UBS has announced it is collaborating with consumer credit reporting agency Equifax to add its advanced data analytics solution to the UBS Workplace Wealth Solutions (WWS) offering.
BenefitsIQ is a diagnostic tool that enables employers to understand the financial stressors affecting their employees and empowers UBS WWS to customize a financial wellness program with the plan sponsor for more impactful results.
The assessment offers employers an anonymized, thorough analysis of the financial health of their workforce that:
- focuses on income, debt and credit;
- provides critical planning metrics such as total debt burdens, total employees by debt type, average monthly payments, average debt per employee and delinquency rates, as well as the ability to identify the concentration of each debt type by age, income, tenure, geography and other attributes; and
- showcases comparisons of company financial health data against peer group data and national averages.
UBS says the data-driven insights will also allow it to define benchmarks to track program success and return on investment (ROI) over time.
Questions regarding this service may be emailed to UBSWorkplaceSolutions@ubs.com.