With the goal of improving the financial health of all Americans, especially the underserved, The Center for Financial Services Innovation needed to learn how senior financial executives valued improving their consumers’ financial health. A survey of 650 C-level executives across the commercial spectrum provided keen insights and established a framework for longitudinal analysis.

Simply stated, the Center for Financial Services Innovation (CFSI) wanted to examine senior executives’ perceptions of their institution’s services and practices. As a non-profit tasked with improving the service provided to financially underserved populations, CFSI required extensive data starting with the construction of lists of potential institutions in each industry segment based on assets, numbers of institutions and reach.

While it’s not unusual for us to commit to surveying 650 C-level executives—CEOs, CFOs, CIOs, and CMOs—and their direct reports, identifying and surveying US banks, credit unions, fintechs, payment networks and bureaus based on assets, revenues or dollars raised made the sample and varying quotas complex.

Beresford Research designed and delivered CFSI’s first Senior Executive Financial Health Study and established a framework for longitudinal analysis. Respondents, while all anonymous, included C-suite executives from the largest banks with over $100 billion in assets, down to $25-million-dollar Fintech startups. We completed survey design, implementation and analysis on time, in just 12 weeks.

Some of the topline takeaways that CFSI shared with participants:

  • Two-thirds of the senior financial services executives surveyed believe consumer financial health initiatives can help their customers and deliver important strategic value for their businesses. Yet, despite this urgent consumer need and the possible business benefits, the study found only about half of respondents currently incorporate these efforts into their strategic plans.
  • 51% of executives say that they have launched at least one product or service to improve customer financial health.
  • But only 35% of executives responded that their institutions are tracking data on customer financial health outcomes, and only 19% are reporting customer financial health data at an enterprise level

Click to read CFSI’s report From Buzzword to Business Model: How Industry Executives View Financial Health”.

Center for Financial Services Innovation
Center for Financial Services Innovation

“Beresford Research was a great partner to us, guiding our team during the development of our survey instrument and making sure we reached our target demographic. Julien and team were always very responsive to our requests and provided expert analysis during the development of our report.”