The Secret to Meeting Customer Needs: Understanding Life Events

Thirty-seven percent of consumers feel that their financial providers don’t do enough to support their needs — according to MX research. 

Not meeting consumer needs is a dangerous game to play in today’s competitive financial ecosystem. While finances are clearly not a one-size-fits-all solution, financial providers can work to understand the life events that consumers are passing through to meet each consumers’ unique needs.

MX’s latest research report reveals that consumers have high expectations for their financial providers. Across the digital financial ecosystem, financial providers have access to more tools and resources than ever before to adequately meet those needs and create personalized financial experiences by better understanding consumer life events. 

Understanding Consumers Through Life Events

Alex Johnson of Fintech Takes talked about misunderstandings that come from focusing too much on generational differences saying, “Many of the things we associate with consumers from those generations are, more accurately, characteristics of all consumers at that age.” 

When financial providers only link financial habits to the generation instead of the life stage, they may have an incomplete picture of who their customers are — and struggle to provide what customers seek.

Where can financial providers step in to help? MX asked consumers which life events they most want their financial provider to proactively help them navigate. The three most common answers (with a spread across multiple generations) were retirement (70%), buying a first home (67%), and moving to a new city (53%). Here are the results:

The data makes it clear that buying a first home isn’t just for Gen Z and Millennials. And, retirement is top of mind for generations that are still years away from retirement. 

While those in a certain generation may experience similar events on a similar timeline, you can’t discount those consumers who pass through life at a different pace. 

Data Moments = Life Moments

At Money Experience Summit 2025, Rodney Hood, Former Acting Comptroller of the Currency and Chairman of the National Credit Union Association, shared how data is the secret to anticipating customer needs.

“I want you to view data not just as a metric, but as a narrative of our lives. Not just looking at the numbers, but looking at the story it tells, looking at what it tells you about that individual, about that family. And that is how you're not going to be able just to meet their needs. You're gonna be able to anticipate those needs.”

Financial providers don’t have to look far to know what their consumers are going through. Their data already tells an important story. A new direct deposit account might show that a consumer is starting a new job. Large Home Depot purchases could mean that the consumer recently moved. Adding another individual to their bank account might indicate they just got married. Watching for these signs and adjusting products and services accordingly may be the solution to meeting your consumers’ needs.

Knowing customers and anticipating their needs can help financial providers support consumers in whatever they are going through. Supporting consumers through these life stages, regardless of age, can create more meaningful engagement, loyalty, and lifetime value for your organization. It can also mean the difference between temporary product use and long-term loyalty. 

Read the full consumer research report for data about consumer expectations, mobile and digital experiences, and more.