SAN DIEGO—City National Bank has teamed up with San Diego-based financial education company iGrad to offer the award-winning Enrich™ financial wellness platform to its 150,000 members.
Based in Charleston, W.V., City National Bank has 90 locations in West Virginia, Kentucky, Virginia and Ohio.
City National Bank’s Enrich personalized financial wellness program features the Your Money PersonalityTM financial behavior assessment, which analyzes each user’s financial “personality.” The platform also provides:
- Financial education courses with personalized action plans on topics including budgeting, mortgages, healthcare, college savings, student loan repayment, banking, credit, financial planning and more
- Retirement and home affordability analyzers
- A suite of student loan and higher education tools
- Personal finance calculators and a real-time budget tool
Enrich is used by more than 20,000 employers and more than 300 financial institutions nationwide, with artificial intelligence technology that engages each user with the most relevant content based on financial situation and stage of life. The Enrich platform includes dynamic tools and courses, delivering a highly personalized and interactive learning experience on financial topics including student debt, mortgages, budgeting, investing, retirement and long-term care.
According to a 2021 Capital One CreditWise survey1, 73 percent of Americans rank their finances as the most significant source of stress.
To combat financial stress, Enrich users are prompted to update their stress score regularly to gauge the correlation between improved financial wellness and stress levels. Recent Enrich data revealed that as participants improved financial understanding, their stress levels dropped by an average of 23 percent.
Additional Enrich data found positive behavior changes as a result of program participation, including:
- 27 percent increase in users with emergency savings funds covering three to six months of expenses
- 28 percent increase in users who pay their credit cards in full every month
- 32 percent increase in users getting on track with their financial goals
- 15 percent increase in users contributing to their retirement plan
“Enrich can help people of all income levels and in all phases of life,” said iGrad Vice President of Business Development Todd Woodlee. “City National Bank is demonstrating the importance of behavior-changing financial wellness education by offering Enrich to its 150,000 members.”
iGrad is a San Diego-based financial technology company that offers artificial intelligence-powered financial wellness solutions to more than 600 colleges and universities, more than 20,000 employers and more than 300 financial institutions. iGrad’s Your Money Personality™ was recognized by the Institute for Financial Literacy with the 2020 Excellence in Financial Literacy Education (EIFLE) Adults’ Education Program of the Year award. iGrad is one of three 2020 honorees in the inaugural Barron's Celebrates: Financial Empowerment, after being selected by a team of judges for its contributions to improving the financial health and security of Americans. iGrad also received the 2022 Eddy Award for Financial Wellness by Pensions & Investments for its Enrich platform. For more information about the iGrad platform, visit https://www.igradfinancialwellness.com. For more information about the Enrich platform for employers and financial institutions, visit https://www.enrich.org.
1 - https://www.cnbc.com/select/73-percent-of-americans-rank-finances-as-the-number-one-stress-in-life/