Many financial services providers have committed to driving financial well-being and will increase their tech spending on solutions that help customers navigate the cost-of-living crisis, make better decisions, and build financial resilience. Financial services firms are also looking to leverage digital tools and technologies to deepen customer engagement through personalization. And they’re investing in solutions that enable them to have real-time (or near-real-time) access to multiple sources of data and insights in order to strengthen their underwriting capabilities and cross-sell or upsell financial products and services at the right time.

Forrester surveyed technology decision-makers, suppliers, and other subject matter experts in our search for the most important financial well-being technologies. This technology landscape is vast and rapidly evolving, and it can be hard to understand which technologies have the most business value. Our newly published report, The Forrester Tech Tide™: Financial Well-Being, Q2 2022, analyzes the maturity and business value of the most commonly implemented or discussed technology categories that support firms’ financial well-being strategies. Some technologies in this report have been adopted by organizations for many years or are rapidly gaining momentum, while others are emerging. These technologies are regularly the subject of user client inquiries and conversations. Each of the technology categories we analyze in this Forrester Tech Tide meets these three criteria: 1) it aims to support customers’ financial well-being; 2) it is commercially available and supported at enterprise scale; and 3) it has (or will have) market traction.

As we mapped out the 2022 financial well-being technology landscape, we identified some trends for financial services leaders to think about as they consider, source, implement, and roll out new solutions to help customers improve their financial health. For instance, our research reveals that algorithmic-based services — powered by APIs, data analytics, predictive analytics, and ML — are now enabling more personalized financial coaching and embedding automated financial services into the customer’s environment. But difficulties in ingesting and leveraging data — ecosystem complexity, issues with data availability and interoperability, lack of quality data, limited data standardization, data governance and security, etc. — remain major obstacles for many firms keen to deliver customer value via personalized experiences and execute on their financial well-being strategy.

Read this report to ensure your organization’s investments are sourced around value rather than hype. We also provide a sample selection of representative and innovative players for each category. If you’d like a deeper dive, please schedule an inquiry.