ABA Banking Journal - July/August 2015 - (Page 56)
> INNOVATIONS IN SOCIAL RESPONSIBILITY
requires Financial Training
Banks recognize multiple deployments and challenging
economic times demonstrate the need for veterans to brush up
their financial acumen.
BY CoREY CARLISLE
BAnkS hAVE A long history of championing efforts to improve consumer financial
literacy, recognizing not only the benefits for their customers, but the societal
benefits of educating individuals to make smart, informed financial decisions.
For those assisting customers in the
military, this focus on financial education
can be even more critical, as many
service members are young, often right
out of high school, just starting families
and may not be financially savvy.
The Department of Defense has long
recognized personal financial security,
and therefore financial education, as
a critical component for force morale,
support and operational readiness.
Surveys of service members and their
families cite finances as one of their
most significant stressors, rating even
higher than deployments and personal
relationships. Service members can't
adequately focus on the job at hand
if they are concerned about financial
problems at home.
Banks that serve military families
recognize the unique nature of the
military lifestyle, the importance of
financial responsibility, and how best to
communicate and effectively interact
with service members.
Aimed at addressing service members'
unique needs at each stage of
their career, from newly enlisted to
retirement, Wells Fargo added to its
successful Hands on Banking financial
education program by launching
Hands on Banking for Military in 2013.
ABA BANKING JOURNAL | JULY/AUGUST 2015
The program provides 10 individual
lesson topics ranging from the basics
of banking to career transition and
planning for retirement in terminology
and images that relate to military
service members and their families.
"Military members and their
families often face unique financial
challenges, including deployments
and relocations every few years," said
Chairman and CEO John Stumpf.
"These men and women sacrifice
their lives for our country. We want
to empower them with the right
resources to help them succeed
Thousands of Wells Fargo team
members deploy the program via their
Veterans' Team Member Network,
which in turn also promotes greater
veteran awareness. In 2014 alone,
Wells Fargo team members delivered
financial education lessons to
136,000 people all over the world.
Pioneer Services, a division of
MidCountry Bank, recognizes the
importance of financial education.
For more than 25 years, the company
has provided financial services to
more than 1.5 million military families.
Today, MidCountry Bank has more
than $715 million in total assets.
Recognizing the unique demographics,
mobility, and heavy use of technology
and mobile devices among military, and
their increasing preference to conduct
banking transactions through these
platforms, Pioneer Services uses a mix of
printed, online and social media vehicles
to share its financial literacy materials
with customers. Steve Meads, president
of Pioneer Services, explains, "As the
marketplace and consumer preferences
have evolved, so too has Pioneer, using
technology and other mediums to make
information more readily available and
accessible to today's military families."
To ensure the educational information
being provided remains relevant, as
well as front and center with military
customers, Pioneer continually
updates its content and technology
platforms. As part of 2015 National
Military Appreciation Month in May, the
company updated its Military Financial
Literacy Survey, and it will be rolling out
a mobile app this summer that makes
its online Learning Center even more
accessible on mobile devices. Plans
also are underway for a new series
of self-help video podcasts to attract
and maintain customers' attention.
Let's salute these outstanding banks
CoREY CARLISLE is SVP of
bank community engagement
Table of Contents for the Digital Edition of ABA Banking Journal - July/August 2015
BANKING’S APPALLING REGULATORY STRUCTURE
HOW BANK CULTURE DRIVES SUCCESS
KEY CONSIDERATIONS FOR CREATING SUCCESSFUL BOARDS
VENDOR RISK MANAGEMENT
FIVE RISKS THAT WILL SHAPE BANKING’S FUTURE
ABA COMPLIANCE CENTER INBOX
REAL ESTATE LENDING
FROM THE STATES
BANKER RECOMMENDED READING
INNOVATIONS IN SOCIAL RESPONSIBILITY
INDEX OF ADVERTISERS
ABA Banking Journal - July/August 2015