MX Technologies, a leader in financial data intelligence, has released its latest survey highlighting the critical role mobile banking experiences play in consumer loyalty. The survey reveals that 65% of consumers would abandon a financial provider's app if the mobile experience declines, while 57% of U.S. adults would switch providers if key features were lacking. Younger generations, particularly Gen Z and millennials, show even higher expectations, with 63% indicating they would seek out new providers if dissatisfied. The study emphasizes the need for personalization, with 46% of respondents desiring more tailored services from their mobile apps.
The survey also underscores the growing demand for financial education and actionable insights. Consumers ranked educational programs, predictive insights, and personalized financial recommendations as top desired features. While there is widespread support for consolidating financial accounts into a single app, only 13% have done so. Despite a general wariness toward AI, many respondents expressed trust in AI for specific finance-related tasks, such as delivering proactive reminders and providing spending breakdowns. These insights reflect the increasing pressure on financial institutions to enhance user experiences and leverage technology to meet consumer expectations.
