Imagine Simon, a technician living paycheck to paycheck, who stumbles upon a company where employees rave about their improved financial health. Despite similar salaries, he wonders what sets this company apart. The answer lies in the Empathy Engine®, an AI-powered tool that provides personalized financial insights to employees, helping them make better financial decisions. By leveraging this technology, HR teams can enhance employee satisfaction, reduce financial stress, and increase retention.
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Simon has been a technician for roughly six years living paycheck to paycheck. He starts to look around, thinking the grass must be greener somewhere else. Then he comes across something strange, a company where multiple employees had written reviews about their improved financial health. Their money worries were minimized, and satisfaction was high. He noticed the salary was no different from other similar positions and wondered: What is this company doing differently?
Today, corporations are up against high inflation rates, skills demand, and a need to differentiate in the ever-competitive business world. Startups offer remote working, trillion-dollar companies provide incomparable benefits, and human resources (HR) teams struggle to manage their budgets.
What can HR teams do to keep tight allowances while improving the financial lives of their employees?
Every employee in your business has a distinct persona: A persona made up of actions, skills, and potential. It is necessary to fully comprehend the whole range of people to establish the various ways to improve their financial situations.
Let’s say Simon earns $80,000 annually. He has a monthly mortgage payment of $1,500 and pays $800 a month for his car. He sets a goal to buy his wife a car, too, but he doesn’t want this to affect his emergency fund. Instead, the Empathy Engine® reviews his purchase history and calculates the gains with simple swaps. These swaps can include lowering his premiums with a new insurance provider, preparing the daily coffee takeaway at home, or purchasing gas on his route back to work at the cheaper station.
At BOND.AI, we understand an individual’s financial strengths more than they know themselves. Intuitively analyzing their transactional data with our artificial intelligence (AI) powered Empathy Engine® allows us to feed their results directly to them via their BOND mobile app. The users can gain holistic awareness of their purchasing habits and daily reminders to support them in reaching their savings goals.
While financial insights are bespoke to each individual, an employer can see holistically how much their employees have saved since using the BOND app. Its built-in chatbot sends unique daily reminders and is available to communicate updates, deliver surveys, and assess employee satisfaction.
Financially stressed employees are twice as likely to look for a job elsewhere, and employees spend, on average, 15% of working hours worried about finances. With personal financial advisors in employees' pockets, businesses gain satisfied employees, decrease financial stress, and increase productivity.
Banks, fintechs, and corporations that join the BOND Network come together to provide hybrid customer services at the highest level of personalization. Our pool of experts put their heads together to create best practices and enhance their products. With these tools, you can deliver financial insights, bespoke offers, and savings tips to your employees—gaining employee satisfaction and retention in return.
Interested in learning more about how the Empathy Engine® can support your employees? Schedule a demo, and let us walk you through the journey.