Serve your commercial customers better with the right partner
HSA and benefit features that meet companies and employees’ needs.
Employee happiness and benefits utilization matter most to HR leaders, who rely on employee feedback to guide their decision making. Remain competitive by partnering with the right HSA provider to offer your commercial customers an easy-to-use solution.
Benefits leaders rely on benefits providers to help them do their job well and recruit, retain, and meet the needs of their employees. As they juggle multiple priorities while centering employee happiness, productivity, and retention, they need trusted partners from their financial institution to help them get the job done and support their goals around benefits education and adoption.
Employee retention is the number one job priority of benefits leaders.
54% of HR leaders prioritize employee retention as their top priority in their role, followed by administration and compliance (51%), and enhancing workplace culture (43%).
54% of HR leaders prioritize employee retention as their top job priority.
Employee feedback, benefit utilization, and happiness are the top sources of benefits success measurement.
49% measure benefits success through employee surveys and polls.
45% measure success by whether benefits are utilized by their employees.
40% look at employee happiness and productivity.
Top health and wellness benefits administrative challenges for HR leaders include addressing employee complaints and benefits adoption.
Top administrative challenges for benefits leaders include:
Employee benefits education and adoption
Addressing employees’ complains
Lack of easy customizable business insights and reporting from benefits providers.
Lack of support for troubleshooting issues.
Learning new technology.
Great customer service and ease of implementation are major draws when choosing and working with a health and wellness benefits provider.
55% of benefits leaders say that better customer service is a top motivator for switching providers.
43% say ease of integration with existing providers and streamlined, easy-to-use technology is a top factor when choosing a platform or provider.
35% also say that key factors include customizable plan designs, easy-to-use technology, and responsive customer service are also top-tier drivers in choosing a provider.
In addition, 45% say that lack of integration options or provider flexibility is a top hurdle when selecting a new provider. About one-third of benefits leaders say that what they value most in a provider is great customer support for employees and administrators, as well as a stacked debit card (one card for all benefits), the ability to bundle benefits, and education resources for employees. Furthermore, when working with a benefits broker or consultant, by far the most important quality for benefits leaders is trust, followed by providing quality solutions.
Why working with the right HSA provider matters
As they manage many pressures on their time, employee feedback, satisfaction, and benefits utilization are critical metrics for benefits leaders when it comes to selecting and staying with a financial institution. To win and retain business, financial institutions must focus on solutions that are easy to integrate, support employee education, and provide responsive, knowledgeable support for both employees and administrators.
This means it’s not enough for a financial institution to simply offer an HSA. An HSA solution must be seamlessly integrated, easy-to-use digital experience. It needs to offer features that your commercial customers and their employees expect, such as a fully functional mobile app, knowledgeable customer support, user-friendly dashboards, investment capabilities, insurance claims integration, robust reporting for administrators, APIs for payroll integration and census management, and employee benefits education.
Overall, a successful HSA partnership enables financial institutions to:
- Keep and grow core deposits.
- Achieve significant market differentiation.
- Increase profitability and diversify revenue streams.
- Generate new commercial and retail customer relationships.
- Easily integrate into current systems infrastructure.
In order to meet their customers’ needs and expectations, the right HSA partner provides financial institutions:
- Co-branded solutions.
- Revenue streams.
- Customer data for cross-sales.
- Monthly reporting.
- Sales enablement and support.
- Risk and compliance coverage.
- Unparalleled account holder and customer support.
- Internal partner support and staff education.
- Easy-to-use dashboards and mobile applications.
- Transparent, simple pricing to understand return on investment.