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The Importance of Seamless Connectivity

May 13, 2022|0 min read
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In this day and age where banking, investments, and overall financial management can all be done from our phones, having the ability to manage and keep track of all those accounts is more essential than ever. Unfortunately, according to a study conducted by MX, 50% of respondents surveyed said they have not used digital tools to bring different financial accounts into one view, such as a mobile app or online account. This shows a clear educational opportunity for financial institutions and fintechs to showcase the value of bringing accounts together in a single view. And, it’s yet another way the consumers are in need of a better digital experience for their online and mobile banking.

Missed Connections

When asked why they don’t bring their accounts into one view, (also known as account aggregation), 28% of consumers stated they didn’t know how to do it, 27% said they didn’t care to have their finances in one place, 7% said their provider didn’t offer this option, and 21% expressed discomfort in sharing their login credentials or financial information with a third party.

Keep in mind that while half of those surveyed hadn’t used a tool to bring their financial accounts into one view, 44% have done so. Among Gen Z and Millennials,

this number is even higher at 60% and 59% respectively. Minority groups are also more likely to have brought their accounts together in one view.

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And, when asked separately if they think being able to see all accounts in one place is important, more than half said yes. Consumers understand the value, so it’s now up to financial institutions to rise to the occasion by creating seamless connectivity. This means that users are able to easily connect multiple financial accounts in a secure way that doesn’t violate their data privacy. Financial institutions that can incorporate seamless connectivity into their consumer experience will have a clear advantage over their competitors.

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