Unlocking Growth with Value-Added Financial Services 

Today’s consumers expect more from their banks, credit unions, and financial services providers than just basic transaction services. According to an MX Technologies report, one in three consumers feels providers do not do enough to support their financial needs. At the same time, 50% of banking consumers expect personalized offers for tools, products, and services to help them reach their financial goals.¹ The same study found that more than half want financial providers to help them better manage their finances. 

As customers increasingly turn to their financial institutions for trustworthy information on achieving financial wellness, these institutions have a great opportunity to offer value-added financial services that meet those needs. Adopting a customer-centric approach—one that enables them to provide the specific resources and guidance customers are seeking—is essential for fostering stronger relationships. This, in turn, can be crucial for driving growth, increasing market share, and gaining a competitive edge.  

What are value-added financial services?

Value-added financial services are offerings that go beyond basic financial products, such as bank accounts or loans, to provide additional benefits, convenience or personalized support to customers. These services aim to improve customer satisfaction and set a financial institution apart from competitors, and can include features such as loyalty programs, advanced fraud prevention, data analytics, online access to services and financial planning tools.  

How value-added financial services can build engagement and trust

Savvy financial institutions are adapting to the evolving demands of consumers by offering innovative tools that help their customers make informed financial decisions and enhance their financial literacy.

Offering value-added financial services, such as management and planning tools, along with advanced security and fraud protection, provides financial institutions with an essential way to increase customer engagement and foster greater loyalty. By providing deeper insights, better personalization, and reliable financial experiences, institutions can help customers manage their financial health more effectively. 

Addressing growing concerns over identity threats 

Fraud and identity theft are top-of-mind concerns for consumers these days as incidence of such attacks are on the rise. A recent Security.org study found that a staggering 60% of U.S. credit card holders have been victims of fraud, with 45% experiencing multiple instances.²

Meanwhile, the U.S. Federal Trade Commission (FTC) received over 1.1 million complaints of identity theft in 2024, resulting in financial losses exceeding $12.7 billion.  

For financial institutions, this creates an opportunity to address consumer concerns through value-added financial services. Solutions that help detect fraud early and monitor credit health can provide invaluable peace of mind. Institutions that offer services such as credit monitoring, identity alerts, and financial management tools can help customers stay protected while also opening the door to valuable recurring revenue streams. 

Best-in-class value-added financial services

Experian^® is uniquely positioned to support financial institutions with best-in-class value-added financial services. By leveraging a complete suite of financial health solutions, institutions can engage, educate and empower customers to be more in control of their financial lives. 

Our suite of solutions include:

• Credit monitoring and alert solutions – These advanced tools help increase retention and keep consumers engaged with robust credit monitoring that detects potential fraud and provides alerts, enabling them to respond more quickly.  

• Credit report and score solutions – Provides customers with credit information and guidance to better understand, manage and strengthen their financial well-being. 

• Financial management solutions – With a suite of comprehensive credit and financial management tools, financial institutions can improve a customer’s experience by providing a single platform to link accounts across different institutions and unify financial data. As customers regularly engage with the platform to manage both short and long-term financial goals, institutions can improve longer-term retention.  

• Identity monitoring and alert solutions – This tool helps increase consumer engagement with continuous personal data monitoring and alerts. It empowers consumers to spot potential fraud, assess risks, and respond before they become a victim of identity theft. 

• Identity restoration services – In the face of rising incidence of identity theft, this powerful suite of restoration services helps consumers navigate the complex identity recovery process and mitigate future financial harm. 

Gaining a competitive advantage

As consumers increasingly demand exceptional customer service, offering innovative products and personalized solutions is key to preventing customer churn. When financial institutions deliver value-added financial services, they gain a competitive advantage.

Failure to deliver the service, convenience, and personalized products or tools that consumers demand risks losing them to other providers. According to J.D. Powers, up to 54% of consumers will leave their bank in the next year, costing institutions millions. Salesforce reported that 72% of consumers indicated that better deals made them switch to another brand. 

Financial institutions that offer innovative value-added financial services benefit from continuous engagement that helps build trust and loyalty while generating recurring revenue through subscription-based offerings.

Our innovative offerings saw:

• Credit alert login rates ten times higher than the financial services industry benchmark.

• Email open rates for alerts more than two times that of the national average for financial services.

• Top-performing clients with over 25% of their enrolled customers log in to the portal at least once per month.

• Consumers are opening twice as many credit cards and three times as many savings accounts when using regularly personalized features.

Reasons to partner with us

When it comes to providing accurate, real-time financial data that can lead to crucial insights for better decision making, Experian is an ideal partner. Our personalized, value-added financial service can be seamlessly integrated and embedded into your existing systems, making it easier for you to meet consumer demands for tools that help them make informed financial choices and improve their financial literacy.

¹ https://www.experian.com/content/dam/marketing/na/thought-leadership/business/documents/infographic-fostering-relationships-to-unlock-growth.pdf 
²https://www.experian.com/blogs/insights/infographic-stronger-customer-relationships/