SpringFour

They say it takes a village, and this year, we’re thankful you're part of ours. We are grateful for all we've accomplished together in 2024 and look forward to driving impact with you in 2025. Happy holidays from the SpringFour team!

10 Ways SpringFour Transformed Financial Health in 2024 We’ve had a jam-packed year, and we’re incredibly proud to have driven so much impact in partnership with organizations across all industries. Here are some of our key highlights from transforming financial health and the industry in 2024: 🔷 Proved Financial Health is Here to Stay: SpringFour Acquired by C&R Software 🔷 Led the industry in providing best-in-class, vetted nonprofit and government resources to support financial health 🔷 Highlighted consumer need trends and how companies that use SpringFour are delivering impact and increasing customer engagement 🔷 Bolstered clients’ ESG & Social Impact results 🔷 Built strong partnerships with top brands across a variety of industries — SpringFour and our clients BMO, Capital One, Fay Servicing, LLC, Fifth Third Bank, Financial Finesse, KeyBank, OppFi, Patelco Credit Union, and Self Financial, Inc. amplified our joint impact this year through press features, speaking engagements, and more 🔷 Received incredible validation and feedback from our clients, users, and other industry connections, proving that SpringFour delivers impact 🔷 Explored what impact means to us and demonstrated that impact in action Consumers will be facing financial challenges in 2025. Prioritize financial health now to support your consumers as they need more support next year and beyond. Learn more about SpringFour’s Top 10 Highlights of 2024 at the link in our comments section below.

What financial health challenges will consumers face in 2025? While prices will be high, and many people will be struggling to make ends meet, there are some financial areas where people will feel more stretched in 2025, and ways that financial health resources can help meet those needs. 🚙  With the cost of transportation, including car expenses, transit tickets, and ridesharing services, on the rise in 2025, following a demand for SpringFour’s transportation financial health resources up 24% from Q2 2024 to Q3 2024, transportation health resources will be key next year. 🌪️  As natural disasters become more frequent and more severe in 2025 and beyond, companies can no longer wait for disasters to impact their communities to organize resources; they must proactively plan for how to support consumers through difficult times. 👤  As mental health challenges grow across the country in 2025, mental health services, and resources to help pay for them, will be in greater demand. 👩🎓  While periods of forbearance put federal student loan payments on hold, payments will resume in February 2025 and organizations will need to prepare to support borrowers to avoid default. Learn more about what challenges consumers will face in 2025 according to SpringFour’s predictions at the link in the comments section below.

SpringFour’s Q3 2024 Impact Report showed that our Transportation Savings category increased in consumer demand by 24% from Q2 2024. Our newest financial health category includes resources for cars, car repairs, auto loans, and ways to save money on gas, public transportation, and ridesharing. “Transportation is essential to helping people maintain jobs, continue their education, support the economy, and stay connected to their family and community,” explains SpringFour CEO and Founder, Rochelle Nawrocki Gorey. Explore our Q3 2024 Impact Report to learn how your organization can provide transportation cost assistance and other valuable financial health resources to consumers — the report is linked in the comments section below.

We're proud to work with top credit unions across the country to help them empower their members’ financial health. A recent report from CreditUnions.com by Callahan & Associates, Inc. reveals significant challenges for Americans and their retirement savings funds: Fewer than 40% of Americans believe they’ll have sufficient savings to retire by 65, and nearly half of Gen X and millennials are uncertain about their financial security in retirement. This highlights an opportunity for credit unions to step in and support members with retirement planning and other financial health resources from SpringFour. By leveraging SpringFour’s digital financial health solutions, credit unions offer local nonprofit and government resources that help members not only plan for retirement but also navigate other financial challenges from reducing routine expenses to counseling for debt management. Credit unions that offer financial health solutions for members’ needs empower Americans to achieve a secure retirement savings plan and continue building financial health. Contact impact@springfour.com to learn how you can integrate our resources into your existing financial health strategy to support your members’ financial wellness goals. Read the full article by Aaron Passman at the link in the comments section below.

At SpringFour, we know that with the holiday season comes an increase in spending activity. Consumers face the challenge of balancing additional expenses like gifts, travel, providing meals, and more with routine household expenses. 46% of Americans are still paying off holiday debt from last year according to WalletHub, and Americans are expected to spend 7% more on holiday spending this year than they did in 2023 according to CBS forecasting. Whether it’s assistance with budgeting, managing debt, or accessing food resources, SpringFour connects consumers with vetted, nonprofit and government resources to help navigate the holiday expenses this season may present. Let SpringFour help you support your customers’ or employees’ financial health so they can focus on what really matters during the holiday season. Reach out to impact@springfour.com to learn how to begin supporting your customers or employees’ financial health journeys.

This month, SpringFour team members Rochelle Nawrocki Gorey and Cassandra Compton attended CORA University, a conference that brings together the CORA Group network which we recently joined through our acquisition by C&R Software. It was exciting to meet other leaders in the CORA Group network and to connect with our new family at C&R Software, a CORA Group company. We are incredibly proud to be part of this group and look forward to expanding access to financial health together. Thank you to CORA Group and C&R Software! It was great getting to know you at the event, Ed Wallen, Matt Otchet, Cameron Orr, CPA, Andrew Middleton, Beth McCoy with RewardOps, Joshua Kenel, CPA, Becky Hill with Vanson Technology Services

BMO’s partnership with SpringFour has produced win-win impact by providing an empathy-first collections strategy while boosting business performance. Our winning partnership has driven significant results including: 🔷 772,000 referrals and counting delivered to customers 🔷 Millions of annualized credit loss benefit savings 🔷 More than 5x ROI in the first year SpringFour’s S4pro contact center tool helps BMO strengthen its customer relations to drive healthier financial futures for customers. With 25+ financial health categories, SpringFour offers customers a solution to manage a variety of hardships. Anuj Vohra, BMO’s Head of North America Collections, explains the power and importance of focusing on financial health solutions for their customers: “When you have a bank that stands behind consumers, that’s real financial progress. Now not only are we helping you manage your debt, but we are helping you manage how and where the next meal comes from.” Reach out to impact@springfour.com to learn how your organization can partner with SpringFour to provide winning solutions to your customers. Read the BMO and SpringFour Case Study in the comments below.

SpringFour’s Q3 2024 Impact Report showed a 38% increase in demand for disaster relief resources compared to Q2 2024. This natural disaster season was met with devastating effects from Hurricane Helene and Hurricane Milton, and clients turned to SpringFour for guidance on how to assist consumers. To respond to the growing consumer need, SpringFour updated and expanded our Disaster Relief category to include: 🔵 SpringFour-authored Financial Health Resource Guide on Hurricane Helene and Hurricane Milton 🔵 City and county emergency management agencies 🔵 National organizations and federal government assistance programs 🔵 FEMA disaster declarations and individual assistance by county 🔵 Local nonprofits and foundations Along with immediate disaster response resources, SpringFour supports consumers through long-term recovery efforts and future natural disaster preparation by providing supplemental financial health resources such as rent, healthcare, heat and utility cost assistance, and more. Read more about SpringFour’s Q3 2024 Impact at the link in our comments section below.

Deliver over 23,500 resources across 25+ financial health categories to your customers with our latest financial wellness solution, S4connect. S4connect is a customizable SpringFour-hosted landing page that seamlessly integrates with your brand’s messaging and imagery. Deployment is possible in under 30 days. Our clients see a 30-50% customer engagement rate with S4connect which has led to customers reporting savings on monthly expenses and being twice as likely to engage in foreclosure prevention efforts leading to significant increases in repayment rates. Learn more about SpringFour’s S4connect by watching the video here or linked in the comments section below.