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In today's fast-paced and stressful world, financial wellness has become a critical aspect of overall well-being. For employees, financial stress can be a significant burden, affecting not only their personal lives but also their professional performance. For employers, the benefits of supporting your employees’ financial wellness are particularly compelling. By providing tools and resources to financially empower your workforce, you can create a more engaged, motivated, and stable team, ultimately driving organizational success.Learn more about employee benefits from Experian Why employee financial wellness matters Employees don’t leave financial stress at home when they head to work. In fact, employees may spend over 8 hours a week at work worrying about their personal finances1. Financial wellness for employees is essential because a financially stressed workforce can be costly to your organization.  A few negative consequences of a financially stressed workforce are: Higher healthcare costs: Financial stress can contribute to physical and mental health problems, increasing healthcare costs for both employees and employers. Employees report that financial stress has had a negative impact on their sleep, mental health, and physical health2. This chronic stress can lead to serious health conditions, resulting in higher medical expenses.  Decreased productivity: Financial stress can lead to distractions and difficulty concentrating at work, resulting in lower productivity and efficiency.  When employees are preoccupied with financial worries, they are less able to focus on their tasks, leading to decreased output and potentially impacting the overall performance of the organization. Increased absenteeism: Employees experiencing financial stress are more likely to take time off due to stress-related health issues, leading to higher absenteeism rates. This not only disrupts workflow but also places additional strain on other team members who must cover for absent colleagues. Lower morale and engagement: Financially stressed employees often feel less motivated and engaged, which can negatively impact team dynamics and overall workplace morale1. When employees are worried about their finances, they may become disengaged and less enthusiastic about their work. This lack of engagement can spread to other team members, creating a less positive and collaborative work environment. Prioritizing financial wellness for employees can help alleviate these concerns, ensuring they remain engaged and committed to their roles. Increased turnover: Employees under financial stress may seek higher-paying jobs or positions with better benefits, leading to higher turnover rates and increased costs associated with hiring and training new staff3. Additionally, frequent turnover can negatively impact team cohesion and morale. Financial wellness programs benefit employees and employers Employee financial wellness programs can help employees manage stress caused by financial uncertainty4. Offering your employees tools for financial success, such as financial management tools and identity theft protection, can provide numerous benefits, including: Enhanced productivity and focus: Financial stress can impact an employee's ability to concentrate and perform effectively at work. By supporting financial wellness for employees, you can help reduce this stress, leading to improved productivity and focus. Improved employee engagement and loyalty: Employees who feel supported in their financial wellbeing are more likely to be satisfied with their jobs and remain loyal to their employer2. This can result in lower turnover rates and reduced costs associated with hiring and training new staff. Better financial decision-making: Employees who are equipped with financial management tools are more likely to make sound financial decisions, both personally and professionally. This can reduce the risk of financial mismanagement and contribute to overall stability and success. Attraction of top talent: Offering comprehensive financial wellness programs can provide differentiation in a competitive job market and enhance your brand as an employer. This can make you more attractive to potential employees, helping to attract and retain top talent. How Experian Partner Solutions can help  Providing peace of mind and financial support to your employees can help both your bottom line and company culture. We offer a range of tools and resources to help you implement effective employee financial wellness programs. A few key ways we can help you support your workforce include: Financial management tools: Experian offers various tools for budgeting, saving, and financial planning. These tools empower employees to manage their finances effectively and achieve their financial goals. Comprehensive financial and credit literacy: Experian provides educational resources on budgeting, saving, investing, and credit management. These resources help employees improve their financial knowledge and make informed decisions. Identity theft protection and restoration: Experian offers services to protect employees from identity theft and assist in restoring their identity if it is compromised. This can provide peace of mind and reduce stress related to security of their financial identity. Credit monitoring and alerts: Employees can benefit from tools that monitor their credit status and provide alerts for any significant changes. This proactive approach helps employees stay on top of their financial health and address issues promptly. Device and data protection: We offer proactive digital privacy tools to help protect passwords and personal information while your employees are browsing the internet. This includes blocking unsafe websites and ads, and protecting employees’ identity in the case of a data breach. Investing in employee financial wellness programs is not just a compassionate choice, it's a strategic one. By addressing the financial stress of your workforce, you can help enhance productivity, reduce absenteeism, foster a more engaged and loyal team, and attract top talent. We provide the tools and resources needed to implement effective financial wellness programs, helping you support your employees' financial health and, in turn, drive organizational success. Prioritizing financial wellness for employees is a win-win for both employees and employers, paving the way for a healthier, more productive, and resilient workforce. [1] SoFi, The future of workplace financial well-being: 2024 employer & employee perspectives, 2024 [2] WebMD Health Services, Financial stress in the workplace: How to help employees cope, May 2023 [3] Wellhub. (n.d.). Employee financial wellness programs: The ultimate guide for HR leaders, February 2025 [4] Paychex. (December 2023). How employee financial wellness program benefits small business. This article includes content created by an AI language model and is intended to provide general information. 

The financial services industry faces increasing pressure to innovate in today's fluctuating interest rate environment. For regional banks and credit unions, effective deposit growth strategies involve more than just offering attractive rates. Leveraging data and analytics is key to enhancing deposit portfolios, improving customer engagement, and fostering financial wellness. By prioritizing consumer-focused solutions, institutions can achieve dual benefits: driving organizational growth while meeting customer needs. For a deeper dive into this subject, check out our on-demand webinar “Growing Beyond Interest Rates: The Opportunity for Demand Deposit Accounts.” The current state of interest rates and market dynamics As interest rates change, financial institutions encounter shrinking margins and heightened competition. The stakes are high: 54% of consumers plan to leave their banks within the next year1, often citing unmet expectations for personalized services and financial guidance2​​. This competitive environment requires innovative strategies to retain customers and attract new ones without solely relying on interest rates. Key challenges: Shrinking margins due to rate volatility. Increased competition from fintechs and alternative providers. Rising consumer expectations for personalized, proactive services. Leveraging data and analytics in your deposit growth strategies Regional banks and credit unions can distinguish themselves by investing in advanced data analytics and personalized engagement tools. These strategies help create value for customers while improving the institution’s operational efficiency and revenue potential. 1. Personalization through financial insights According to Experian data, more than half of consumers expect their financial provider to actively support their financial wellness2. However, one-third feel that current efforts fall short3​. Offering tools like spending trackers, budgeting resources, and personalized credit score improvement plans can help close this gap. 2. Engagement-driven solutions Consumers are more likely to stay loyal to institutions that provide actionable insights. Experian’s partners have seen a 5% lift in 12-month retention rates among customers enrolled in credit and identity programs according to data reported by partners2​. Alerts for credit monitoring and financial updates not only keep customers informed but also help drive monthly logins, enhancing cross-sell opportunities. 3. Identity and data protection as value-added services With the increasing threat of identity theft, proactive identity monitoring and restoration services are becoming critical. Banks offering these features—branded under their name—can boost customer satisfaction and loyalty​​. Practical steps for regional banks and credit unions To capitalize on these opportunities, financial institutions should consider the following steps: Step 1: Develop a customer-centric engagement program Tailor programs to different demographic groups. Millennials and Gen Z are particularly drawn to tech-savvy solutions that integrate seamlessly with their financial lives. By consolidating financial management tools within one portal, banks can help simplify customers’ lives and enhance engagement. Step 2: Focus on retention and cross-sell opportunities Consumers engaged with financial tools, such as credit score trackers or budgeting aids, exhibit stronger loyalty and are more likely to adopt additional products​. Use insights from these tools to offer personalized product recommendations that align with their financial journey. Step 3: Offer premium tiers Institutions can create tiered service packages, starting with free offerings (e.g., basic credit monitoring) and progressing to paid premium packages that include advanced identity protection or financial management analytics​​. Step 4: Utilize advanced analytics for targeting By analyzing anonymized customer data, banks can identify high-value segments and tailor marketing efforts to their specific needs. This targeted approach fosters more meaningful relationships and improves ROI on acquisition campaigns​. Case for Action: Why consumer engagement matters A customer engagement program does more than enhance loyalty, it helps drive measurable outcomes: Retention rates: Over 98% for free services and 91% for paid programs.4 Improved credit scores: Subprime consumers enrolled in credit-building tools see an average credit score increase of 32 points​​.5 Higher satisfaction scores: Some institutions offering comprehensive financial tools report a lift in Net Promoter Scores (NPS)​. Conclusion The path forward for regional banks and credit unions lies in moving beyond rate-based competition and looking to multipronged deposit growth strategies. By leveraging data, analytics, and consumer-focused programs, financial institutions can enhance their deposit portfolios and deepen customer relationships. Now is the time to transform engagement into a growth engine, ensuring long-term success in a dynamic market. Ready to elevate your deposit portfolio with our tailored solutions? Click below to learn more or contact us to schedule a consultation and design a program that meets your organization’s goals. Learn more Watch the webinar 1 Retail Bank Customer Satisfaction Holds Steady but Trust Declines, J.D. Power Finds, 2024 2 Experian internal analysis, 2024 3 MX, What Influences Where Consumers Choose to Bank, June 2023 4 Experian Core metrics analysis, October 2023 5 Experian Data, Credit Score Rates with subprime consumers, June 2022 – June 2023

As data breaches become an ever-growing threat to businesses, the role of employees in maintaining cybersecurity has never been more critical. Did you know that 82% of data breaches involve the human element1 , such as phishing, stolen credentials, or social engineering tactics? These statistics reveal a direct connection between employee identity theft and business vulnerabilities. In this blog, we’ll explore why protecting your employees’ identities is essential to reducing data breach risk, how employee-focused identity protection programs, and specifically employee identity protection, improve both cybersecurity and employee engagement, and how businesses can implement comprehensive solutions to safeguard sensitive data and enhance overall workforce well-being. The Rising Challenge: Data Breaches and Employee Identity Theft The past few years have seen an exponential rise in data breaches. According to the Identity Theft Resource Center, there were 1,571 data compromises in the first half of 2024, impacting more than 1.1 billion individuals – a 490% increase year over year2. A staggering proportion of these breaches originated from compromised employee credentials or phishing attacks. Explore Experian's Employee Benefits Solutions The Link Between Employee Identity Theft and Cybersecurity Risks Phishing and Social EngineeringPhishing attacks remain one of the top strategies used by cybercriminals. These attacks often target employees by exploiting personal information stolen through identity theft. For example, a cybercriminal who gains access to an employee's compromised email or social accounts can use this information to craft realistic phishing messages, tricking them into divulging sensitive company credentials. Compromised Credentials as Entry PointsCompromised employee credentials were responsible for 16% of breaches and were the costliest attack vector, averaging $4.5 million per breach3. When an employee’s identity is stolen, it can give hackers a direct line to your company’s network, jeopardizing sensitive data and infrastructure. The Cost of DowntimeBeyond the financial impact, data breaches disrupt operations, erode customer trust, and harm your brand. For businesses, the average downtime from a breach can last several weeks – time that could otherwise be spent growing revenue and serving clients. Why Businesses Need to Prioritize Employee Identity Protection Protecting employee identities isn’t just a personal benefit – it’s a strategic business decision. Here are three reasons why identity protection for employees is essential to your cybersecurity strategy: 1. Mitigate Human Risk in Cybersecurity Employee mistakes, often resulting from phishing scams or misuse of credentials, are a leading cause of breaches. By equipping employees with identity protection services, businesses can significantly reduce the likelihood of stolen information being exploited by fraudsters and cybercriminals. 2. Boost Employee Engagement and Financial Wellness Providing identity protection as part of an employee benefits package signals that you value your workforce’s security and well-being. Beyond cybersecurity, offering such protections can enhance employee loyalty, reduce stress, and improve productivity. Employers who pair identity protection with financial wellness tools can empower employees to monitor their credit, secure their finances, and protect against fraud, all of which contribute to a more engaged workforce. 3. Enhance Your Brand Reputation A company’s cybersecurity practices are increasingly scrutinized by customers, stakeholders, and regulators. When you demonstrate that you prioritize not just protecting your business, but also safeguarding your employees’ identities, you position your brand as a leader in security and trustworthiness. Practical Strategies to Protect Employee Identities and Reduce Data Breach Risk How can businesses take actionable steps to mitigate risks and protect their employees? Here are some best practices: Offer Comprehensive Identity Protection Solutions A robust identity protection program should include: Real-time monitoring for identity theft Alerts for suspicious activity on personal accounts Data and device protection to protect personal information and devices from identity theft, hacking and other online threats Fraud resolution services for affected employees Credit monitoring and financial wellness tools Leading providers like Experian offer customizable employee benefits packages that provide proactive identity protection, empowering employees to detect and resolve potential risks before they escalate. Invest in Employee Education and Training Cybersecurity is only as strong as your least-informed employee. Provide regular training sessions and provide resources to help employees recognize phishing scams, understand the importance of password hygiene, and learn how to avoid oversharing personal data online. Implement Multi-Factor Authentication (MFA) MFA adds an extra layer of security, requiring employees to verify their identity using multiple credentials before accessing sensitive systems. This can drastically reduce the risk of compromised credentials being misused. Partner with a Trusted Identity Protection Provider Experian’s suite of employee benefits solutions combines identity protection with financial wellness tools, helping your employees stay secure while also boosting their financial confidence. Only Experian can offer these integrated solutions with unparalleled expertise in both identity protection and credit monitoring. Conclusion: Identity Protection is the Cornerstone of Cybersecurity The rising tide of data breaches means that businesses can no longer afford to overlook the role of employee identity in cybersecurity. By prioritizing identity protection for employees, organizations can reduce the risk of costly breaches and also create a safer, more engaged, and financially secure workforce. Ready to protect your employees and your business? Take the next step toward safeguarding your company’s future. Learn more about Experian’s employee benefits solutions to see how identity protection and financial wellness tools can transform your workplace security and employee engagement. Learn more 1 2024 Experian Data Breach Response Guide 2 Identity Theft Resource Center. H1 2024 Data Breach Analysis 3 2023 IBM Cost of a Data Breach Report

Financial identity theft is one of the biggest threats to a consumer’s financial wellness in today’s digital age.1 It occurs when someone steals their personal and financial information, such as their name, address, Social Security Number (SSN), credit card, or bank account numbers, and uses it to make unauthorized purchases or access their financial accounts without their permission. This can severely damage their credit score and financial standing, often taking significant time and effort to resolve. Financial identity theft can also harm organizations, taking a toll on bottom lines due to lost employee productivity and more severe consequences if the stolen identity exposes the organization to a data breach.   How financial identity theft happens  Financial identity theft can occur through various methods, including:  Skimming: Thieves use skimming devices at ATM machines or gas pumps to steal credit or debit card information. These devices can be hard to detect, making it easy for thieves to capture card details without the owner's knowledge.  Phishing: Scammers send emails or text messages that appear to be from a bank or other financial institution, asking for personal information. These messages often look legitimate, tricking consumers into providing sensitive data.  Social engineering: Thieves impersonate someone in authority to trick consumers into giving them their personal or financial information. This can happen over the phone, in person, or through digital communication.  Data breaches: Hackers gain access to large databases of personal and financial information through breaches at companies or organizations. This stolen data can then be sold or used to commit identity theft.  Stealing mail: Thieves steal mail from mailboxes or trash cans to obtain personal financial information. This can include bank statements, credit card offers, and other documents containing sensitive data.  Account takeover: Thieves use stolen personal information to access existing financial accounts. They can change account details, make unauthorized transactions, and even open new accounts, causing significant financial damage.  Protecting consumers from financial identity theft  Organizations play a crucial role in protecting their consumers from financial identity theft. A few strategies that organizations and financial institutions can implement to protect their customers include:  Implement strong authentication methods: Use multi-factor authentication (MFA) to add an extra layer of security. This requires users to provide two or more verification factors to gain access to their accounts, significantly reducing the risk of unauthorized access.  Educate consumers: Offer services to educate consumers about the risks of identity theft and provide tips on protecting their personal information. This includes advising them to use strong, unique passwords and to be cautious of phishing scams.   Monitor for suspicious activity: Use advanced monitoring systems to detect unusual activity in consumer accounts. This can help identify potential fraud early, ensuring that any threats are addressed before they cause significant harm.  Provide identity theft protection services: Offer services that monitor consumers' credit reports and alert them to suspicious activity. These services provide continuous oversight, helping consumers stay informed and protected against potential identity theft.  Why prioritizing financial wellness matters  Investing in your customers' financial wellness not only benefits them but also brings significant advantages to your organization. Some key benefits of helping your customers improve their financial wellness include:  Increased customer loyalty: Investing in your customers' financial wellness builds trust and strengthens your relationship, leading to higher customer retention and loyalty.  Reduced customer delinquency: Educating your customers on financial management can lead to fewer missed payments and defaults, reducing your risk and improving overall financial stability.  Higher customer engagement: Providing financial wellness resources and tools encourages your customers to engage more frequently with your organization, fostering a deeper connection.  Competitive advantage: Offering financial wellness programs can differentiate you from your competitors, making you more attractive to potential customers who value financial education and support.  Positive social impact: By helping your customers improve their financial health, you contribute to the overall economic well-being of the community, creating a positive social impact.  Reduced risk of data breach: Compromised employee credentials are one of the most common gateways for data breaches. By educating consumers on protecting their financial well-being, you also protect your organization from data breach threats.   Experian Partner Solutions: Protecting your customers   We offer a range of tools to help you support your customers on their financial wellness journey and defend against bad actors. With our partnership, you can offer your customers access to:  Credit and identity monitoring and alerts: Keep consumers engaged with reliable credit tools that monitor their credit reports and personal information to alert them of potential threats, such as dark web exposure or suspicious activity. Our advanced monitoring systems provide real-time alerts, helping your consumers take immediate action to protect their financial health.  Identity restoration: Provide peace of mind by helping your consumers reclaim their identity if they fall victim to identity theft. Our dedicated identity restoration specialists guide consumers through recovery, ensuring they regain control of their financial identity quickly and efficiently.  Data breach resolution: Manage consumer data breach and crisis incidents confidently, helping to mitigate the impact on affected individuals. We offer comprehensive breach response services, including notification, monitoring, and support, to help organizations handle breaches effectively and maintain consumer trust.  Credit education: Empower consumers with the knowledge and tools to understand and improve their credit health, building customer loyalty and supporting their journey towards better financial wellness. Our educational resources and personalized advice enable consumers to make informed financial decisions and achieve their financial goals.  Protecting against financial identity theft requires a collaborative effort between consumers and organizations. By partnering with us, you can offer comprehensive financial and identity protection solutions that engage, educate, and empower your customers to better manage their financial lives. This not only helps protect your customers, but also builds trust and loyalty, positioning your organization as a trusted advocate in financial wellness and identity protection.  Learn more View infographic 1Identity Theft Resource Center, Consumer Aftermath Report.  This article includes content created by an AI language model and is intended to provide general information. 

In today's fast-paced financial landscape, consumer expectations are higher than ever. Financial institutions must rethink their strategies to stay ahead of rising interest rates, intense competition, and the need to innovate constantly. To thrive, it’s not just about offering the best rates—it's about building deeper, more meaningful relationships with customers and delivering personalized, proactive value that drives loyalty and growth.

Financial literacy describes a person’s ability to understand the basic concepts of economic principles, including personal financial management, budgeting, saving, and investing money.[1] For consumers, having a firm grasp of these principles can mean the difference between making smart decisions that lead to more buying power, lower interest rates, and achieving financial goals, or making decisions that could negatively impact their ability to improve their financial standing. Many consumers make most of their financial transactions online; 7 out of every 10 US adults are enrolled in digital banking, and 95% bank online often or occasionally. However, only 31% of these consumers have a comfortable level of financial literacy.[2] Unfortunately, the convenience of banking online without the knowledge to do so safely can put consumers at risk of online threats like identity theft and fraud. Consumers need and want help from their financial institutions to build and maintain financial literacy. Increasing consumers’ knowledge of basic financial principles may help them make better decisions, improve their financial standing, and remain loyal, confident customers to your business. Only 1 out of every 7 consumers feel financially literate A recent survey from Goldman Sachs reported that only 13% of respondents correctly answered five questions designed to assess their basic financial literacy.[3] With only 1 out of every 7 people having a strong sense of important financial concepts, this illustrates the severity of the gap in financial knowledge among U.S. consumers. But this lack of understanding does not necessarily discourage them from using digital tools to manage their finances. Nearly a third of Americans still feel comfortable banking online, despite lacking financial literacy.[2] Consumers who use online tools to manage their personal finances without the appropriate understanding of how to use them effectively, may run the risk of making poor decisions that can negatively impact their financial well-being and confidence. A lack of knowledge about digital privacy in consumers may also put them at risk of digital threats such as identity theft and fraud. Having access to the necessary tools to monitor their accounts and activity can empower them to take quick corrective action if a fraud event occurs. Lacking financial literacy is causing Americans to save less and lose more Consumers can experience significant monetary losses when they don’t have a basic comprehension of financial concepts regarding budgeting, saving, investing, and managing personal financial accounts. A survey of Americans reported losing an average of $1,506 each in 2023 because of a lack of personal finance knowledge, resulting in an estimated total of $388 billion across the country.[4] A recent study also showed that nearly half of U.S. consumers only have $500 in savings,[5] which is far less than the recommended six months’ worth of expenses. While many consumers may feel that they can’t afford to spend the time or effort to become more financially literate, the reality is that most of them can’t afford not to. Consumers need financial help, and they’re seeking it from the financial institutions they do business with. Consumers want support from their financial institutions The uncertainty regarding personal finances can create stress among consumers, but it can also present an opportunity for financial institutions to provide guidance and resources to the people who need it. 25% of Americans say they don’t have anyone they can ask for trusted financial guidance.[7] By delivering valuable support to consumers on how to save, budget, invest, and manage their finances, businesses can serve as a much-needed resource to help them make better decisions and improve their financial standing. Partnering with Experian® to offer these useful products and services can help businesses empower their consumers to improve their financial standing in a variety of ways. For example, financial guidance can include credit education programs and resources designed to help consumers increase their credit scores and strengthen their credit standings. More than 65% of consumers enrolled in the Experian® credit education program saw an improvement on their credit scores.[8] In addition, businesses can also help protect their consumers from threats of theft and fraud with Experian® identity protection services. These solutions are expertly designed to monitor for potential online risks, identify incidents of theft, and help quickly resolve fraud events if they occur. This added layer of protection can further fortify consumers’ financial power and optimize their ability to make strong financial decisions. When businesses offer these services from Experian® to help consumers increase their financial literacy, those consumers may be in a better position to borrow more money and open new accounts. This can help brands foster stronger relationships with their consumers, encourage them to continue doing long-term business, and drive additional revenue. By helping improve consumers’ financial literacy, businesses can increase the financial power of their customer base and improve their bottom line. Click here to learn more about how to implement a financial wellness program to help your consumers improve their financial literacy and increase their financial power. [1] Masterclass, Financial Literacy Definition, Importance and Key Principles, 2023. [2] EMarketer, For US banking consumers, financial literacy is a bigger barrier than digital proficiency, 2024. [3] EMarketer, Despite a major gap in financial literacy, Americans are saving more for retirement than last year, 2023. [4] National Financial Educators Council, Financial Illiteracy Cost Americans $1,506 in 2023. [5] Yahoo Finance, Nearly Half Have Less Than $500 in Savings: How To Build Up Your Balance in 2024. [6] Bankrate, Average credit card debt in the U.S., 2023. [7] Annuity.org, 47+ Fascinating Financial Literacy Statistics in 2023. [8] Experian Internal Data, 2023 credit lift study for users tracked from Dec 2020 – Dec 2022.