HelloWallet: Employee Financial Advice by Education and Reminder

Forbes has this excellent review of HelloWallet, a Fintech solution for employers keen to help their staff with financial well-being. This application works by education and reminders - Forbes uses the term 'nagging' - to help staff increase their savings rates. Link. HelloWallet is a subsidiary of Morningstar Inc.

David Chaplin Writes on Fintech

David Chaplin writes that CEOs estimate that Fintech may account for 20% of sales over the next five years. The shift may be difficult to track.

Those working exclusively in traditional channels often find it hard to recognise, or believe, that shifts are happening. A good example is the independent publishing movement. One story has it that a traditional publisher met a woman at a convention who told him her sales figures for romance novels sold independently and he refused to believe her. She pulled her bank statements from her briefcase to prove it to him... Such moments are already happening in New Zealand financial services, and as Fintech grows, they will continue to happen. 

The Fintech trends most likely to affect the sales of personal lines insurance are: 

  • Automated underwriting
  • Wearable technology providing data for underwriting and premium rating
  • Products and services for traditionally unprofitable customers
  • Better back-end systems to reduce cost in the value-chain
  • Automation of clunky risk advice processes - within adviser businesses and 'direct'
  • Standardisation of customer experience across all points of contact