MX’s latest survey of more than 1,000 U.S. adults outlines what financial institutions and fintechs need to know to win and retain customers and deposits.
Key Findings
1. Financial Account Consolidation Continues… But So Do New Account Openings
Today, most consumers report they only have 1 to 2 financial accounts (46%). However, when asked how often they have opened a new account, 1 in 4 consumers are doing so at least once per year.
2. 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:
3. Consumers Quick to Save Card on File
67% of consumers say they keep their bank or credit card information on file for recurring bills or services. In addition, 44% of consumers agree they have a “top of wallet” account they use for the majority of their purchases and payments.
4. Financial Data More Closely Guarded than Medical Data
Of all data types, consumers are least likely to share their financial data with a trusted third party in order to receive a service. 44% of consumers say they are unlikely to share their financial data with a trusted third party in order to receive a service.
5. Consumers Are Ready to Ditch Bad Experiences
67% of consumers say they will stop using a mobile app if the experience changes for the worse. And, 51% of consumers say they have closed or switched a financial account.
Financial Account Consolidation Continues…
In our previous research, we saw a clear indicator that consumers are consolidating the number of finance-related apps they use. Now, we’ve asked consumers to share how many financial accounts and providers they currently have. The largest group of consumers (46%) say they only have 1 to 2 financial accounts.
Figure 1. Approximately how many financial accounts (i.e., checking, savings, investments, credit cards, loans, etc.) do you currently have?
At the same time, 61% of U.S. adults say they have accounts with just 1 to 2 different financial providers. This is a 10-point increase in the past 2 years, showing more evidence that financial account consolidation is on the rise.
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.
… But So Do New Account Openings
While consumers may be looking to consolidate their financial lives into fewer accounts, apps, and providers, that doesn’t stop them from opening new accounts when the occasion calls for it. On average, more than 1 in 4 consumers open a new financial account at least once per year. This is even higher among younger generations.
Figure 2. On average, how often have you opened a new financial account, including credit cards, loans, etc.?
While some new account openings may be the result of a well-timed promotion or incentive, many consumers are likely to open new accounts or switch their direct deposits at key moments in their lifetime. Literally moving to a new city tops the list of life events that could prompt a switch, followed by a new job and purchasing a home.
Figure 3. In what situations would you be likely to open a new account or set up a new direct deposit?
Better Rates and Security Drive Direct Deposit Switches
Deposits are the lifeblood of any financial institution. But, growing and retaining them is increasingly difficult due to increased competition, rising rates, and shifting customer behaviors. Our research shows what factors are top of mind for consumers to encourage them to set up or switch a direct deposit.
Direct deposit is the clear norm for most consumers — 89% use direct deposit today, with most continuing to default to depositing the entire amount into one account.
Figure 4. Which of the following statements most closely aligns with how you manage direct deposits?
Simplifying Direct Deposit
In the same way that consumers are consolidating how many accounts and providers they use, our research also shows consumers may be simplifying their direct deposits. In the past year, the number of consumers who split their direct deposit into multiple accounts has declined by 5 points.
For most consumers, setting up a direct deposit at a financial institution yields a long term relationship. In fact, 60% of consumers say they have never switched their direct deposit to a different financial institution. But, that might be changing. Since the beginning of 2024, 5% more consumers have now switched a direct deposit. Why the switch? Top reasons include:
Figure 5. Which of the following factors was most important in your decision to switch your direct deposit to a different institution?
As more consumers become willing to make a change to their direct deposit, financial providers should lead with incentives and security. When asked what is likely to make them switch their direct deposit, the top 3 factors for consumers are:
In addition, when asked specifically if a cash incentive would encourage them to switch, 44% of consumers say yes. However, there’s no clear dollar amount that will drive action. We gave consumers the opportunity to write in the lowest cash amount they would accept as an incentive to switch your direct deposit to a different account. Results varied widely from millions to hundreds to nonsensical text (“cactus” was our favorite answer). However, most conventional answers fell in the range of $50 to $200.
Consumers Quick to Save Card on File
Easy to use. Earns Rewards. Trustworthy. These are the three top reasons consumers choose to use a particular account by default for the majority of their purchases and payments. What’s more, 44% of consumers say they have a “top of wallet” account they use for the majority of their purchases and payments.
Figure 6. What is the primary reason you use this account by default for the majority of purchases and payments?
The research makes it clear that consumers often prioritize convenience in their financial lives. In fact, 67% of consumers say they keep their bank or credit card information on file for recurring bills and/or services, leveraging it to pay for everyday items like streaming services and utilities to ongoing bills like rent and insurance.
Figure 7. For which of the following recurring bills or services do you have a bank account or credit card on file? (Select all that apply)
Consumers are also likely to save their bank or credit card information with a store or vendor for online purchases. In fact, 1 in 5 consumers say they do this whenever it is an option.
Figure 8. Outside of the recurring services mentioned above, how often do you save your bank or credit card information with a store or vendor for online purchases?
Financial Data More Closely Guarded than Medical Data
Consumers are willing to exchange their data for a better experience, but they’re not quite ready to share all data to the same extent. Our research shows financial data may be the most closely guarded.
Figure 9. Of all data types, consumers are least likely to share their financial data with a trusted third party in order to receive a service.
Figure 10. Unsurprisingly, older generations are least likely to share their data with a third party…
Figure 11. …compared to younger generations who will more readily share information with third parties in order to receive a service.
While consumers appear to be most protective of their financial data, previous research shows a clear willingness to share their data if it will deliver better experiences for them. Our previous survey shows 55% of U.S. consumers agreed they would give their financial provider access to more of their data if they knew it would result in a better experience.
Why? It’s about personalization and, as we’ve said before, convenience.
While consumers claim to be hesitant to share their financial data with third parties, the reality is consumers want fast, easy, and personalized experiences. And, they’ll pay for them with their data.
For example, nearly half of consumers are ready to save their information with an online store after just one purchase, most likely to save time down the road.
Figure 12. Have you ever created an account and saved your information the first time you made a purchase through an online store?
And, when asked in which cases they expect financial providers to use their data to offer a more personalized experience, only 18% of consumers said none. Top use cases where they expect personalization from their data include:
Figure 13. In which of the following cases do you expect financial providers to use your data to offer a more personalized experience? Choose all that apply.
Once consumers share that financial data, maintaining access is often an exercise in setting it and forgetting it. Only 36% of consumers say they have actively revoked access to their data from organizations with which they have previously shared their data. Among younger generations, this number is higher — pointing to a clear need to prioritize privacy-first principles and value-add experiences for consumers over the long haul.
Figure 14. Have you ever actively revoked access to your data from an organization you’ve previously shared your data with?
Among those who have actively revoked access to their data, most did so simply because they stopped using the service.
Figure 15. What prompted you to revoke access to your data?
As wary consumers become more willing to share their financial data, financial providers have an opportunity — and imperative — to earn the trust of consumers by putting that data into action to deliver better experiences, insights, and outcomes.
Consumers Are Ready to Ditch Bad Experiences
Slightly more than half of consumers (51%) say they have closed or switched a financial account. This is even higher among older generations — 58% of Baby Boomers have closed or switched a financial account compared to 40% of Gen Z respondents. Top reasons why include:
Figure 16. What was your primary reason for switching or closing an account?
While only 1 in 10 consumers have closed an account because of bad customer service, research shows the majority of consumers have little patience or sub-par mobile experiences. Sixty-seven percent of consumers say they will stop using a mobile app if the experience changes for the worse.
Putting Data into Action: What This Means for Your Organization
Consumers want more simplicity — and are consolidating apps, accounts, and financial providers as a result. To ensure your organization remains in the mix, focus on delivering data-driven, personalized services, offers, and insights that keep consumers coming back.
Convenience trumps rewards, but rewards can open the door. While offering cash incentives and better rates can drive new account openings, the financial providers who make it simple and easy to use their accounts will have greater engagement in the long run.
Consumers expect financial providers to use their data to drive better outcomes for them. Our previous research shows most consumers would give their financial provider access to more of their data if they knew it would result in a better experience. 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.
To win and retain customers, it’s all about the data. Financial providers who put the data consumers choose to share with them into action will drive stronger engagement, increased customer satisfaction, higher deposits, and establish long-term relationships.
Survey Methodology
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.