MX research shows most consumers want better services from their banks

Lehi-based open finance platform MX has 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 one in four consumers feel that financial providers don’t do enough to support their financial needs.

This sentiment is even higher among Gen Z customers at nearly half (45 percent). In addition, 54 percent 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,” said 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:

• Consumer expectations and money worries are higher than ever. Twenty-two percent of consumers are most worried about just paying for everyday necessities, while 33 percent are most worried about paying for unexpected expenses or emergencies.

• A need for financial education. Thirty-nine percent of consumers believe financial providers have a responsibility to teach them to be financially strong. Among Gen Z and millennials, this jumps to 58 percent and 56 percent, respectively.

• Automated options and insights as a differentiator: When asked what features consumers most want for financial wellness, those that rose to the top most often included automated options to manage money and solutions that deliver proactive, predictive or automated insights.

• Defining data ownership: Consumers overwhelmingly agree (89 percent) that they own their financial data and should be able to control who has access to it. While this is the case, 55 percent of consumers also agree that they are not sure what companies or providers have access to their financial data.