Referring struggling customers to get help, banks report improved repayments
- M&T Bank joins Capital One, BMO Harris with SpringFour partnership.
- SpringFour partners reported increased repayment, improved customer service and increased demand for financial help resources.
M&T customers have a new resource at their disposal that’s designed to help them with their financial health — and M&T Bank might get something out of it, too.
In early April, M&T Bank partnered with SpringFour, a social impact fintech. Under the partnership, M&T customers struggling with their finances gain access to SpringFour’s vetted database of more than 20,000 local, government and nonprofit resources in 575 cities across the US. The service comes at no cost to customers and it’s available via mobile app and website, as is the case with most of SpringFour’s partners.
With the partnership, M&T may also anticipate an improvement in repayment rates, considering current SpringFour partners have reported increased repayment rates, improved customer service and increased demand for similar resources.
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