Fifth Third Bank and Nextjob have teamed up to offer unemployed mortgage borrowers free job search tips through "webinars" and face-to-face coaching.
Although banks do help people by lending them loans, that is usually as far as their help goes and acceptably so. Ohio-based Fifth Third Bank has seen the value in taking this service to the next level and offered its customers empowering assistance which improved their purchase value.
"Up to half of mortgage delinquencies are due to job loss. This is specific, one-on-one training that helps people identify their transferable skills and re-gain the financial stability of a new job," explained Steven Alonso, executive vice president and head of the company’s Consumer Bank.
As the value competition raises, I am hoping to see more of these services added on mortgage packages.
Job Search Assisting Banks
Fifth Third Bank and Nextjob Teamed Up to Assist Unemployed Find a Job
Trend Themes
1. Job Search Assistance - Banks providing job search tips and coaching to unemployed borrowers creates an opportunity for disruptive innovation in the financial industry.
2. Empowering Assistance - Offering personalized training to help individuals identify transferable skills and regain financial stability through a new job presents an opportunity for disruptive innovation in the banking sector.
3. Value-added Services - Expanding services offered in mortgage packages to include job search assistance can lead to disruptive innovation in the competitive landscape of banking.
Industry Implications
1. Banking - Banks providing free job search tips to unemployed mortgage borrowers creates an opportunity for disruptive innovation in the banking industry.
2. Financial Services - Integrating job search assistance into financial services offerings for mortgage borrowers presents an opportunity for disruptive innovation within the financial sector.
3. Mortgage - Including personalized job search coaching as part of mortgage packages offers an opportunity for disruptive innovation in the mortgage industry.