Convenience Drives Consumer Choice for “Top of Wallet”

MX’s latest research shows that nearly half (44%) of consumers say they have a “top of wallet” account they use for the majority of their purchases and payments.

As primary financial relationships are no longer defined simply by where money is deposited, how can financial providers leverage this top of wallet mindset to increase engagement, primacy, and deposits? 

In a survey of 1,000+ U.S. adults, MX’s latest research shows that while trustworthiness and competitive rewards are compelling to many customers, more customers reach for convenience first when it comes to choosing a “top of wallet” account.

Of those who say they have a “top of wallet” account, we asked what was the primary reason they chose that account. The top reason by far was it’s the easiest to use. 

As with so many things in financial services, a difficult or clunky experience will lose you customers faster than anything else. 

This is not to say that being easy to use is a consumer’s only concern when prioritizing one card or account over another. A significant number of consumers said they chose the account with the best rewards (22%) or because they have the most trust in the provider (21%). But, it does suggest that for many consumers, the baseline for choosing a primary card or account is that it is easy for them to use.

Another area where consumers showed their desire for convenience is in saving a card or bank account on file for recurring bills and services. Sixty-seven percent of consumers say they keep their bank or credit card information on file for recurring bills and/or services. 

Beyond that, 1 in 5 consumers report saving their bank or credit card information whenever it is an option when shopping online. This may show more than anything else how much consumers value convenience above all. 

As consumers continue to prioritize convenience for top of wallet and card on file accounts, financial institutions need to prioritize a streamlined, easy to use, and convenient financial experience that consumers will want to reach for.