New survey shows majority of consumers (57%) unlikely to have an account with financial providers that offer a bad mobile experience
MX Technologies, Inc., a leader in actionable intelligence for consumers and the financial providers that serve them, shares its latest survey findings, which reveal mobile banking can make or break a consumer’s experience. Sixty-five percent of consumers would stop using a financial provider’s app if the mobile experience changes for the worse.
In addition, more than half (57%) of U.S. adults surveyed would likely seek out a new financial provider if their current one couldn’t deliver on their most wanted features. This is even higher among younger generations, with 63% of both Gen Z and Millennials reporting they would likely look for a new provider.
“Today’s consumers have more choice than ever before, and their tolerance for subpar experiences is wearing thin,” explains Wes Hummel, Chief Product and Technology Officer, MX. “Financial providers must deliver the features and experiences consumers care about most in order to earn share of wallet for the long-term.”
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Other top findings from the study include:
Consumers want personalization and consistency from mobile banking experiences. Nearly one-third of consumers (31%) log into the mobile banking or finance app they use most often every single day. An additional 22% log in multiple times a day, and 46% said they expect greater levels of personalization from the app than what they receive today.
Majority of consumers are unaware they can connect their accounts. Fifty-seven percent of consumers said they would pull together all of their finances into a single mobile app to make it easier to track and manage if they had the option. While nearly every financial provider in the U.S. offers the option for consumers to link external accounts, only 13% of consumers have pulled their finances together into a single mobile application.
Consumers want better financial education, insights, and tools. When asked about the top features they most want to help them with financial wellness, here’s what ranked in the Top 3 most often:
- Educational programs to teach you how to become financially stronger (42%)
- Predictive insights on what their account balance will be on a future date based on spending habits (33%)
- Personalized recommendations on where they can make changes to improve their finances (33%)
Insights help, but action is necessary. When asked about the top features they most want from their financial provider to help them manage their finances, consumers said:
- Order a personalized card (44%)
- Instantly issued virtual cards (43%)
- Open new accounts online (35%)
- Connect outside financial accounts so you can see all your financial data in one place (32%)
- Integration with digital wallets (32%)
Consumers are generally wary of AI but more trusting in specific finance-related tasks. Forty-three percent of consumers say they do not trust the use of AI to help them track and manage their finances, while another 28% said they are not sure. However, when asked about trusting AI for specific finance-related tasks, more than half of consumers said they would trust AI to:
- Deliver proactive reminders to pay bills, save money, etc. (59%)
- Provide a comprehensive breakdown of how they spend money (57%)
- Personalize recommendations on where you can make changes to improve finances (51%)
- Provide customer support when you need assistance (51%)
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