For banks, improving their customers’ financial health is not just good business. It is imperative.

A new survey found that 69% of bank executives agree that helping customers improve their financial health can increase customer engagement and boost customer loyalty for banks. And yet financial institutions struggle with creating meaningful features and services, such as PFM apps, for their customers, according to a new Center for Financial Services Innovation report.

The report, released today, found that while 51% of executives said their FIs have launched at least one PFM product, only 33% said they are improving and updating these services on a regular basis.

Gathering, analyzing and learning based on customer feedback is key to improving, or even creating a PFM app, Ken Dodelin, VP of conversational AI products at Capital One, told Bank Innovation. 

Only 35% of the executives surveyed said they are currently tracking customer feedback on this matter. Capital One is not among this group, Dodelin said. The bank “continuously” trains its virtual assistant, Eno, with live customer interactions, thus improving its capabilities based on that real-time customer data, he explained.

Bank of America does the same, according to a spokesperson, Betty Reiss, who told Bank Innovation that the genesis for BofA’s Spend Insights, a feature that helps customers track spending and set goals, came from customer feedback. BofA Spend Insights is available on the bank’s mobile app, as well as through its virtual assistant Erica.

Also Read: Mobile Outpacing Digital User Growth at the Big Four U.S. Banks

Capital One takes its version of spend insights a step further by notifying customers via text of unpaid bills and recurring charges, and even telling them when they’ve over-tipped at a restaurant. The result for both banks is increased customer engagement.

“This is the power of personalization,” Dodelin said. “It not only serves the customer in that specific need but also tells the customer we — their bank — care about them, which in turn builds customer trust and loyalty.”

In the CFSI report, titled “From Buzzword to Business Model: How Industry Executives View Financial Health,” only a third of respondents are currently tracking this feedback, indicating that there is a sizable gap between intention and action among FIs to better PFM offerings. Among those FIs tracking feedback, the report shows that larger and mid-sized banks are better at keeping track than smaller banks (84% versus 52%).

Read the full report here.