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March 24, 2021 | 0 min read
Why Banks Need To Do More To Help Customers Become Financially Successful
By Ben Gran and Daphne Foreman
March 24, 2021
Article references MX research that measures consumers' financial behavior in January 2020 vs. January 2021.
A 2021 survey of American consumers by fintech company MX Technologies Inc. found that many bank customers are not getting enough financial help from their banks. When asked if their bank or credit union helps them become financially strong, 50% of respondents said, “No, they don’t really help,” and 4% said, “No, they make things worse.”
There’s untapped potential to connect bank customers with better digital tools for managing their money. The 2021 MX survey found that while 48% of bank customers use apps from their bank or credit union to help manage their money, 17% use an independent financial management app, 35% use digital spreadsheets like Excel or Google Sheets and 39% are still using pen and paper record keeping.
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