HSA BANK IS BUILDING A NEW ERA OF TECHNOLOGY-FOCUSED EXPERIENCES IN FINANCE
Technology-driven experience and innovation have the potential to transform employee benefits from a traditional offering into a strategic differentiator for organizations. The benefits sector, traditionally not seen as a tech ‘powerhouse’, is undergoing rapid change as organizations leverage their employee benefits to recruit and retain top talent.
Convenience is key with cutting-edge benefits platforms, granting employees the freedom to tap into a wide range of resources and services, anytime and anywhere. With the ease of mobile apps, self-service portals, and virtual assistance tools, employees can easily navigate benefit options, access important information, and complete administrative tasks effortlessly. These tools have the ability to create an enjoyable and hassle-free experience for employees, resulting in overall enhanced satisfaction.
As one of the country’s largest providers of employee benefits solutions, HSA Bank empowers over 30,000 businesses to maximize their benefits programs. Since 1997, the bank has evolved from simply offering medical savings accounts into a robust digital benefits provider serving more than 3 million members—with a portfolio including industry-leading health savings accounts, flexible spending accounts, lifestyle spending accounts, emergency savings accounts, and more.
In a world where employees are increasingly tech-literate, they want to better understand how their benefits work for them, and employer expectations for technology-driven experiences rise accordingly. While HSA Bank has already seen the benefits of emerging technology, it is focused on even greater opportunities that technology can bring in the short and long-term future. This continuous innovation will usher in personalized insights, experiences, and solutions that will drive value and allow members to make the most of their benefits spending.
Data is Key to Member Personalization
By harnessing the power of consumer and user data, organizations gain intimate knowledge on expectations and drive continuous improvements tailored to individual needs. HSA Bank can generate a vast number of personalized insights on offerings like its health savings account. Traditionally, producing these insights has been a manual process, but the bank is spearheading initiatives using internal systems to better analyze real-time trends and consumer behaviors.
HSA Bank offers an in-app ‘advisor’ that analyzes member behavior through an internal proprietary algorithm to engage them with key messages at the right time on their benefits journey. The company also offers an internal advanced tool that analyzes a member’s financial landscape and recommends the most effective HSA/FSA contribution strategies, so they can make informed decisions about their plan contributions. The goal of these tools is to generate insights so members can make better-informed financial planning decisions.
After developing these personalized tools, HSA Bank developed a new foundational data strategy to build a suite of tools using predictive analytics. Currently, its personalized touchpoints span across a messaging ecosystem with tips and insights, but HSA Bank is exploring how to create new engagements that meet unique user needs. By deeply understanding the customer and their journey, HSA Bank can elevate its services and better meet members where they are through all touchpoints.
Thank you to MKE Tech for making this book possible, they are the voice and champion of Innovate® Milwaukee that unifies the community!
Backend Technology Enhancements
HSA Bank is also automating internal operations as it recasts consumer engagement with workplace benefits plans. The complexities of our world are growing, and so are the challenges faced by employees. The bank has been investing significantly in automating processes that were originally dependent on humans. With these new support systems in place, HSA Bank employees now have more time to focus on solving issues that technology is unable to tackle and allows its team to focus on solving complex challenges.
While the bank has a dedicated team to preventing fraud, its team relies on technology to monitor and identify suspected fraud across millions of transactions from its members. HSA Bank created its own sophisticated algorithms that scrutinize transactions so its team can better understand how to prevent fraudulent activities.
HSA Bank remains at the forefront of innovation in employee benefits, and its partners are increasingly eager to offer advanced technology-enabled experiences. From frontend experiences to backend automation, HSA Bank’s team has been building innovations from the ground up that push boundaries and prove that the Midwest has the exceptional talent needed to implement innovative offerings. Now, more than ever, is an exciting moment to be a part of HSA Bank to revolutionize how technology intersects with benefits, healthcare saving, and spending.
