As a financial institution, your mission goes beyond offering checking accounts and competitive interest rates. You’re here to help people move forward—to create real, measurable financial wellness in their lives.
That’s no small task. Financial wellness touches nearly every part of a person’s well-being, from daily decisions to long-term dreams. And when your consumers are financially well, your institution thrives, too. Thanks to modern digital solutions and smarter engagement strategies, it’s never been easier—or more important—to help your consumers take control of their financial lives.
What is financial wellness, really?
Financial wellness isn't just about having a healthy bank balance. At its core, financial wellness refers to a person's ability to absorb financial shock, control day-to-day finances, and plan for the future. Individuals might focus on retiring by a certain age, building wealth, or minimizing debt. In short, financial wellness allows people the financial freedom to make choices and participate in events to enjoy life.
For your consumers, financial wellness is more than a specific number or savings goal— it's a fundamental aspect of life.
Why it matters: the ripple effects of financial wellness
When people feel in control of their money, everything else gets better. Here’s how:
Improved physical well-being
Financial wellness and health have a strong relationship. Studies show that those with difficulties paying debts are more likely to experience depression and suicidal behaviors and thoughts. The mental consequences of poor financial wellness can translate to physical consequences as well. For example, high stress impacts blood pressure, increasing the likelihood of stroke, diabetes, and heart disease. Alternatively, people with positive financial wellness can find more enjoyment in everyday activities and seek joyful experiences.
Reduced stress
Money is often the front and center of many decisions, which can lead to higher stress levels for people with poor financial well-being. People with financial issues are 1.5 to 3 times more likely to experience anxiety and depression. Stress levels also vary, depending on the source of debt. For example, people with medical debt and other debt outside of their control are more likely to experience worsening mental health.
Enhanced quality of life
When people feel that they have control over their financial situation, they can find more enjoyment in their experiences. Those who have financial freedom can enhance their lifestyle by making choices that contribute to their happiness and strengthen their relationships.
Increased productivity
When people are financially secure, they have more time to focus on forward-thinking activities to further their careers. Similarly, business owners can spend more time growing their businesses.
Despite the importance of financial wellness, many consumers are falling behind. Factors include a lack of financial education, uncontrollable debt, high living costs, and insufficient income which can make it challenging for people to take control of their finances. A recent study shows that as many as 70% of Americans report being financially unhealthy, making it imperative for financial institutions to offer a helping hand.
Where financial institutions come in
Helping your consumers feel financially empowered is more than a feel-good initiative—it’s a strategic imperative. But traditional approaches aren’t cutting it anymore. High-interest savings accounts and general financial advice may have helped in the past, but today’s consumers expect more.
Instead, modern financial institutions recognize the need for more holistic approaches and more meaningful engagement. From educating your audience on positive spending habits to creating financial wellness programs and offering incentives, there are plenty of ways to change the game and boost outcomes. You can lean into social media to reach a younger audience and instill positive habits early. Get creative and find ways to make learning about finances fun while promoting your products and services. Taking a personalized and engaging approach can make a lasting impact on your consumers and promote long-term well-being.
It’s not about building everything from scratch. It’s about integrating smart, scalable solutions that put power into your consumers’ hands.
Embedded fintech: A game changer for financial wellness
Embedded fintech doesn’t just enhance your tech stack—it transforms the way you serve your users. Modern digital solutions like embedded fintech bring budgeting tools, digital banking apps, and saving incentives to your consumers' fingertips.
Embedded fintech enables continuous user engagement, supports innovation, and boosts conversion potential. Leveraging embedded fintech solutions empowers your consumers to enjoy benefits like:
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Seamless access to tools directly within your ecosystem
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Personalized insights that help users take meaningful action
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Frictionless experience that drive higher engagement and conversions
It’s not about building everything from scratch. It’s about integrating smart, scalable solutions that put power into your consumers’ hands.
Practical ways to promote financial wellness with embedded fintech
Let’s make this actionable. Here are three embedded fintech strategies to get you started:
Identifying consumer needs and pain points
Embedded fintech empowers you to leverage robust data analytics to identify consumer pain points and needs. You can use this information to build supportive programs and interact with your audience at critical moments.
Integrating innovative solutions
Forging fintech partnerships supports innovation and empowers you to leverage the digital services and products your consumers will love. You can integrate embedded fintech solutions like subscription management, identity protection, and debt management solutions.
Providing personalized financial advice
Generic advice doesn’t cut it. With the right data, you can offer smart, individualized guidance that earns trust—and keeps users coming back.
What's next: trends in embedded fintech and financial wellness
The embedded fintech space is only getting smarter. Here’s what’s on the horizon:
AI-powered advisory
One noteworthy trend to watch out for is AI-powered advisory. This feature has the power to reshape personal financial management. Many industries and businesses are embracing AI in several ways, but new advisory capabilities could reshape how consumers navigate budgeting, investments, and debt management.
Advanced automation
Intelligent automation empowers financial institutions to deliver more services faster than ever before. Automation can boost user experiences, improve service quality, and enhance accuracy and efficiency.
Analytics and data
Data and analytics have always been crucial to the financial industry. However, new use opportunities could aid elements like user segmentation, risk management, and fraud detection, making embedded solutions more reliable and accurate for consumers and institutions.
Why trust Array for financial wellness solutions?
At Array, our mission is to fuel financial security. We provide high-impact embedded solutions to empower our clients to become a one-stop shop for financial products and services. Our platform helps your consumers support their financial future while enhancing user experiences, giving you a competitive edge and bolstering revenue streams.
We've secured a spot on the Fintech Innovation 50 list, highlighting our capabilities and potential. Our private-labeled financial components can deepen your consumer relationships, diversify your product portfolio, and establish your institution as attentive and reliable.
With us, you have a team of experts ready to assist. We'll help you remain competitive, drive user engagement, and gather deep consumer insights to inform your decision-making. Hundreds of organizations have partnered with us to generate success, and we want to add you to our list of satisfied partners.
Disclaimer: Array takes pride in ensuring the information we share is accurate and up-to-date; however, we understand that the information you read may differ from the product(s) and/or service(s) mentioned. We present the product(s) and/or service(s) you read about without warranty. We recommend you review the product and/or services’ terms and conditions before you make a decision. If you encounter inaccurate or outdated information, let us know by writing to: info@array.com.
Editorial Note: This content is the author’s opinion, expression, and/or recommendation(s).
Adam Dolby is a seasoned fintech leader with deep expertise in identity, authentication, and financial security. As a Partnerships Manager at Array, he specializes in forging strategic alliances that drive growth for financial institutions, fintechs, and digital brands.
With a career spanning consultative sales, product development, and strategic partnerships, Adam has advised some of the world’s largest organizations on mitigating risk, enhancing customer adoption, and shaping the future of digital security. His international perspective—honed through collaboration with global enterprises—allows him to navigate complex regulatory landscapes and cultural dynamics, ensuring seamless integration of security solutions. Prior to his fintech career, Adam spent a decade managing electronic banking operations at Berkshire Bank, giving him a unique vantage point on fraud prevention and financial ecosystems.
Beyond fintech, Adam serves as a volunteer firefighter and EMT, demonstrating his commitment to both professional and community service. Passionate about the intersection of technology, security, and financial empowerment, he continues to advocate for innovative solutions that enhance consumer protection and industry resilience.
With a career spanning consultative sales, product development, and strategic partnerships, Adam has advised some of the world’s largest organizations on mitigating risk, enhancing customer adoption, and shaping the future of digital security. His international perspective—honed through collaboration with global enterprises—allows him to navigate complex regulatory landscapes and cultural dynamics, ensuring seamless integration of security solutions. Prior to his fintech career, Adam spent a decade managing electronic banking operations at Berkshire Bank, giving him a unique vantage point on fraud prevention and financial ecosystems.
Beyond fintech, Adam serves as a volunteer firefighter and EMT, demonstrating his commitment to both professional and community service. Passionate about the intersection of technology, security, and financial empowerment, he continues to advocate for innovative solutions that enhance consumer protection and industry resilience.