New MX Survey Shows Consumers Expect Simple, Data-Driven Financial Experiences But May Not Get Them

On average, 40% of Gen Z consumers open a new financial account at least once per year; 51% have closed or switched a financial account 

82% of consumers expect financial providers to use their data in some way to offer a more personalized experience

LEHI, UTAH - July 15, 2025 - MX Technologies, Inc. shares its latest survey of U.S. consumers, which reveals consumers are searching for simple, convenient financial experiences — and aren’t afraid to switch providers if they don’t get what they want.

In the past 2 years, at least 1 in 10 consumers have made an effort to consolidate the number of financial providers they have accounts with today. However, more than half have closed or switched a financial account. And, they are doing so at a high rate. One in 4 consumers are opening a new financial account at least once per year on average. Among Gen Z, this jumps to 40% who average a new account at least once a year. 

“This is about true customer empathy. In a world where AI can autonomously drive a car, customers fully expect to be guided — with data-driven insights — to the optimal financial destination," says Nate Gardner, Chief Xperience Officer at MX. “We expect consumers to continue to become more selective and loyal to the money experiences that genuinely solve their financial needs. Any financial institution that wants to be the consumer's choice will make that kind of experience its highest priority."

Other top findings in the study include:

Consumers expect financial providers to use their permissioned data to drive better outcomes for them. However, many financial providers still struggle to leverage data effectively. In fact, 30% of consumers agreed they often see messages from their financial provider that are not personalized or relevant for them. And, less than half of consumers (42%) believe financial providers use their data only in ways that will benefit them. 

Better rates and security drive direct deposit switches. When asked what is likely to make them switch their direct deposit, the top 3 factors for consumers are the ability to earn higher interest rates (42%), concerns about fraud (15%), and a data breach or privacy concerns (13%).

Consumers are quick to save cards on file. Over two-thirds (67%) of consumers say they keep their bank or credit card information on file for recurring bills or services. Additionally, 44% of consumers agree they have a “top of wallet” account they use for the majority of their purchases and payments.

Consumers guard their financial data more closely than medical data. Of all data types, consumers are least likely to share financial data with a trusted third party in order to receive a service. Forty-four percent of consumers say they are unlikely to share their financial data with a trusted third party in order to receive a service.

Consumers are ready to ditch bad mobile experiences. Over two-thirds (67%) of consumers report that they would stop using a mobile app if the experience changes for the worse. 

To access the full report, please visit: http://mx.com/research/cheat-codes-to-win-and-retain-customers 

About MX

MX Technologies, Inc. is a leader in actionable intelligence, enabling financial providers and consumers to do more with financial data. MX provides end-to-end solutions for financial institutions and fintechs to connect to, understand, and act on customers’ financial data. To learn more follow us on X and LinkedIn @MX or visit www.mx.com.

About This Survey

This survey of 1,040 American adults was conducted by MX in April 2025 using an online survey platform. Results included an even split in responses across each generation, as well as gender (male and female) and White and non-White (Asian, Black, Hispanic, or Other) respondents.