About Financial Wellness Program Software
Financial wellness program software offers organizations with advanced tools which are required to develop, administer, and execute different financial wellness initiatives. Such tools help businesses provide their staff with money literacy preparation, including budgeting, planning, and alleviating money tension. These solutions help companies equip their employees with financial management education, including planning, budgeting, and alleviating financial stress. Financial wellness software includes features such as budgeting tools, financial goal planning, gamification, debt management, and money management coaching. These solutions may also include tools to help with budget creation, goal setting, assets, and tracking of spending, and financial management progress. Financial wellness program software also includes reporting and analytics features that help companies improve employee engagement, productivity, and retention.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Financial Wellness Program Software market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Edukate (United States), Sum180 (United States), Your Money Line (United States), Best Money Moves (United States), DHS Group (United States), BrightDime (United States), Wellable (United States), Financial Fitness Group (United States), SmartDollar (United States) and My Secure Advantage (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Fiscal Fitness Club (United States) and SmartPath (United States).
Segmentation Overview
AMA Research has segmented the market of Global Financial Wellness Program Software market by , Application (Bank, Depository Institutions and Others) and Region.
On the basis of geography, the market of Financial Wellness Program Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment Mode, the sub-segment i.e. On-premise will boost the Financial Wellness Program Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Enterprise, the sub-segment i.e. Large Enterprises will boost the Financial Wellness Program Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Solution will boost the Financial Wellness Program Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The High Demand for Cloud-based Solutions
Market Growth Drivers:
Increasing Demand for Advanced Financial Solutions from End-User Industry
Challenges:
Lack of Understanding among Companies about Financial Wellness Program Software
Restraints:
The Higher Cost for Financial Wellness Program Software and Rises in Security Concerns
Opportunities:
Adoption of Advanced Technology and Government Support for Digitalization and Rising Demand from Developing Countries
August 2023, EasyKnock, the first technology-enabled residential sale-leaseback platform, launched BuyBoost, a new program in partnership with FinLocker designed to help customers progress towards mortgage readiness. This anticipated new program is a testament to EasyKnock’s continuous efforts to expand the tools it offers to its customers.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Financial Wellness Program Software Providers, Government Regulatory and Research Organizations and End-User
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.