New MX research shows most consumers can’t live without their banking apps

MX Technologies Inc., a Lehi-based financial data platform that helps financial institutions, fintechs and businesses connect, verify and enhance financial data, has published a study that found that Americans love their mobile banking apps, but that financial institutions are struggling to meet rising consumer expectations. 

The survey of over 1,300 U.S. consumers discovered that people are accessing mobile apps every day — some doing so multiple times per day. More than half of consumers (52 percent) check their most-used banking or finance app every day and 23 percent check it multiple times per day. In addition, 91 percent of consumers say a good mobile experience with their financial providers is important.

Despite this high engagement and importance, the research reveals mobile experiences may fall short of consumer expectations. Fifty-one percent of consumers expect greater levels of personalization from their finance-related mobile apps than they receive today.

Consumers are also less willing to compromise on bad experiences. Sixty-seven percent say they wouldn’t choose a financial provider that had a bad mobile experience, and 58 percent of consumers agree they would switch financial providers if the mobile experience were bad.

“Mobile is no longer just another channel; it’s the core of the consumer relationship and a strategic growth engine for financial institutions,” said Crystal Anderson, chief of staff and head of product at MX. “Mobile is where people check balances, move money and make decisions about their financial health. The data makes it clear: When consumers feel empowered by intuitive, personalized mobile experiences, they engage more deeply and make stronger financial decisions. That’s the outcome we’re all working toward.”

Even with rising expectations, consumers report greater satisfaction with their mobile experiences. The research found that 84 percent of consumers are satisfied with the mobile experience on their primary financial app, up from 71 percent earlier this year.

Consumers define good mobile experiences through features that give them protection and control. When asked which features are essential, the top three features rated by consumers are fraud alerts and the ability to report fraud or stop payments, card control options and mobile check deposits.

Over the past 12 months, consumers’ expectations for greater personalization level have risen by 20 points (66 percent, up from 46 percent in 2024). And consumers are ready to exchange their data for better experiences. More than half (53 percent) say they would give their financial provider access to more of their data if they knew it would result in a
better experience.

Data-driven experiences and insights are now integral to how people build trust and confidence in their finances and their providers, according to the survey. Consumers (61 percent) want financial providers to know them — and proactively show that they do. When asked in what areas do they feel financial providers are not doing enough to support their financial needs, consumers cited informing them about how and where their financial data is being shared (49 percent), providing information about better rates and additional products (47 percent), offering ways to simplify their financial life and money management (39 percent) and helping them reach their financial goals (38 percent).

As MX found in previous surveys, trust remains the cornerstone of the financial relationship. Seventy-eight percent of consumers say they trust their primary financial provider with their financial data. But consumers expect it to be secure — 59 percent say they will freely share their financial data as long as they trust it is securely protected, a 10-point increase from the end of 2024.