Bridging the Confidence Gap: KeyBank and HelloWallet Join Forces to Support Financial Health

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Mar 09, 2015, 03:00 ET

CLEVELAND and WASHINGTON, March 9, 2015 /PRNewswire/ -- KeyBank National Association, a leading regional bank, and HelloWallet Holdings, Inc., a Morningstar company and an award-winning provider of personalized financial guidance, have been working together to launch an initiative intended to help KeyBank clients achieve better financial health.

The initiative stems from separate research by KeyBank and HelloWallet that showed consumers know their personal finance goals – such as retirement or paying for college – but are not confident that they know what steps to take to reach those goals.

KeyBank and HelloWallet believe this confidence gap prevents people from taking charge of their financial health.

Defining the Confidence Gap
In October 2013, KeyBank surveyed more than 1800 people, including bank clients about their financial goals. Among other findings, 70 percent of those surveyed reported saving for the future was their top financial goal. But 72 percent admitted they are not confident in their ability to plan for that future.

HelloWallet research shows a similar trend. An October 2014 survey of more than 1,500 workers showed 77 percent of those surveyed said saving for retirement was their top priority, yet only 49 percent had a plan for achieving those goals.

Working together, KeyBank and HelloWallet are launching a multiphase initiative to better understand what drives financial confidence and wellness, so KeyBank can help its clients make better informed decisions.

"We want our clients to feel confident in their financial choices," said Dennis Devine, Co-President of Key Community Bank, Consumer and Small Business.

"Our relationship with HelloWallet will give us insight into what we can do to help our clients bridge the confidence gap."

Bridging the Confidence Gap

HelloWallet and KeyBank's plan includes:

Conducting further research across diverse segments to learn what drives KeyBank clients' financial health and financial confidence, with a focus on evaluating financial outcomes and reported confidence levels.
Offering KeyBank clients HelloWallet's 3 Minute Financial Plan, a program for delivering quick, unbiased financial insight. Participating KeyBank clients will derive immediate benefit, as the bank can offer them more insightful, individual guidance, such as how much to hold in emergency savings.
Using HelloWallet's mobile and web-based applications to provide KeyBank clients with independent financial guidance—including the financial wellness score—and personalized budgeting and spending tools. The HelloWallet program will help KeyBank clients set and monitor their financial goals, prioritize financial decisions, and have a clear understanding of how they are spending their current income.

Devine added: "KeyBank will continue to work together with HelloWallet to create an integrated program we can use every time we interact with clients to ensure we offer them insightful, personalized guidance based on our understanding their specific short- and long-term needs."

"Our goal is to democratize access to financial guidance for all Americans," said Matt Fellowes, founder of HelloWallet and Morningstar's Chief Innovation Officer. "Working with KeyBank is a tremendous opportunity to offer the bank's clients consistent, personalized guidance so they can feel confident in their ability to make well-informed financial decisions."

About HelloWallet Holdings, Inc.
HelloWallet Holdings, Inc., a wholly owned subsidiary of Morningstar, Inc. (NASDAQ: MORN), works with employers to provide independent, personalized financial guidance to employees through web and mobile-based software applications. Using behavioral and consumer research and analytics, HelloWallet helps employees make the most of their salary and benefits. HelloWallet operates a double bottom line business model: for every five subscriptions sold, HelloWallet donates one subscription to a family in need. HelloWallet is headquartered in Washington, D.C. For more information, visit www.hellowallet.com.

About KeyCorp
KeyCorp traces its history back more than 160 years and is headquartered in Cleveland, Ohio. One of the nation's largest bank-based financial services companies, Key has assets of approximately $94 billion. Key (NYSE: KEY) provides deposit, lending, cash management and investment services to individuals, small and medium-sized business under the name KeyBank National Association. 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 about KeyBank, visit www.key.com. Follow KeyBank on Twitter @KeyBank_News and @KeyBank.

KeyCorp, its affiliates, and subsidiaries are not affiliated or in any way related to HelloWallet Holdings, Inc.

SOURCE KeyCorp