Why the Basics Matter for Financial Services

“Basics don’t mean easy. I call them basics because they're the correctly high expectations customers have when they're dealing with the hugely emotional topic of money,” shared Wes Hummel, Chief Technology Officer, at MX explained at Money Experience Summit 2023.

For today’s consumers, money remains the top source of stress. And, as we’ve shared before, a consumer’s money experience can have a profound impact on everything from their livelihood and safety net to their groceries and how many gallons of gas they put in their car. 

That’s why ensuring we get the basics right for consumers is so important. Consumers need to be able to trust that their money and personal data is safe, and that they can access their accounts and tools reliably to help them manage and use their money. 

So, what are the basics? According to Hummel, there are 4 core factors where we need to be brilliant:

1. Availability. It just has to work all of the time. Services must be available when customers need them, all the time, every time.
2. Reliability. Systems must be up and running properly. The experience should function and flow as intended.
3. Scalability. Systems need to be built to withstand growth, not just of the business but also of its customers. 
4. Security. It is absolutely vital to keep consumer data safe so all systems must be protected accordingly. 

In short, financial services have to work. Only then can financial service providers deliver a better, more seamless money experience to consumers.