link to an online route.

• Several themes can be addressed according to the needs of clients, such as budget support, debt advice or revenue maximization.

ISSUES

• Complete your accompanying device : NatWest is not in its first initiative to support its clients beyond financial services alone, in a comprehensive approach to supporting and raising awareness about risks. The UK bank presented, for example, at the end of last year, a calendar of Advent against fraud but also one board game on the same theme to raise the awareness of its clients about the risk of fraud. She is now working to address another risk that is related to mental and financial health. A theme that had already motivated investment agreed by the group in Serene, an AI platform dedicated to fighting financial vulnerability.

• Achieving its objectives : In July 2023, NatWest specified its 2027 target of helping 10 million people each year to manage their financial well-being. Digital tools and a personalized commitment, including a financial health check, were already presented as solutions to achieve this goal.

• Preventing risk and humanizing The particularity of NatWest's initiative today is its ambition to prevent risk and offer support to potentially fragile customers as soon as possible. And this involves offering a new and expanded role to banking advisors, and giving even more meaning to the rehumanization of the relationship.

PERSPECTIVE

• This initiative taken by NatWest is part of a broader trend in recent years now by financial actors in support of the financial health of their clients. The general idea now is to prevent risk and promote well-being. This trend stems directly from the democratisation of MDPs and personal financial management tools. It demonstrates the close link between mental health and client financial health, and the interest of financial institutions in taking care of these two aspects of their clients' lives to improve their relationship and loyalty.

• The initiatives have thus multiplied, in the same way as Metro Bank, which was also opting for a partnership with an association to support its clients who are victims of fraud, including psychologically. Most recently, it is also another British bank, TSB, which proposed to its clients victims of domestic violence a complementary personal security service with Hollie Guard Extra.

• Addressing these questions is part of the responsible commitment of the financial actors in the banking and insurance sector. Last example in France, with the initiative AXA's recent move to include relocation in its HRM contracts in the event of domestic violence.

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