SAN DIEGO–The Financial Health Network has unveiled what it said are its first-ever product design standards for the financial industry.
It said the move is “an essential step toward integrating financial health into financial solutions.”
During the organization’s Emerge Conference, Financial Health Network CEO Jennifer Tescher announced the FinHealth Standards for Spending Management Products, which it said is an operational playbook for checking accounts and credit cards, designed to help financial services providers advance customer financial health amid rising economic pressure, a shifting consumer protection landscape, and eroding public trust.
It added that future installments will introduce standards for a broader range of financial products.
‘Actionable Guidance’
“Inspired by quality benchmarks in other sectors such as healthcare and digital privacy, the new standards provide banks, credit unions, and fintechs with clear, actionable guidance across three critical areas: account features, account policies, and customer onboarding and access,” Financial Health Network said in a statement.
It added that the guidance provides a “roadmap for excellence” that helps institutions assess their impact, strengthen performance, and demonstrate leadership.
“With more than half of Americans spending as much or more than their income, and nearly a third falling behind on at least one bill payment, the stakes could not be higher,” said Tescher, citing data from the 2024 Financial Health Pulse® Trends Report. “In today’s relaxed regulatory environment, these standards give providers the clarity and confidence to act, turning good intentions into measurable outcomes that build consumer trust and strengthen institutional credibility. By deepening customer relationships and enhancing brand reputation, they drive growth, retention, and long-term profitability.”
What Standards Are to Do
According to the organization, the standards are designed to be flexible and scalable across institutions of all sizes and technical capacities, and the standards support a range of applications, including advanced balance forecasting tools and fee waivers tied to customer behaviors rather than minimum balances. The standards also include evaluation scorecards to help institutions assess current offerings and prioritize improvements.
The organization said the standards were developed through extensive research, behavioral science insights, and collaboration with financial institutions and policy advisors, and align with the Financial Health Network’s broader strategy to embed financial health across the financial ecosystem.
“They complement the Financial Health Pulse data, which continues to track financial health across the U.S., and highlight the urgent need for systemic innovation,” the group said.
Other Announcements Pending
It added the announcement marks the first in a series of FinHealth Standards that will be released, expanding across all pillars of financial health: saving, borrowing, and planning products. Future installments will cover a wide range of financial products, such as savings accounts, loans, and other money management tools, the organization said, adding that later this year the Financial Health Network will also publish an initial assessment evaluating how the industry aligns with the standards to help inspire action, foster innovation, and accelerate adoption.