Using Data-Driven Personalization to Unlock Primacy

One word to describe today’s financial industry is “more.” More financial accounts. More financial mobile apps. And, more competition. Forty-seven percent of consumers report they have more than 3 finance apps downloaded to their mobile phones (according to MX). So, how can financial providers cut through all the noise to drive primary financial relationships in such a crowded competitive market?

Industry leaders across large financial institutions, midsize credit unions, and fintechs dove into that question — uncovering key strategies defining primacy in a recent conversation at Money Experience Summit 2025.

The full panel discussion features insights from industry leaders Martha Beard (JPMorgan), Darlene Johnson (Suncoast Credit Union), David Metz (Prizeout), and Nathan Quezada (Bank of America). 

The Digital State of Primacy

MX recently found that 83% of consumers say they have a primary financial account, proving that gaining primacy is still a realistic goal. But, primacy is no longer about proximity or history. 

Today, financial institutions can no longer rely on dated strategies or in-person interactions to drive personalized relationships. As the industry changes, primacy strategies must change too. MX recently found that 1 in 2 people see their mobile banking experience as a non-negotiable part in their daily lives. Financial institutions have to meet their consumers where they are — primarily their phones.

In addition to prioritizing digital banking experiences, consumers also increasingly rely on non-traditional banking providers for their financial needs. For example, David’s team at Prizeout uncovered some surprising data: 24% of consumers said Cash App or Venmo was their primary bank. This means that financial institutions aren’t just competing with other institutions for mindshare, they are also competing with digital-only, non-traditional options. To compete in the hyper-personalized digital landscape, a new approach to personalization is required.

Data as the Ultimate Driver

Data-driven personalization is the single most important strategy that institutions should employ to win primacy.

Financial institutions that know their customers on a personal level have a leg up on those that treat each of their customers the same. Data informs financial providers about consumers’ financial journeys and leads them to the heart of their financial lives. Martha said, “Maybe it's not deposits, maybe it's loans, or maybe it's access. But, you can't understand what that center [of their financial life] is without having the data and understanding the right data points.” 

Data can help financial institutions create personalized, targeted, and simplified financial experiences that drive financial wellness for consumers.

The Demand for Simplified Experiences

Consumers want financial providers that help them easily achieve their personalized financial goals. The financial service providers that can anticipate consumer needs before they ask will become key financial partners. 

Today, consumer-permissioned data can help financial providers understand exact needs and tailor offers and services to the consumer. This behind-the-scenes data analysis provides powerful information about where your consumers are spending money, how much they’re saving, and their top financial goals. And, you can turn that data into proactive — yet simple — financial help.

Creating simple, intuitive, and data-driven consumer experiences can help financial providers stand out — and drive better outcomes for consumers.

The Need for Financial Wellness Support

Supporting financial wellness is not just a nice-to-have, it’s a clear consumer expectation. Fifty-six percent of consumers believe financial providers have a responsibility to help them become financially strong — according to MX. And, it must be an essential part of any provider’s strategy to drive primacy.

Financial providers can support financial wellness efforts by providing consumers with bite-size financial educational resources. Offering personalized nudges based on their financial habits can help consumers effectively translate their newfound financial knowledge into tangible financial wellness.

For example, Nathan shared how Bank of America uses consumer-permissioned transaction data to give consumers the help and education they’ll need for the next step on their financial wellness journey. The bank analyzes transaction data to see what financial services could be the most beneficial to the consumer’s situation.

If the data shows consumers are living paycheck to paycheck, the bank gives them resources related to building an emergency savings plan instead of an investment portfolio. On the other hand, if consumers have indicated that they’re interested in building credit, the bank connects them with a third-party credit coaching organization. 

Countless financial institutions are investing in programs like this because they know that financial wellness matters. Through these programs, consumers not only learn to manage their money better, but how to make lasting changes in their financial lives. This gives consumers a financial partner they can trust. And, it’s only possible through data.

Data empowers financial institutions to build deeper relationships and trust with consumers. As David said, “It's going to not only be able to show them what they need today, but predict what they need in the future.” 

Primacy is all about giving consumers a personal experience — where their providers actually know them deeply. And, with data, primacy is more than a goal. It becomes reality. Through data-driven personalization, financial providers can gain primacy in today’s digital banking world.

Watch the full panel discussion here.