More than 65 percent of consumers say they are comfortable with their financial institutions using their data to personalize their banking experiences and AI technology for fraud protection
Q2 Holdings Inc., a leading provider of digital transformation solutions for financial services, announced the release of a new Harris Poll consumer report, The Personal Bank: Delivering personalized experiences across generations, which reveals consumers across generations have similar perspectives, behaviors and preferences about banking.
“The digital landscape is continuing to shift and evolve for banks and credit unions”
The study, commissioned by Q2 and executed by The Harris Poll, provides insights on the state of consumer banking preferences among generations, including Gen Z (ages 18-26), Millennials (ages 27-42) and Gen X/Baby Boomers (ages 43 and up). The survey focused on topics ranging from digital banking usage, preferences for AI, and fraud and security.
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According to the survey results, 74 percent of respondents across generations asked for more personalized banking experiences, and they are comfortable with their financial institution using data to deliver what they need. The study also reveals that 70 percent of consumers said they don’t mind the use of artificial intelligence (AI) technology for fraud protection.
Other key findings from the survey:
- 70% of consumers across all generations have expressed their belief in the banking industry’s trustworthiness based on personal experiences.
- 41% of consumers affirmed their financial institutions provided occasional support or choices that reflected their dreams and priorities.
- 66% of consumers are comfortable with their financial institution using their data to personalize their experiences.
- 48% demand higher levels of security for their financial data in the future.
- 60% of Gen Zers said they noticed a positive impact on their financial habits or goals due to personalized digital banking features, compared to just 33% of Gen Xers and Baby Boomers.
“The digital landscape is continuing to shift and evolve for banks and credit unions,” said VP, Product Management at Q2, Anthony Ianniciello. “The goal of this survey is to help financial institutions better understand the needs of their consumers and that, while there is a large focus on generational differences, consumers across all generations are asking for the same things: personalized experiences, increased security, and an increased use of AI.”
“Understanding these needs is the first step in building banking products that meet consumers in every life stage, while helping banks and credit unions better know, serve, and grow their account holder relationships,” said Ianniciello.
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