Three Keys to Building Consumer Trust

Research from MX shows that 70% of consumers expect their financial providers to give them personalized notifications and insights. The good news is that a platform of trust is already in place — 69% of consumers say that they trust their financial provider with their data and 44% agree they believe financial providers have their best interest at heart.

Our research shows 3 areas of opportunity for financial institutions and fintechs to become a trusted advisor to consumers: support, security, and context.

Support

If financial providers are looking for where to devote resources to build consumer trust, research suggests that becoming reliable sources of information might be a good place to start. Only 29% of consumers reported that they would go to their primary financial provider if they had questions about their finances. Most Gen Z (42%) and Millennial (31%) respondents turn to their parents for financial questions rather than where they bank. Being a credible source of information can create the foundation of trust that consumers need for sustainable and long-term memberships.

Security

Twenty-six percent of consumers report they’ve been victims of fraudulent transactions in the past two years, and only 67% say they trust their financial providers to protect them from fraud and other security risks. When money anxiety is high, consumers don’t have the mental space to worry about whether or not their money and financial data are safe. Financial providers can capitalize on this by emphasizing data security.

Context 

An unrecognized transaction on your account can be a source of anxiety for consumers — whether it means not recognizing the purchase or wondering if someone has unauthorized access to your account. Twenty-seven percent of consumers reported seeing a transaction on their account that they didn’t recognize in the past two years. This statistic rose to 40% among Gen Z consumers. 

By providing exceptional data cleansing and categorization to help translate unclear strings of transaction data, financial providers can give context to consumer data.

If you’d like to see more ways that you can build consumer trust, check out the entire research report, “Consumer Money Matters: Debt on the Rise, Savings on the Decline.”