How Money Experiences Make or Break Consumer Trust

Financial institutions are facing declining deposits, shrinking revenue, and waning user engagement and adoption. The solution to growing deposits and increasing engagement lies in building consumer trust.

As we’ve said before, trust is hard earned and easily lost. Raymond den Hond, MX Chief Commercial Officer for Partners recently shared how to build and maintain trust across 4 key components: 

Experiences. Consumers expect their financial service providers to deliver beyond the basic functions of viewing their transactions and statements. In fact, 66% of consumers expect their bank or credit union to know them in depth and help them understand how to take care of their financial well being. Data is what powers that personalized money experience and actionable insights. 

Transparency. Financial service providers should ensure consumers have visibility and control over who has access to their financial data and how it is being used. Without reliable and secure data access, consumers have limited insight into what is really going on in their financial lives.

Security. Consumers must trust that their financial data is safe, secure, and that their money is being handled responsibly by their financial institutions. This means financial institutions must enact robust security measures to keep consumer data safe. Context is also incredibly important when it comes to security. When transactions are clear and categorized, it drives better trust in terms of the security aspects around financial data. 

Outcomes. Consumers are looking to their financial service providers to help them achieve and maintain financial wellness. By providing financial wellness tools and offering a consolidated view of their financial accounts, financial institutions are able to drive timely actionable insights for consumers that are relevant to them.