Of all institutions, banks are at the forefront of sensing and encouraging the financial resiliency of their customers. They have clear insights into the state of an individual’s financial balance, spending and debt situation. This is especially valuable as customers’ finances are put under unusual strain through no fault of their own.
Financial resiliency is becoming a major issue as the economy transitions from those measures that protected jobs at risk. Additionally, we are seeing a sharp rise in the cost of living in many major markets including the UK. The FT recently reported that all families will be confronted with higher energy and food bills this autumn.