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January 18, 2023 | 0 min read
75% of U.S consumers expect their financial provider to proactively alert them to financial-related issues
LEHI, Utah – January 18, 2023 – MX, a leader in Open Finance, today released a new report on the features, functionality, and support that consumers want from their financial providers. MX’s latest survey of 1,000 U.S. consumers shows 1 in 4 consumers feel that financial providers don’t do enough to support their financial needs. This sentiment is even higher among Gen Z at nearly half (45%). In addition, 54% of consumers said it was likely they would seek a new financial provider if their current provider couldn’t deliver on their most wanted features.
“Consumers want — and need — more personalized and proactive data-driven insights to help manage their finances and achieve better financial outcomes,” says Crystal Anderson, Vice President of Product at MX. “In today’s economic environment, consumers want a trusted partner that can do more than just provide account balances. Financial institutions and fintechs have an opportunity to take a bigger role in the lives of consumers.”
Key findings from the report include:
The report also breaks down the top features that each generation most wants for better money management, security and control, and financial wellness. To access the full report, please visit https://www.mx.com/whitepapers/what-consumers-want-from-financial-providers/.
MX Technologies, Inc., a leader in Open Finance, makes data accessible and actionable for everyone. MX is building the largest open finance ecosystem to help drive innovation and improve experiences through secure and reliable access to financial data. MX combines trusted open finance APIs with enhanced financial data to quickly and securely connect to and verify data for hundreds of use cases including account opening, money movement, and underwriting. To learn more, visit www.mx.com.
About the Survey
The report was based on the results of a survey of nearly 1,000 American adults that was conducted by MX in November 2022 using an online survey platform. Results are representative across U.S. regions and ethnicities., as well as evenly split between genders.