Latest news with #financialwellness
Finextra
15 hours ago
- Business
- Finextra
KeyBank turns to Personetics for financial wellness platform
KeyBank (NYSE: KEY), one of the nation's largest financial services companies, is further advancing its mission to empower clients to thrive by utilizing Personetics' Cognitive Banking platform, which fosters deep personal relationships and assists consumers in achieving their financial goals. 0 KeyBank's 2025 annual Financial Mobility Survey found increased stress levels among Americans trying to balance economic pressures and financial goals, with more than half (51%) of Gen Z respondents indicating they are taking proactive steps to improve their financial future. Similarly, Personetics' Global Consumer Banking Survey released in February found that most consumers (70%) want their financial institutions to provide timely insights on spending and saving habits to improve their financial wellness. To address this growing demand, particularly among younger consumers, KeyBank will use Personetics' Engage, a client experience that delivers timely insights and recommendations based on each client's spending and savings habits. 'KeyBank's mission is to help clients and communities thrive. A large part of that mission centers in helping clients move forward on their financial journeys and reach their financial goals,' said Emily Gessner, Head of Consumer Digital at KeyBank. 'By leveraging Personetics' platform and experience, we will address the financial burden and stress consumers face by empowering our clients with real-time insights and guidance to help them effectively manage their financial futures.' 'As KeyBank celebrates its 200th anniversary, we're delighted to partner with an institution that shares our vision for the future of banking,' said Udi Ziv, CEO of Personetics. 'This partnership isn't just about innovation—it's about using intelligent technology to forge deeper human relationships between banks and the people they serve.' Cognitive Banking redefines how banks understand and support their customers and, as a result, fosters customer loyalty.
Associated Press
4 days ago
- Business
- Associated Press
KeyBank Partners With Personetics To Advance Financial Wellness
CLEVELAND, June 2, 2025 /3BL/: KeyBank (NYSE: KEY), one of the nation's largest financial services companies, is further advancing its mission to empower clients to thrive by utilizing Personetics ' Cognitive Banking platform, which fosters deep personal relationships and assists consumers in achieving their financial goals. KeyBank's 2025 annual Financial Mobility Survey found increased stress levels among Americans trying to balance economic pressures and financial goals, with more than half (51%) of Gen Z respondents indicating they are taking proactive steps to improve their financial future. Similarly, Personetics' Global Consumer Banking Survey released in February found that most consumers (70%) want their financial institutions to provide timely insights on spending and saving habits to improve their financial wellness. To address this growing demand, particularly among younger consumers, KeyBank will use Personetics' Engage, a client experience that delivers timely insights and recommendations based on each client's spending and savings habits. 'KeyBank's mission is to help clients and communities thrive. A large part of that mission centers in helping clients move forward on their financial journeys and reach their financial goals,' said Emily Gessner, Head of Consumer Digital at KeyBank. 'By leveraging Personetics' platform and experience, we will address the financial burden and stress consumers face by empowering our clients with real-time insights and guidance to help them effectively manage their financial futures.' 'As KeyBank celebrates its 200th anniversary, we're delighted to partner with an institution that shares our vision for the future of banking,' said Udi Ziv, CEO of Personetics. 'This partnership isn't just about innovation—it's about using intelligent technology to forge deeper human relationships between banks and the people they serve.' Cognitive Banking redefines how banks understand and support their customers and, as a result, fosters customer loyalty. For more information on Personetics and Cognitive Banking, please click here. To learn more about KeyBank, visit ### About KeyCorpIn 2025, KeyCorp celebrates its bicentennial, marking 200 years of service to clients and communities from Maine to Alaska. To learn more, visit KeyBank Heritage Center. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $189 billion at March 31, 2025. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit KeyBank Member FDIC. About Personetics Personetics, the Cognitive Banking company, is the global leader in transforming how banks build and monetize customer relationships by enabling them to dynamically respond to consumers' evolving financial needs with contextual and highly relevant insights, making them smarter about their money and eager to act. The AI-powered SaaS platform allows financial institutions to boost customer engagement and satisfaction, resulting in increased digital adoption and sales conversions. Personetics supports 150 million customers across 35 global markets and serves leading financial institutions. The company has offices in New York, London, Singapore, São Paulo, and Tel Aviv. For more information, visit CFMA #250527-3241978 Visit 3BL Media to see more multimedia and stories from KeyBank
Yahoo
26-05-2025
- Business
- Yahoo
Monarch secures $75m to expand financial wellness platform
Monarch, a personal finance application, has garnered $75m in a Series B funding round, aiming to speed up its goal of taking financial wellness to the masses. The investment round was jointly led by FPV Ventures and Forerunner Ventures, with participation from existing investors Menlo Ventures, Accel, SignalFire, and Clocktower Ventures. The company plans to use the latest funding to expand its team and platform. In a blog post, Monarch Money Co-founder and CEO Val Agostino said: 'We started Monarch six years ago with a clear but ambitious mission to solve this problem for all households, not just the wealthy. We strongly believe that everyone – no matter where they're starting – can improve their financial situation with the right information, tools, and guidance. 'We are just getting started and have big plans for evolving the Monarch platform on the journey toward unlocking financial wellness for all households.' Monarch's platform offers a comprehensive view of personal finances by connecting with a wide array of financial institutions. This enables users to monitor their financial status through intuitive graphs that display net worth, cash flow, and budget progress over time. Monarch also aids users in tracking their progress against financial goals. The platform also fosters collaboration among partners, spouses, or financial professionals, ensuring that all parties involved can stay informed and work together on financial planning. Moreover, the offering provides personalised financial advice through an advisor feature. In a LinkedIn post, FPV Ventures co-founder and managing partner Wesley Chan said: 'Our investment in Monarch is the first investment out of our new $525M fund to back the next generation of mission-driven founders. It is also the largest initial check FPV has written into any company.' "Monarch secures $75m to expand financial wellness platform" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-05-2025
- Business
- Yahoo
Beyond Banking for Consumers Analysis Report 2025: SMEs Lead Beyond Banking Initiatives, Retail Banks Urged to Innovate
Explore the dynamic world of beyond banking with our latest report, highlighting innovative solutions from global incumbents in financial wellness, education, and more. Discover how banks are evolving beyond core services to offer holistic value in a landscape shaped by fintech disruptors and Big Tech. Stay ahead with insights on future opportunities and trends in eco-friendly banking. Embrace emerging services that cater to lifestyle, wellness, and housing demands, while strengthening consumer relationships. Unlock the keys to thriving as financial services innovate and diversify to meet evolving needs. Dublin, May 23, 2025 (GLOBE NEWSWIRE) -- The "Beyond Banking for Consumers: The Next Frontier" has been added to offering. The recent report delves into the transformative world of beyond banking and ecosystem banking, examining how global incumbents are pioneering solutions across various domains such as financial wellness, marketplace benefits, community engagement, and housing-related services. This comprehensive analysis provides stakeholders with insights into current trends and future opportunities, shaping the banking products and services landscape. Beyond banking signifies a strategic shift where banks venture outside traditional financial offerings, crafting an enriched and holistic value proposition. This evolution is driven by pressures from both financial and non-financial disruptors challenging the industry with novel products and services. Giants like PayPal and Nubank have profoundly impacted the payments and banking sectors, respectively, while Big Tech's foray into finance, with aspirations to create superapps, marks a new era. As 2025 approaches, financial pressures such as monetary easing impact interest margins, further necessitating innovation amidst rising costs. Scope Incumbent banks continue to dominate the traditional banking product space, with over half of the 2024 Financial Services Consumer Survey respondents favoring them. However, less than half prefer them for non-traditional services. Challenger banks capture a substantial 42-56% share of remaining products, evolving from single-use solutions to comprehensive service providers. While SME-centric beyond banking initiatives currently lead the charge, retail banks face relentless pressure to innovate. Disruptive forces such as AI, fintech firms, Big Tech companies, superapps, and narrowing lending margins compel them to expand and diversify their offerings. Reasons to Buy Gain insights into adapting beyond banking strategies, initially designed for SMEs, to meet the changing demands of consumers. Explore avenues for banks to seamlessly incorporate lifestyle, wellness, and value-added services into their consumer offerings. Discover how financial institutions can forge deeper connections with clients by addressing broader life aspirations beyond mere financial transactions. Key Topics Covered: 1. Executive Summary 2. Introduction to Beyond Banking 3. Beyond Banking Initiatives 4. Housing Bundles Beyond Banking 5. The Future of Beyond Banking 6. Conclusions 7. Appendix Competitive Landscape PayPal Nubank The Bancorp Bank Synchrony Bank Banco do Brasil WeChat Grab gojek Careem Meta Twitter/X Apple Emirates NBD Caixa Bank Bank of America Lloyds Bank Barclay's Bank Chase Bank DBS Bank CIMB Bank NatWest Bank Cogo Commonwealth Bank HSBC Bank Wells Fargo BBVA Bank OneDome Danske Bank Revolut peak For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
Forbes
14-05-2025
- Business
- Forbes
Prison Dentist Scored A $1.2 Million Payday From Unused Vacation Days
When the state of California cut a $1.2 million check to a retiring prison dentist last year, it wasn't a bonus or lottery prize. It was a payout for his unused PTO; decades of banked vacation days that turned Dr. George Soohoo's unclaimed time off into a seven-figure windfall. His story, recently chronicled in the Los Angeles Times, illustrates the immense value of unused PTO for employees and, on the flip side, the massive hidden cost that public institutions and businesses quietly carry on their books. From taxpayer-funded leave cash-outs for government workers to private companies racing to cap rollover or pivot to unlimited PTO policies, the fallout from stockpiled unused PTO is both financial and cultural. But it also opens the door for innovation. One emerging idea: allowing workers to trade unused PTO to help pay off student loans, a benefit that merges workplace flexibility with financial wellness. Behind it all lies a simple but costly truth: unused PTO carries real monetary value, and when left unmanaged, it becomes a liability for employers and a missed opportunity for workers. California's $1.2 million dentist is extreme, but he's far from alone. He was one of nearly 1,000 California state employees who retired last year with vacation payouts exceeding $100,000, according to the Los Angeles Times. In total, the state paid out $413 million in a single year to departing employees for unused PTO, including unused vacation days, holidays, and comp time. The financial exposure is massive. California's unfunded liability for unused PTO currently exceeds $5.6 billion, a figure that would need to be paid if all eligible workers retired at once. The problem has worsened since the pandemic, when travel restrictions and remote work left many employees with fewer reasons, or fewer chances, to take time off. While California technically caps vacation accrual at 640 hours, lax enforcement has allowed balances to balloon. And California isn't alone. Cities, counties, and state governments across the U.S. face similar pressures. From police officers to firefighters, teachers to transportation workers, unused PTO payouts have become one of the most underreported costs in public budgets. When a longtime employee retires, they don't just leave, they could walk away with a six-figure check. That exit payment hits the department's budget all at once, creating fiscal pressure and potentially crowding out new hires or public services. The challenge is policy design: while many private-sector companies have moved toward PTO caps or forfeiture rules, government agencies are typically required to treat unused PTO as earned compensation. That means it can't simply expire, it must be paid. This combination of generous accrual, infrequent enforcement, and guaranteed payout creates a liability that grows silently and unpredictably over time. It's not just government agencies struggling with unused PTO liabilities. In Corporate America, unused vacation days are creating a different kind of balance sheet headache. According to a 2015 Oxford Economics study cited in the Wall Street Journal, private employers collectively owe over $224 billion in unused PTO. A newer estimate reported by PYMTS pegs that number closer to $318 billion. For large companies, unused PTO is effectively a growing debt, often running into the tens of millions of dollars. To reduce this burden, many employers cap how much PTO employees can roll over from year to year. Instead of allowing time off to accrue indefinitely, companies typically allow just one or two weeks to carry forward. Anything beyond that either expires or triggers a use it or lose it rule. These policies protect the company from ballooning liabilities and encourage employees to take their time off. In states like California, where unused PTO must be paid out by law, rollover caps are especially important to prevent six-figure vacation payouts. One increasingly popular approach is unlimited PTO, which sounds generous on paper but has a hidden benefit for companies: it eliminates PTO accrual altogether. No accrued time means no accrued liability and no PTO cashout when an employee leaves. While some workers appreciate the flexibility, others end up taking less time off due to vague expectations. From a company's perspective, unlimited PTO may be as much about eliminating unused PTO from the balance sheet as it is about employee well-being. Between 2018 and 2022, the number of companies offering unlimited PTO grew by more than 30%, according to HR platform Namely cited in TechCo. This trend appeals to startups and modern workplaces looking to project flexibility and trust. On the surface, unlimited PTO policies appear worker-friendly; no caps, no accrual, no stress about banked days. But in reality, the financial incentive for companies is just as powerful: no unused PTO means no large vacation payouts at offboarding. For employees, the results are mixed. Without a set number of PTO days, many people take less time off. A defined benefit creates an anchor, something tangible to use or lose. Unlimited PTO, by contrast, can lead to guilt or ambiguity. In some cases, workers avoid taking vacations altogether, fearing they'll look disengaged. That's why companies may benefit from unlimited PTO while employees quietly burn out. Ultimately, unlimited PTO may be more than a perk and part of a strategic response to unused PTO liability. By removing the accrual structure altogether, companies eliminate the need to pay out unused vacation time, effectively de-risking their workforce. This shift may help with retention and recruiting, but it also means employees lose the financial value of unused PTO, which in traditional plans could be cashed out upon departure. As student debt continues to weigh on millions of workers, a new trend is emerging: converting unused PTO into student loan payments. Rather than letting unused time off sit idle or forfeited, employees can opt to trade that value to reduce their debt. With over $1.7 trillion in outstanding student loans, this benefit appeals to younger workers especially, who often carry both financial pressure and a tendency to skip vacation. Some companies now offer programs that allow employees to apply the dollar value of unused PTO directly to their student loan servicer. Instead of waiting for a vacation cashout at separation, workers can proactively direct accrued time toward loan repayment. It's a win-win: employees gain financial flexibility, and employers reduce their unused PTO liability without sacrificing payroll dollars. This trend reflects a deeper shift: the growing intersection of workplace benefits and personal finance strategy. For employees torn between taking time off and meeting financial goals, the ability to redirect unused PTO toward student loans is a powerful alternative. It adds a layer of flexibility and shows how a long-standing liability can be transformed into a student debt solution. In the end, whether you're a taxpayer tracking public liabilities, a manager monitoring the balance sheet, or an employee watching unused PTO pile up, the message is clear: paid time off has real value and real costs. While Dr. Soohoo's $1.2 million payout may be an outlier, it highlights a broader truth: unused PTO doesn't just disappear, it compounds. Choosing not to take time off can have consequences that go far beyond a delayed vacation. By recognizing and addressing the hidden costs of unused PTO, we can build smarter systems that protect both employee well-being and organizational budgets.
