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Regions Bank Starts Programs to Promote Financial Literacy

Regions Bank will launch educational programs on the occasion of Financial Literacy Month in April.

Regions Bank Starts Programs to Promote Financial Literacy

The mentioned lender’s programs include online seminars, events at the branches of this organization, and opportunities for consumers to receive free personal advice on creating and monitoring financial goals. The relevant information is contained in the Regions Bank press release, which was published last Monday, March 25.

The financial institution claims that for it, the specified programs are a back-to-basics approach. In this case, personalized service and practical technology are combined, which means individualized plans, sound advice, and convenient access to tools and resources. The corresponding approach is highlighted in the new advertisements, which display the lender’s commitment to helping people by strengthening financial confidence, as noted in the press release.

The bank’s programs also include webinars, which are part of Next Step, the lender’s year-round free financial wellness platform. The events will be attended by Investopedia Editor-in-Chief Caleb Silver and Hilarey Gould, Editorial Director of The Balance.

A financial institution initiative called Greenprint offers consumers free personalized data plans to help them plan goals.

The lender’s press release notes that its clients are building a plan focused on their goals and backed by personalized data and guidance, digital and in-person touchpoints, and smart product solutions.

Last year in the United States, only 23% of consumers with low credit scores reported using BNPL. At the same time, less than 20% of them used the mentioned solutions to improve their credit scores. According to experts, these indicators indicate a low level of financial literacy. To eliminate this problem, it is necessary to improve the awareness of consumers with low credit scores about the potential benefits of using solutions to improve their status as participants in the financial system.

Fintech companies should take the initiative in this case. This also applies to financial product providers. In the context of improving financial literacy, it is necessary to explore effective ways to establish contact with consumers with low credit scores. Creditworthiness training is of particular importance. The result of these efforts should be a path to financial stability.

It is also known that in the United States, almost 50% of highly indebted consumers embraced credit-building tools last year.

In 2023, Regions Bank teamed with the Self Financial credit-building platform. This interaction is aimed at helping the lender’s clients obtain credit funds. Also, another goal is to improve the financial condition of consumers. Customers can report their payments for rent, mobile phone, and utilities to three credit bureaus, including Equifax, Experian, and TransUnion.

Chris LaConte, Chief Strategy Officer Strategy at Self Financial, says that this platform and Regions Bank have a common commitment to expanding access to financial services.

As we have reported earlier, Little Wallet Collaborates With Visa to Enhance Financial Literacy Among Kids in Southeast Asia.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.