ARGO Accumulator Strengthens Financial Institution/Customer Relationships Through Digital Personal Financial Planning

RICHARDSON, Texas--(BUSINESS WIRE)--ARGO, the leading provider of high-value technology and analytical-sciences software for the financial services and healthcare industries, announced the availability of ARGO Accumulator, a digital financial planning solution that enables banks and credit unions to provide their customers and members with access to an interactive, goal-centric approach to personal financial planning.

According to the Center of Financial Innovation 2018 Survey, 81 percent of Americans experience significant stress related to finances, with 78 percent wanting help with their personal financial management. With Generation X and Millennials poised to inherit $68 trillion over the next 30 years (as predicted by Business Insider), and nearly 76 percent of millennials lacking financial literacy, institutions have an opportunity to play a key role in improving consumers’ overall financial wellness.

“Seventy-five percent of consumers desire the ability to set a roadmap for establishing and meeting their personal financial goals,” said Todd Robertson, Senior Vice President, ARGO. “Accumulator empowers users to create personalized goals and maps out how best to achieve them. Showing users their expenditures compared to national averages communicates a sense of what is normal and enables them to compare the way they spend to the habits of their peers.”

Institutions can cost effectively deliver ARGO Accumulator to consumers digitally, providing automated decision functionality to guide them through the process. The solution uses data from the Bureau of Labor and Statistics (BLS) for expense comparisons and Federal Reserve Bulletin (FRB) to compare income data. Social influences such as peer comparisons provide meaningful methods of encouraging behavioral changes for goal achievement.

Needs-based Accumulator supports a customer focus rather than a product-centric view. Fully integrated Omni-channel accessibility enables seamless staff assistance, building trust and value to the customer over a long period of time. “Accumulator provides a banker with full transparency to the consumer’s financial objectives, self-reported data, calculations, cash flow, net worth, and a customer lifetime value index (CVI) used to determine needs for additional products and services which are relevant to a customer,” continued Robertson. “In addition, the solution identifies potential leads and referrals, assigns them to appropriate bankers or specialists for follow-up, and tracks their progress.”

Strengthening customer relationships by meeting needs through a digital personal financial planner, ARGO Accumulator offers financial institutions tangible differentiation in the marketplace bringing considerable strength in the customer journey stages of consideration, acquisition, conversion and retention.

About ARGO

Founded in 1980, ARGO develops, installs and supports high-value technology and analytical-sciences software for the financial services and healthcare industries. ARGO currently works with nearly 300 banking customers in all financial services sectors including six of the top 10 banks, and non-bank financial services lenders as well as provides solutions for a leading-edge healthcare information exchange and major healthcare providers. For more information visit www.argodata.com or follow the company on LinkedIn and Twitter.