PriyaPatel
TLDR:
Key Points:
- Wysh, a life insurance company, has introduced a deposit benefit called Life Benefit
- Life Benefit adds value to customers and helps financial institutions build their customer base
Article Summary:
Interest rates and convenience are no longer enough to attract and retain deposits in the banking industry. Wysh, a life insurance company, has recently introduced an innovative deposit benefit known as Life Benefit. This revolutionary product seamlessly embeds a micro-life insurance benefit directly on top of deposit accounts, providing added value to customers and helping financial organizations grow their customer base with minimal implementation effort.
The Life Benefit product was recognized as the Best of Show at Finovate in September of 2023, showcasing its effectiveness and impact on the industry. This new approach brings the power of insurance protection to the banking sector, offering a unique value proposition that sets financial institutions apart from competitors.
As the number of small banks has decreased since the financial crisis, experts believe that community banks still have a future in the industry. By leveraging innovative products like Life Benefit, financial institutions can differentiate themselves, attract new customers, and increase customer loyalty in an increasingly competitive market.
Overall, the integration of insurance protection into banking services represents a significant evolution in the industry, providing customers with added security and value while offering financial institutions a new way to enhance their offerings and drive growth.
