Seventy-two per cent of financial institutions now manage their finances through exclusively digital means whilst personalised alerts and insights become ever-favourable.
This is all according to the American ‘money experience’ and financial data platform MX, which recently released a report on consumer trends in online and mobile banking.
The research highlights opportunities for financial institutions and fintechs to build brand loyalty by offering consumers more personalised, digital and mobile experiences.
Seventy-two per cent of all respondents say they now prefer to manage all their finances online or through a mobile app.
Likewise, a similar majority expect their financial service providers to give them personalised notifications and insights.
“We believe consumer expectations for superior digital and personalised experiences are more important than ever,” said Shayli Lones, VP of go to market at MX.
“The survey shows the majority of consumers want their financial service providers to proactively help them better manage their finances (63 per cent) and give them personalised insights.
“We believe our research points to a tremendous opportunity for financial institutions and fintechs who embrace open finance to build personalised experiences and drive innovation.”
When looking further into who’s using digital banking, the report identified that the demand for account aggregation is on the side. Indeed, 60 per cent of Gen Z respondents have connected their financial accounts into a single view. This figure sits at 59 per cent for Millennials, while 44 per cent of all respondents say they have connected their accounts.
On a similar note, 72 per cent of respondents say they would seek out a different financial institution if they couldn’t connect to their most frequently used fintech apps.
Brand loyalty remains largely dependent on the ability of the consumer to connect interfaces and accounts together. Yet one in four respondents reported experiencing issues in this department.
Ultimately, it’s down to the service providers and fintechs to ensure that this process can happen as seamlessly as possible. The report emphasises this consensus, stating how 63 per cent of respondents want their financial service providers to proactively help them better manage their finances.
In addition to financial management, financial access remains as important as ever. According to the report, 56 per cent of respondents check their financial accounts at least once a day, while 18 per cent check multiple times per day.
The full report dives into consumer preferences and attitudes, including differences among generations and minority groups, that show a preference and demand for personalised, proactive and digital services.
It also shows a growing opportunity to connect all financial accounts into a single view.
