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Health Savings Accounts: Focus on Transactions and Product Development Will Lead to Asset Growth Target
Javelin Strategy & Research, Oct 2006, Pages: 11
Financial institutions demonstrate a high interest in Health Savings Accounts (HSAs), as they could represent a viable long term opportunity for asset growth. Implementation, product development, and product management, however, must take into account low consumer awareness and interest, and must navigate unclear and complicated business to business relationships to ensure profitability and account holder relationship enhancement with the goal of consumers selecting their primary financial institutions for the products.
Primary Questions:
-How strong is consumer interest in HSAs?
-How do consumers want to access the accounts?
-How can financial institutions make HSAs profitable in the immediate term?
-What product development initiatives must receive the highest priority?
-What partnerships and revenue models must HSA implementation plans include?
-Will consumers look for HSAs from employers, financial institutions,or other sources?
Findings and Analysis:
Consumer-driven healthcare is years from fruition, yet financial institutions and technology vendors must plan the right steps now to reap long-term rewards from associated products. Less than half of consumers show an interest in HSAs (a primary vehicle for consumer driven health-care), and most who do will seek the accounts from their employers. Consumers want to use a card product to access HSAs for small and large transactions alike, which provides an immediate transaction fee revenue opportunity for financial institutions. Success depends on selecting HSA solution vendors that enable the simultaneous access to a multitude of financial and medical information, and also enable efficient transactions. Organizationally, FIs must create HSA product management groups that incorporate expertise in payments, commercial relationships, retail relationships, and asset management.
Audience: Financial institutions, payments vendors, HSA solution providers
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