What’s App-ening? Mobile Money Experiences
May 23, 2023 | 1 min read
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May 25, 2023 | 0 min read
Today’s consumer money experience has become increasingly fragmented and consumers are looking to their financial service providers for help. Thirty-nine percent of consumers believe financial providers have a responsibility to provide guidance toward becoming financially strong. This jumps to 58% for Gen Z and 56% for Millennials.
While technology advancements have made life easier in a lot of ways, the same isn’t necessarily true when it comes to managing finances. It means more financial accounts, more apps, more usernames and passwords, and more work for consumers.
MX’s latest research revealed a few key consumer behaviors that financial institutions and fintechs can leverage to create easier, more seamless money experiences:
Easy and Effortless. Consumers are already overwhelmed with the number of usernames and passwords they need to remember and their financial apps are no exception. To combat this, 39% of consumers say they use the same login credentials on multiple apps so that it’s easier to remember. And, 51% of consumers use biometric logins when they are an option, removing the need to remember any credentials.
Safe and Secure. At the same time, 60% of consumers prefer multi-factor authentication when managing their money on a financial app. Coupled with the above, fintechs and financial institutions have to strike the balance between security and convenience.
Connected and Complete. With multiple accounts spread across financial providers, it can be difficult for consumers to get a comprehensive look at their finances. That’s why 29% of consumers have connected multiple financial accounts into one app to simplify how they manage their finances. This is even higher in younger generations with 37% of Gen Z and 46% of Millennials using an app for a consolidated view of their accounts. The ability to connect accounts gives consumers a more complete picture of their finances, empowering them to make better financial decisions and reach their goals.
Personalized and Proactive. Consumers are increasingly looking to their financial providers for proactive and personalized guidance to help them reach their financial goals. The good news is that nearly half of consumers (45%) feel their experience with finance-related mobile apps is personalized to them. The more fintechs and financial institutions can offer personalized experiences, the more trust they can build with their customers.
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