Deliver Money Experiences That Rise to Consumer Expectations

February 8, 2024|0 min read

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What do personalization and proactivity have in common? According to MX’s recent survey of over 1,000 U.S. adults, they may be the key to attracting and retaining consumers for the long term. Let’s dive in to what the data shows:

Make Personalization Actually Personal

Financial services providers have more consumer financial data than ever before. And, more than half (54%) of consumers expect financial providers to use that data to personalize their experience. However, when asked if they believe financial providers are leveraging the data they have to customize their experience, 44% of respondents either said no or they weren’t sure.

This is telling as it becomes easier for consumers to open new accounts or switch financial providers if they aren’t satisfied. Consumers are more likely to leave if the provider isn’t leveraging what it knows about them. And, 48% of consumers would give access to more of their data if they knew their provider would deliver a more personalized experience as a result.

Deliver Proactive Insights

Consumers continue to look for help building financial strength. Our latest survey found 59% want their financial provider to proactively help them better manage their finances.

For a majority of consumers, money is the biggest stressor in their lives — 53% of consumers say money is a source of stress for them. Financial institutions and fintechs have tremendous opportunities to help consumers become financially stronger. And, it starts with the small stuff.

In fact, the top questions consumers want help from their providers in understanding are:

Am I spending more than I should? (22%)
How can I cut expenses? (20%)
How much can I put toward debt or savings? (19%)
Am I saving enough for retirement? (15%)
How am I tracking against my budget? (13%)

To engage consumers, financial providers should focus on delivering proactive and personalized money experiences. Tapping into financial data intelligence to better understand consumer needs and take personalization to the next level will be critical to win and retain customers.