Digital Transactions: Half of Consumers Consolidate Their Financial Accounts into a Single View

Digital Transactions
Half of Consumers Consolidate Their Financial Accounts into a Single View
By Kevin Woodward
April 20, 2022

Only 50% of consumers in a new MX Technologies Inc. report say they have used a single digital tool to view multiple financial accounts in one view. That means the other half has yet to do so, MX says. Lehi, Utah-based MX specializes in technology that provides access to divergent financial accounts.

“When asked why they don’t bring all of their accounts into one view (i.e., account aggregation), the opportunity becomes clear. Consumers either don’t yet see the value or don’t know how to create that single picture,” the MX report says. Among the top responses why they haven’t done so, 28% say they don’t know how to and 27% say they don’t care about doing so. That presents an opportunity to educate them about the value of a consolidated view of their financial accounts, MX says. MX surveyed 1,002 U.S. adults from March 15 to March 21.

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