3 Steps to delivering personalized financial solutions for nurses
COVID-19 has blown the lid off a truth that nurses have known for years: Nurses do important work, and many of them are struggling — emotionally and financially.
Financial institutions (FIs) and brands around the U.S. are uniquely positioned to help nurses control the controllables, namely managing their finances. Many nurses juggle high student loan and personal debt, and may feel undervalued for their career investments: long shifts, rotating schedules and emotional challenges — particularly amid staffing shortages and colleagues leaving for more lucrative travel nursing roles.
These struggles aren’t new, but they are timely. Now is a perfect opportunity for empathetic banks, credit unions and brands to recognize the unique challenges nurses face and collaborate with savvy fintech partners to provide robust, supportive solutions.
Take a strategic leap into banking built for nurses. Your organization can help nurses gain and maintain a healthy cash flow — and position your brand as an all-in-one financial partner that understands what nurses want and need.
Niche financial brand concept, Praecuro, was created by Nymbus Labs to introduce a better banking and lending experience for nurses. Streamlined access to loans, simple money management strategies and tailored financial advice offer hope for brighter financial futures.
With nurse-centric digital products and services, your brand can equip nurses with supportive resources, indirectly helping them to provide better care to their patients. Plus, you’ll build sticky customer relationships within a niche market base that aligns with your brand’s mission and purpose.
Experience a win-win-win — for our healthcare heroes, their patients and your brand — with this streamlined, 3-step solution.
1. Streamline Access to Fair, Affordable Lending
New nurses enter today’s workforce with more debt than ever. Currently, 70% of nurses incur student debt, with an average load of $40,000-$55,000 — higher than the average for other professions. Nurses are left to worry about repaying student loans alongside the costs of daily living: mortgages, utilities and other secured, unsecured and revolving debt.
Offer nurses personalized tools and education to meet them where they are financially. Notify nurses via your app about special home loan programs and rates available, such as Nurse Next Door, Homes for Heroes or FHA loans. Educate them on how to make smart financial choices based on their current budgetary needs. Discuss best practices to raise credit scores and procure lower interest rates on loans. Procuring better rates and knowing which loans to pay down faster — and why — allows nurses to save more money and reach their financial goals.
The financial brand concept, Praecuro, offers solutions for financial institutions and brands to provide a combination of products and services, including lending, to assist nurses in meeting their debt — head-on and efficiently. This holistic approach to lending works by:
- Granting access to better rates through a simplified online application means quicker access to affordable funds.
- Consolidating payments to reduce the stress of managing multiple loans.
- Providing fast, focused training about various types of fund sources. This encourages more informed decisions for future loans.
Lending is an integral part of modern society. Today’s consumers need a high-level understanding of their options for getting fair loans without excessive interest or penalty payments. Your brand can earn lifelong trust by guiding nurses through a less stressful lending experience and providing easy-to-integrate spending and saving applications.
2. Establish Effective, Simple Money Management Tools
Budgeting and spend management tools provide nurses with 24/7 financial help for planned and unexpected expenses. Nurses often must budget for ongoing work expenses — not all hospitals subsidize expenses such as uniforms and equipment.
Modern, efficient savings and debit accounts are key foundational elements for managing income and expenses. Financial brands can provide agile banking that offers fast payments, fund transfers and spend-management tools. Then, push the power of your consumers’ dollars further with monthly roundup matching.
Delight your target audience with the mobile-friendly experience and lightning-speed engagement they expect. Through these micro-moments, you can uncover niche opportunities to expand your client base, become a sought-after financial expert within the larger medical community and enhance your brand’s revenue.
3. Offer Financial Wellness Coaching and Career Support
Nurses are struggling with compassion fatigue — now more than ever. They need mental and emotional support, especially when it comes to managing their finances.
Text and video-based consults with personalized financial advisors are available to nurses anytime, anywhere that works for them. Through Praecuro, your brand can offer nurses wealth management advice and financial mentoring. By helping them boost their financial wellness, you can make a positive difference in their physical, mental and emotional wellness.
Help nurses learn more efficiently with access to trusted advice and support around the clock through personal and professional development resources. Through the Praecuro hub, nurses can access grants, scholarships and support for career advancement and specialized training.
Care for the ones who care for you
Offer financial products and services that enrich and empower today’s nurses — then watch it deepen your connective roots with them. Over time, genuinely offering relevant, valuable resources for your clients can enhance your financial brand’s revenue streams and build rock-solid market credibility. Find out how Nymbus Labs can help your financial institution or brand launch Praecuro to provide nurses the financial tools and support they need for a better future.