72% of respondents say they would seek out a different financial institution if they couldn’t connect to their most frequently used fintech apps
MX, a leader in Open Finance, released a new report on consumer trends in online and mobile banking. The research highlights opportunities for financial institutions and fintechs to build brand loyalty by offering consumers more personalized, digital and mobile experiences. Seventy-two percent of all respondents say they now prefer to manage all their finances online or through a mobile app. At the same time, 70% expect their financial service providers to give them personalized notifications and insights.
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“We believe consumer expectations for superior digital and personalized experiences are more important than ever. The survey shows the majority of consumers want their financial service providers to proactively help them better manage their finances (63%) and give them personalized insights,” said Shayli Lones, VP of Go to Market at MX. “We believe our research points to a tremendous opportunity for financial institutions and fintechs who embrace Open Finance to build personalized experiences and drive innovation.”
Key findings from the report include:
- Demand for Account Aggregation on the Rise:Â 60% of Gen Z respondents have connected their financial accounts into a single view. Among Millennials, this number is 59% while 44% of all respondents say they have connected their accounts.
- Connectivity May Impact Brand Loyalty:Â 72% of respondents say they would seek out a different financial institution if they couldn’t connect to their most frequently used fintech apps.
- Challenges Connecting Accounts:Â One in 4 respondents reported experiencing issues connecting accounts.
- Call for Proactive Financial Support:Â 63% of respondents want their financial service providers to proactively help them better manage their finances.
- Financial Access and Frequency: 56% of respondents check their financial accounts at least once a day, while 18% check multiple times per day.
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The full report dives into consumer preferences and attitudes, including differences among generations and minority groups, that show a preference and demand for personalized, proactive, and digital services. It also shows a growing opportunity to connect all financial accounts into a single view.
MX provides secure and reliable APIs that can power experiences to meet the needs and expectations revealed by this survey. Financial institutions and fintechs can pave the road to Open Finance — which MX defines as the ability to access and act on financial data to build personalized experiences, support industry collaboration, and drive innovation — by enabling seamless connectivity and data sharing between financial accounts.
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