KeyBank recently acquired the personal finance software platform HelloWallet from Morningstar, Inc. for an undisclosed amount, accelerating the companies’ commitments to “financial wellness.”
KeyBank established an exclusive relationship with HelloWallet in 2015, which made KeyBank the only banking institution providing access to HelloWallet’s award-winning personal finance platform. HelloWallet allows consumers to determine their personal financial wellness scores. Those scores provide practical insights that KeyBank then combines with personalized guidance from bankers to help clients improve their financial wellness scores.
Approximately 36 HelloWallet employees will join Key Bank. The employee teams will continue to be based in Washington, D.C., and Chicago.
KeyBank’s own research has shown that HelloWallet has boosted its clients’ financial confidence.
“KeyBank is transforming our clients’ banking experience by embedding financial wellness into every interaction, whether digitally, at the branch, or via telephone. We are committed to keeping our clients’ financial wellness at the core of our relationship with them,” Dennis Devine, co-president of KeyBank Community Bank, said.
Brock Johnson, who heads up Morningstar’s global retirement and workplace business, said the sale aligns with both Morningstar’s and KeyBank’s long-term strategy.
“Morningstar has significantly enhanced its overall capability set since the acquisition of HelloWallet more than three years ago and we will continue to incorporate many of the financial wellness best practices into our broad-based solutions,” Johnson said. “As HelloWallet’s largest customer, KeyBank was HelloWallet’s single greatest source of new users and this agreement allows them to advance their mission even further,” he added.
Johnson said KeyBank will provide HelloWallet with the level of focus and investment that it needs to maintain a leadership position in a rapidly changing industry.