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April 20, 2022 | 0 min read
72% of respondents say they would seek out a different financial institution if they couldn’t connect to their most frequently used fintech apps
LEHI, Utah – April 20, 2022 – MX, a leader in Open Finance, today released a new report on consumer trends in online and mobile banking. The research highlights opportunities for financial institutions and fintechs to build brand loyalty by offering consumers more personalized, digital and mobile experiences. Seventy-two percent of all respondents say they now prefer to manage all their finances online or through a mobile app. At the same time, 70% expect their financial service providers to give them personalized notifications and insights.
“We believe consumer expectations for superior digital and personalized experiences are more important than ever. The survey shows the majority of consumers want their financial service providers to proactively help them better manage their finances (63%) and give them personalized insights,” said Shayli Lones, VP of Go to Market at MX. “We believe our research points to a tremendous opportunity for financial institutions and fintechs who embrace Open Finance to build personalized experiences and drive innovation.”
Key findings from the report include:
The full report dives into consumer preferences and attitudes, including differences among generations and minority groups, that show a preference and demand for personalized, proactive, and digital services. It also shows a growing opportunity to connect all financial accounts into a single view.
MX provides secure and reliable APIs that can power experiences to meet the needs and expectations revealed by this survey. Financial institutions and fintechs can pave the road to Open Finance — which MX defines as the ability to access and act on financial data to build personalized experiences, support industry collaboration, and drive innovation — by enabling seamless connectivity and data sharing between financial accounts.
To access the full report, please visit https://www.mx.com/consumer-trends-digital-and-mobile-banking.
MX, the leader in Open Finance, helps organizations everywhere connect to the world's financial data and turn raw, unstructured data into their most valuable asset to deliver intelligent and personalized money experiences. MX connects more than 16,000 financial institutions and fintechs providing the industry's most reliable and secure data connectivity network. Additionally, MX powers 85% of digital banking providers, as well as thousands of banks, credit unions, and fintechs, with a combined reach of over 200 million consumers. To learn more follow us on Twitter and LinkedIn @MX or visit www.mx.com.
About the Survey
This survey of 1,002 American adults was conducted by MX from March 15 to March 21 using the Qualtrics Survey platform. Results included responses across each generation with 29% respondents identifying as Baby Boomers, 27% as Gen X, 28% as Millennials, and 16% as Gen Z. The respondents were evenly split between male and female (50% each).