Five Ways to Meet Digital Banking Consumer Expectations

Today’s consumers want and expect more from their digital banking experiences. But many financial providers still fall short of delivering a differentiated experience that meets their top expectations. According to Forrester, most digital banking consumers say their “primary financial provider offers a mobile app that is about the same — or even worse — than other banking apps” and “is undifferentiated in the broader banking market.”

So how can we do better to meet consumer expectations? MX’s latest survey of 1,000+ U.S. consumers reveals 5 areas financial providers can focus to meet top consumer expectations: 

1. Help Consumers Reach Financial Goals: More than half of consumers agree they want their financial provider to help them better manage their finances (57%) and believe financial providers have a responsibility to teach them to be financially strong (54%). But, one-third of consumers feel financial providers don’t do enough to support their financial needs.
2. Personalization is Paramount: Half of consumers expect financial providers to deliver personalized offers for tools, products, and services to help them reach their financial goals. Other top expectations for personalization include:
   • Discounts or offers for brands they use (44%)
   • Customized insights in the online or app experience to help them understand their spending (43%)
   • Proactive notifications and recommendations to help them better manage money (42%)
   • Ability to personalize a card, such as choose their displayed name, etc. (36%)
   • Automated budgeting and analysis of their spending (31%)
3. Proactively Tell Consumers What They Should Know: Seventy-nine percent of respondents expect their financial provider to proactively alert them to issues related to their finances (such as upcoming payments due, low account balances, etc.). Consumers are looking for help staying on top of their finances. When asked what question is most important for them to be able to answer when managing their finances, the top questions to answer are:
   • How much can I put towards debt or savings? 22%
   • Am I spending more than I should? 21%
   • How can I cut expenses? 17%
4. Provide Cutting-Edge Products, aka Make Things Easier: Forty-seven percent of respondents believe their financial provider should do more to be innovative. While this survey doesn’t dive into what types of innovations consumers are looking for, it did reveal a significant opportunity to make things easier for consumers:
   • 54% of respondents say it’s easier to open a new financial account than set up a new gym membership.
   • 61% of consumers say it’s easier to sign up for a rewards program at their favorite store than to apply for a new credit card.
   • 62% of consumers say it’s easier to renew their driver’s license or ID than apply for a loan.
5. Give Consumers Control of Financial Data: Consumers continue to want control over their financial data. Eighty-two percent of consumers agree they own their financial data and should be able to control who has access to it. In addition, 78% of consumers agree they expect to be able to see all of their financial data in one place. This is a considerable increase from Jan. 2023 where 64% said the same.