The increasing interest in health savings accounts (HSAs) creates new and profitable opportunities for financial institutions. Whether you are a bank, credit union, or financial services firm, the opportunity for significant growth is there.
Are you ready? We can help.
With more than 30 million HSAs and deposits of $90 billion projected nationwide this year, it’s easy to see that HSAs provide significant value. When you choose the WEX platform for your HSA solution, you can:
- Increase revenue from growth in low-cost deposits, increased interchange, and fees.
- Enhance client and accountholder relationships.
- Offer a private-labeled, scalable solution with industry-leading functionality.
- Gain a multi-account offering, including FSAs, HRAs, COBRA and direct billing, wellness, commuter benefits, and more to help you win more business.
More employees are choosing high-deductible health plans and health savings accounts (HSAs) to pay for current and future healthcare costs. Financial institutions see the opportunity, and many are offering accounts and looking for ways to grow in this market.
Credit unions/community banks
Smaller financial institutions are finding value in entering the HSA market. HSAs allow banks and credit unions to reach not only employers, but to also engage their employees which can lead to additional interactions, more business, and more value for the members.
Financial services firms
Like 401(k)s, HSAs can increase assets under management while giving financial institutions another valuable service they can offer to customers. More people are beginning to use their HSAs in conjunction with their 401(k)s to reduce taxable income and save for retirement while receiving a more holistic view of their health and wealth.
Innovative, Flexible, and Compliant Solutions
Backed with proven success and best-in-class service, our platform helps 400,000 employers and more than 32 million consumers better manage healthcare expenses. We can help you help them – and increase your bottom line.
Partner With The Industry Leader
From best-in-class service to flexible and full-featured solutions to regulation compliance, WEX can help you grow market share.
With WEX you can:
Deliver a seamless and engaging user experience across portals and mobile apps
Drive efficiencies with streamlined account opening, employer set-up wizards, built-in tax reporting and platform controls to prevent manual rework
Leverage industry-leading power and flexibility for HSA investments including custom fund lineups, allocation methods and self-directed brokerage accounts
Protect your data with our built-in, world-class security measures
Integrate with other systems and platforms including core banking and retirement platforms. Take advantage of powerful messaging and personalization to target consumers adding incremental value
Rise Above the Other Banks, Credit Unions and Investment Firms
WEX helps you provide the right tools and resources at the right time, every time.
Automation, Flexibility, and Scalability
Now more than ever, it’s important to offer financial wellness solutions, such as HSAs, to consumers.
- Our HSA integrates with your other products and platforms.
- The solution’s structure supports a variety of distribution strategies with unparalleled investment options / flexibility.
Reporting and Analytics
- Let’s Chat, an AI-driven chatbot, enhances the personalized benefits account experience and expands on the powerful analytics capabilities offered to Financial Institution partners.
- Benefit Analytics give you the powerful insights needed to make data-driven, strategic decisions to increase your bottom line, while adding value to your clients and their employees.
With more than 6 million health savings accounts leveraging our platform, we are the largest player in the market and continue to lead industry growth.
- Our HSA is completely private labeled for each TPA to give you control over your brand as well as more control over administration.
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And we want to support you, too. See what WEX can do for your business.
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