MX is excited to share that Founder Ryan Caldwell has returned to the company as Chief Executive Officer.

Caldwell founded MX in 2010 with a mission he and Co-Founder Brandon Dewitt established that continues today — empowering the world to be financially strong.

MX Founder Ryan Caldwell Returns as Chief Executive Officer

Today, MX is excited to share that Founder Ryan Caldwell has returned to the company as Chief Executive Officer, effective immediately. Ryan has been serving as the Executive Chair of the MX Board of Directors since stepping down as CEO in 2021.
In late 2021, Caldwell made the difficult decision to step aside as CEO to focus on his daughter&rsquo;s health. She is doing much better and getting stronger every day, making it the right time for Ryan to return as CEO. We are excited to welcome Ryan back to MX in a full-time capacity.&nbsp;
&ldquo;I am excited to return to MX at such a pivotal moment for both the company and the industry, as financial institutions and fintechs look to leverage consumer-permissioned financial data to grow deposits, increase innovation, and deliver new products and services that strengthen outcomes,&rdquo; said Caldwell. &ldquo;We have an incredible team and opportunity ahead of us to innovate faster and enable real, tangible benefits for consumers and the financial providers that serve them.&rdquo;&nbsp;
Caldwell founded MX in 2010 with a mission he and Co-Founder Brandon Dewitt established that continues today &mdash;&nbsp;empowering the world to be financially strong. MX does this by delivering the industry&rsquo;s most robust and reliable connectivity, data enhancement, and experience solutions to financial services providers.
Additionally, we are excited to share that Chief Technology Officer Wes Hummel will take on an expanded role leading both the MX product and technology teams.&nbsp;

MX research uncovers how consumers define living paycheck to paycheck and if they consider themselves doing so. 

MX’s survey of 1,000+ U.S. adults unveils how consumers define living paycheck to paycheck and if they consider themselves doing so. 

What Does Living Paycheck to Paycheck Mean to Consumers? | MX Research

If you do an online search for &ldquo;living paycheck to paycheck&rdquo;, you&rsquo;ll quickly find there is not a consistent definition. Some say it means being <a href="https://www.investopedia.com/terms/p/paycheck-to-paycheck.asp">unable to meet financial obligations if they were unemployed</a>. Others say it means <a href="https://www.rocketmoney.com/learn/personal-finance/living-paycheck-to-paycheck#:~:text=What%20Does%20Living%20Paycheck%20To,to%20no%20money%20left%20over.">spending all of your income on monthly living expenses</a> &ndash; like rent or mortgage, utilities, groceries and transportation &ndash; with little to no money left over each month. And, still others say it means basically having zero in checking or savings at the end of each month.&nbsp;
Financial obligations and living expenses are subjective &mdash;&nbsp;which means figuring out who is actually living paycheck to paycheck is subjective as well. For instance, a <a href="https://www.pymnts.com/consumer-finance/2024/a-third-of-those-earning-200k-live-paycheck-to-paycheck/">recent survey from PYMNTS</a> found that &ldquo;nearly half of consumers earning north of $100,000 annually say they are living paycheck to paycheck.&rdquo; That seems hard to follow.&nbsp;
More broadly, according to CNBC and SurveyMonkey&rsquo;s recent <a href="https://www.cnbc.com/2024/04/09/most-of-americans-are-living-paycheck-to-paycheck-heres-why.html">Your Money International Financial Security Survey</a> (which polled 498 U.S. adults), 65% of U.S. consumers are living paycheck to paycheck. A <a href="https://www.forbes.com/advisor/credit-cards/survey-living-paycheck-to-paycheck/">2023 Forbes Advisor survey</a> (which surveyed 3,000 &ldquo;general population Americans&rdquo;) found approximately 40% say their income covers their expenses without anything left over.&nbsp;
MX&rsquo;s own survey data (which looks at 1,000+ U.S. adults) shows the answer to both defining paycheck to paycheck and living it is somewhere in the middle&hellip;&nbsp;
<h2>Defining Paycheck to Paycheck</h2>
Only 21% of consumers said it meant being unable to pay their monthly bills without that next paycheck. More often, it&rsquo;s about being able to add to (or build) savings and funds for retirement. Here&rsquo;s how consumers break down the definition:&nbsp;
<ul>
<li style="font-weight: 400;" aria-level="1">32% Able to pay bills each month but cannot add to my savings or retirement </li>
<li style="font-weight: 400;" aria-level="1">21% No savings set aside</li>
<li style="font-weight: 400;" aria-level="1">21% Unable to pay my monthly bills without my next paycheck </li>
<li style="font-weight: 400;" aria-level="1">9% Savings amount is too small</li>
<li style="font-weight: 400;" aria-level="1">8% Able to pay bills and contribute to retirement funds each month but cannot add to my savings</li>
<li style="font-weight: 400;" aria-level="1">8% Not able to build additional wealth during a typical month</li>
</ul>
<h2>Living Paycheck to Paycheck</h2>
When asked if they are living paycheck to paycheck according to the definition they selected, 55% of consumers said yes. But, keep in mind that this is based on their definition. Let&rsquo;s dive into this a bit deeper. Here&rsquo;s what we see when we peel back the layers:&nbsp;
How consumers define living paycheck to paycheck mirrors their reality. The percentage of those who answered yes to this question almost entirely match the same percentages for each definition:
<table>
<tbody>
<tr>
<td>
Definition
</td>
<td>
Living Paycheck to Paycheck
</td>
</tr>
<tr>
<td>
Able to pay bills each month but cannot add to my savings or retirement
</td>
<td>
32%
</td>
</tr>
<tr>
<td>
No savings set aside
</td>
<td>
21%
</td>
</tr>
<tr>
<td>
Unable to pay my monthly bills without my next paycheck 
</td>
<td>
20%
</td>
</tr>
<tr>
<td>
Savings amount is too small
</td>
<td>
11%
</td>
</tr>
<tr>
<td>
Able to pay bills and contribute to retirement funds each month but cannot add to my savings
</td>
<td>
7%
</td>
</tr>
<tr>
<td>
Not able to build additional wealth during a typical month
</td>
<td>
8%
</td>
</tr>
</tbody>
</table>
Who is living paycheck to paycheck varies across ages, incomes, ethnicities, and gender. Our research shows those most likely to consider themselves living paycheck to paycheck are women, single, middle age, low income, etc.&nbsp;&nbsp;
<img src="https://cms.mx.com/assets/f5cb333d-5857-4476-b9be-1e2a1a2396e7?width=512&amp;height=366" alt="Unnamed" />
Want to learn more about the current state of consumer finances? Read the full report: <a href="https://www.mx.com/research/driving-engagement-for-consumers-research/">https://www.mx.com/research/driving-engagement-for-consumers-research/</a>

What Does Living Paycheck to Paycheck Mean for Consumers? 

Here’s 5 key insights from our survey of 1,000+ U.S. consumers that financial providers should consider to increase engagement.

Here’s 5 key insights from our latest survey of 1,000+ U.S. consumers that financial providers should consider to increase consumer engagement. 

How to Encourage Consumers to Use New Money Management Approaches

Our latest research shows 25% of U.S. consumers feel completely financially secure today. And, more than half (56%) of respondents say they will be financially secure someday.&nbsp;
But, while they may feel optimistic for the future, they are still worried about the everyday costs of groceries, housing, and more continue to rise due to inflation. And, they may be stuck in old ways when it comes to solving these feelings of financial insecurity.&nbsp;
<blockquote>
&ldquo;In today&rsquo;s increasingly challenging economic environment, it&rsquo;s interesting to see a majority of consumers still relying on manual processes &mdash; adding more burden and potentially stress to managing their finances,&rdquo; shares Jane Barratt, Chief Advocacy Officer and Head of Global Public Policy, MX.&nbsp;
</blockquote>
Financial institutions and fintechs have an opportunity to play a bigger role in helping consumers achieve financial security by relieving the mental burden with proactive, personalized notifications and intuitive money management tools that can do the heavy lifting for them.&nbsp;
Here&rsquo;s 5 key insights from our latest survey of 1,000+ U.S. consumers that financial providers should consider in meeting this opportunity head on:
<h2>1. Consumers still turn to manual bill pay methods over automation. </h2>
When asked what most closely aligns with how they pay bills on a monthly basis, 40% of all respondents say they prefer to manually view and pay each bill every month to keep track of their finances. An additional 24% say they manually pay each bill to make sure they have the funds available.&nbsp;
<h2>2. Incentives could drive consumers to change their payment habits. </h2>
While the majority of consumers (51%) prefer to keep their payment methods the same for convenience, more than one-third (36%) would consider switching if they received an incentive.
<h2>3. The keys to direct deposit switching are rates and rewards. </h2>
When asked if they have ever switched their direct deposit to a different financial institution, the majority (65%) say no. But, nearly half say the top factors that are most likely to make them switch are the ability to earn higher interest rates (22%) or receive cash back incentive or offer to earn rewards for switching (22%).&nbsp;
<h2>4. Personalization is critical. </h2>
Consumers are looking for a financial provider that knows them and puts that knowledge into practice through personalized insights and tools. Forty-nine percent of consumers expect their financial provider to know them. And, 47% of consumers expect greater levels of personalization in banking than ever before. 
<h2>5. Actionable intelligence drives higher engagement and even more data. </h2>
More than half expect their financial provider to leverage the data they have about them to personalize their experience (53%) and provide them with actionable and clear insights about their finances (56%). What&rsquo;s more &mdash;&nbsp;consumers will share even more data if it results in a better experiences.&nbsp;
To read the full report, please visit: <a href="https://www.mx.com/research/driving-engagement-for-consumers-research/">https://www.mx.com/research/driving-engagement-for-consumers-research/</a>

How to Encourage Consumers to Use New Money Management Approaches 

Financial data intelligence makes financial data actionable to increase engagement, improve results, and drive growth.

Financial data intelligence is the ability to make financial data actionable to increase engagement and loyalty, improve results, and drive growth. 

What is Financial Data Intelligence? Definitions and Benefits

In this post, we will cover: 
<ul>
<li><a href="#what-is-financial-data-intelligence">What is Financial Data Intelligence?</a></li>
<li><a href="#definitions">Financial Data Intelligence vs. Data Analytics, and Other Terms</a></li>
<li><a href="#how-financial-data-intelligence-works">How Financial Data Intelligence Works</a></li>
<li><a href="#benefits-financial-data-intelligence">Benefits of Financial Data Intelligence</a></li>
</ul>
<h2 id="what-is-financial-data-intelligence">What is Financial Data Intelligence?&nbsp;</h2>
Vast amounts of consumer financial data are generated daily by each and every consumer. One transaction alone can mean dozens of data points. As a result, banks, credit unions, fintechs, and other financial providers are sitting on mountains of financial data.&nbsp;
However, the majority of financial institutions and fintechs don&rsquo;t have a good way to unlock the value of this data to drive better business and consumer outcomes. But, data is just data. You need to <a href="https://www.mx.com/guides/2024-digital-banking-playbook/">create an actionable step</a> for your customers.
That&rsquo;s where financial data intelligence comes into the picture. Financial data intelligence is the ability to make financial data actionable to increase engagement and loyalty, improve results, and drive growth.&nbsp;
<h2 id="definitions">Financial Data Intelligence vs. Data Analytics, and Other Terms</h2>
Financial data intelligence is a term specific to how organizations leverage consumer financial data. It is a subset of a broader term &mdash;&nbsp;data intelligence, which is used across many industries such as retail, healthcare, manufacturing, etc., when talking about deriving actionable insights from data. Data intelligence is the tools and methods that organizations use to better understand the data they collect, store, and utilize to improve their products and/or services.&nbsp;
Other organizations may refer to similar terms including data analytics and business intelligence when referring to how they analyze data. However, we think data analytics misses a key component that is present with data intelligence: making it actionable. Analysis without action is simply interesting information. To create true data intelligence, the data and insights must be actionable.&nbsp;
<blockquote>
Analysis without action is simply interesting information. To create true data intelligence, the data and insights must be actionable.&nbsp;
</blockquote>
Another similar term that is worth mentioning is &ldquo;<a href="https://en.wikipedia.org/wiki/Financial_intelligence">financial intelligence</a>.&rdquo; What is financial intelligence? It&rsquo;s defined as gathering information about the &ldquo;financial affairs of entities of interest, to understand their nature and capabilities, and predict their intentions.&rdquo; It&rsquo;s often used in conjunction with an investigation of a specific entity by law enforcement or related agencies. In fact, the United States government has an <a href="https://en.wikipedia.org/wiki/Under_Secretary_of_the_Treasury_for_Terrorism_and_Financial_Intelligence">under secretary position within the Department of the Treasury</a> dedicated to terrorism and financial intelligence.&nbsp;
<h2 id="how-financial-data-intelligence-works">How Financial Data Intelligence Works</h2>
It starts with being able to effectively <a href="https://www.mx.com/products/connectivity/">connect</a> to, understand, and act on consumer financial data.&nbsp;
<h3>Connecting the Dots</h3>
Today&rsquo;s <a href="https://www.mx.com/research/what-consumers-want-from-financial-providers/">average consumer has 3 to 5 financial accounts</a> with various banks, credit unions, and other financial providers. It&rsquo;s messy for consumers to manage and makes it increasingly difficult for financial providers to get a full picture of consumers&rsquo; financial lives.&nbsp;
This disjointed <a href="https://www.mx.com/money-experience/">money experience</a> creates blindspots for organizations when it comes to delivering the right products and services to meet consumer needs, targeting consumers with the right messages, and accurately predicting and preventing churn.&nbsp;
By enabling consumers to easily connect and view all of their finances in one place with <a href="https://www.mx.com/products/account-aggregation/">financial account aggregation</a>, it not only helps consumers better manage their money but gives financial providers more visibility into consumer financial data.&nbsp;
<h3>Understanding the Data</h3>
As we stated earlier, data is just data. It requires context, cleansing, and categorization to ensure both consumers and organizations can leverage data to its fullest extent.&nbsp;
With cleansing and categorization, raw data becomes clear transaction information. And, with added context, transaction data becomes more insightful and actionable for consumers. <a href="https://www.mx.com/products/data/">Enhanced data</a> also makes it easier to unlock the value of financial data and enable better decisions, improve efficiency, and uncover new opportunities.
<h3>Creating Actionable Insights and Personalized Experiences</h3>
The last piece of the puzzle is how you leverage the data to <a href="https://www.mx.com/blog/personal-data-in-exchange-for-personalized-experiences/">create personalized experiences</a>, deliver proactive insights, and drive engagement and growth.&nbsp;
Financial data intelligence combines connected and enhanced data with the power of artificial intelligence, machine learning, and advanced analytics. It helps financial service providers to increase engagement with consumers by delivering insights and recommended actions to help them on their financial journey and surface new insights and areas of opportunity to drive growth.&nbsp;&nbsp;
<div style="padding: 56.25% 0 0 0; position: relative;"><iframe style="position: absolute; top: 0; left: 0; width: 100%; height: 100%;" title="Financial Data Intelligence Promo - Sachi - March 2024" src="https://player.vimeo.com/video/928032801?h=4c12f88c79&amp;badge=0&amp;autopause=0&amp;player_id=0&amp;app_id=58479" frameborder="0"></iframe></div>
<h3>The Benefits of Financial Data Intelligence&nbsp;</h3>
Simply put: with actionable financial data intelligence, financial providers can increase engagement and loyalty, acquire more customers, and identify growth opportunities. And, financial providers can help their customers better understand and manage their finances.&nbsp;
Here&rsquo;s a look at our top 10 benefits of financial data intelligence:&nbsp;
<ol>
<li style="font-weight: 400;" aria-level="1">Acquire and retain more customers with <a href="https://www.mx.com/products/connectivity/">reliable connectivity solutions</a>, <a href="https://www.mx.com/products/data/">enhanced data</a>, and <a href="https://www.mx.com/products/experience/">personalized digital experiences</a>.</li>
<li style="font-weight: 400;" aria-level="1">Increase consumer engagement and adoption by delivering <a href="https://www.mx.com/products/financial-insights/">personalized financial insights</a> and recommended actions.</li>
<li style="font-weight: 400;" aria-level="1">Surface areas of opportunity to increase deposits, expand <a href="https://www.mx.com/use-cases/account-opening/">account openings</a>, and engage with your customers.</li>
<li style="font-weight: 400;" aria-level="1">Improve financial health by enabling consumers to better understand and manage their finances with <a href="https://www.mx.com/products/personal-financial-management/">Personal Financial Management (PFM) tools</a>.</li>
<li style="font-weight: 400;" aria-level="1">Deliver the right message, to the right person, at the right time to<a href="https://www.mx.com/products/customer-analytics/"> improve ROI and marketing campaign effectiveness</a>.</li>
<li style="font-weight: 400;" aria-level="1">Predict and prevent churn with a better understanding of trends and behaviors</li>
<li style="font-weight: 400;" aria-level="1">Increase customer satisfaction and loyalty with <a href="https://www.mx.com/products/experience/">personalized experiences</a> that meet consumers where they are.</li>
<li style="font-weight: 400;" aria-level="1">Optimize business processes by breaking down data silos and making it easier to unlock the value of financial data.</li>
<li style="font-weight: 400;" aria-level="1"><a href="https://www.mx.com/case-studies/becu/call-center/">Reduce call center volume</a> and customer frustration by making data easily understandable and actionable.</li>
<li style="font-weight: 400;" aria-level="1">Accelerate innovation and product enhancements based on actionable data about product adoption, usage, and behaviors.</li>
</ol>

What is Financial Data Intelligence? How it Works, Key Definitions & Benefits

Here's a current list of the largest banks in the United States ranked by asset size. 

Looking for a quick way to understand open banking?

A list of the 250 largest American Banks ranked by asset size according to data from the FDIC as of March 31, 2024.

Largest Banks in the U.S.A. by Asset Size (2024)

Largest U.S. Banks by Asset Size (2024)

MX welcomed over 20 new full-time team members in a new office in Chennai, India.

MX Opens New Office in India | MX Blog

Today, MX officially opened a new office in Chennai, India, to offer 24/7 support to its clients and partners. In addition to being able to offer more support around the clock, opening this new office allows us to gain access to a growing, diverse, and skilled talent pool. India is home to nearly 20% of the world&rsquo;s population and is one of the most digitally advanced countries.&nbsp;
So far, over 20 new full-time team members in a variety of technology and engineering roles are based at this office. To welcome them to the MX team, MX hosted a number of activities, including a traditional lamp lighting ceremony, authentic traditional lunch and Rangoli display, representing positivity and liveliness, and welcoming good luck. The MX India team and US leadership team celebrated wearing traditional attire. Local South Indian food was also catered to both our Chennai and Lehi offices to mark the occasion.&nbsp;
Check out the pictures below and welcome to our Chennai team!
<img src="https://cms.mx.com/assets/724df09a-eed4-43a4-bbfc-5cc728b183e8?width=1414&amp;height=796" alt="Ds C02269" />
<img src="https://cms.mx.com/assets/e685a65c-9094-46fa-ae19-657cb82e40d3?width=1414&amp;height=795" alt="Ds C02278" />
<img src="https://cms.mx.com/assets/0c957a55-9843-426a-85cd-b717dfbaeca4?width=1414&amp;height=796" alt="Ds C01862" />
<img src="https://cms.mx.com/assets/e861e191-5248-4b45-8028-67282db020ad?width=1414&amp;height=795" alt="Ds C01346" />

MX Celebrates New Office in India 

Here’s a round up of MX’s top statistics, data, and graphs on Gen Z perspectives and actions for the financial industry. 

Understanding Gen Z Finances: MX Stats and Research

Understanding Gen Z Finances: A Comprehensive List of Stats and Research

Check out this collection of MX’s top statistics, graphs, and trends on how this generation approaches finances. 

Check out MX’s research and stats on how Gen X consumers approach managing their finances and what they expect from their providers. 

Gen X-pectations of Financial Providers: Graphs and Stats on How This Generation Manages Money

<a href="https://www.mx.com/research/financial-wellness-and-todays-money-experience/">One-third of Gen Xers are worried about how to cover unexpected expenses</a>. In fact, 72% say they have cut items from their budget to save money.&nbsp;
Financial providers can help ease the stress of managing money with intelligent tools and data-driven, personalized insights that enable Gen Xers to build financial strength and help them reach their goals. Check out this collection of MX&rsquo;s top statistics, graphs, and trends on how this generation approaches finances.&nbsp;
In this post, you&rsquo;ll find stats and graphics related to:&nbsp;
<ul>
<li><a href="#attitudes">Gen X Attitudes on Finances</a></li>
<li><a href="#approach">Gen X Approach to Money Management</a></li>
<li><a href="#expectations">Gen X-pectations of Financial Providers</a></li>
</ul>
Want to learn more about how different generations of consumers approach their finances? Check out our companion blogs on <a href="https://www.mx.com/blog/millennial-money-management/">Millennials</a> and <a href="https://www.mx.com/blog/stats-on-gen-z-finances/ " target="_self">Gen Z</a>.&nbsp;
<h2 id="attitudes">Gen X Attitudes on Finances</h2>
<ul>
<li>22% of Gen Xers say their top financial goal for 2024 is paying off credit card debt. (<a href="https://www.mx.com/research/how-to-keep-consumers-from-breaking-up-with-banks/">How to Keep Consumers From Breaking Up with Banks, 2024</a>):</li>
</ul>
<img src="https://cms.mx.com/assets/d0091dba-e734-4edb-a64b-646ff7b9a2bc?width=1813&amp;height=1517" alt="6a0ded97 Fb78 4324 8dcc 218f5123fe60" />
<ul>
<li style="font-weight: 400;" aria-level="1">One-third of Gen X consumers say they are worried about how to cover unexpected expenses while 14% say they don&rsquo;t always have enough to pay for everyday necessities. (<a href="https://www.mx.com/research/financial-wellness-and-todays-money-experience/">What is Financial Wellness?, 2023</a>)&nbsp;</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">65% of U.S. consumers have cut items from their budget to save money. This is highest among Gen X at 72%. (<a href="https://www.mx.com/research/financial-wellness-and-todays-money-experience/">What is Financial Wellness?, 2023</a>)&nbsp;</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">Gen X (58%) respondents were more likely to say money is their primary source of stress compared to Baby Boomers (36%) and Gen Z (45%). (<a href="https://www.mx.com/research/consumer-money-matters-debt-on-the-rise-savings-on-the-decline/">Consumer Money Matters, 2022</a>)</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">When asked what type of financial products they currently use, 31% of Gen X respondents say they have a cryptocurrency account, compared to 22% of all respondents. (<a href="https://www.mx.com/research/consumer-research-digital-and-mobile-banking/">Consumer Research on Digital and Mobile Banking, 2022</a>)</li>
</ul>
<h2 id="approach">Gen X Approach to Money Management</h2>
<ul>
<li style="font-weight: 400;" aria-level="1">32% of Gen X consumers say they do not have a credit card. This is the generation most likely not to have one. (<a href="https://www.mx.com/research/driving-engagement-for-consumers-research/">How to Drive Engagement When Consumers Refuse to Change, 2024</a>)</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">27% of Gen X consumers would add a personal checking account (Pay by Bank) as a payment method for online retailers where they shop frequently, compared to 45% of Gen Z, 41% of Millennials, and 22% of Baby Boomers. (<a href="https://www.mx.com/research/consumer-money-matters-debt-on-the-rise-savings-on-the-decline/">Consumer Money Matters, 2022</a>)</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">50% of Gen Xers said they would never add a personal checking account as an online payment method. (<a href="https://www.mx.com/research/consumer-money-matters-debt-on-the-rise-savings-on-the-decline/">Consumer Money Matters, 2022</a>)</li>
</ul>
<img src="https://cms.mx.com/assets/96f093fe-6a7f-4435-8bab-f6d228debf55?width=2244&amp;height=1156" alt="B9d1fb52 D721 49f8 951c 47a7575f85d9" />
<img src="https://cms.mx.com/assets/06f30b32-ca96-4fab-a19d-4f962545a450?width=2204&amp;height=870" alt="C23c17a0 D52a 40d9 92fa 60c7ad2ec9fa" />
<ul>
<li style="font-weight: 400;" aria-level="1">Only 29% of Gen X set up automatic payments with each provider compared to 42% of Gen Z and 41% of Millennials. (<a href="https://www.mx.com/research/driving-engagement-for-consumers-research/">How to Drive Engagement When Consumers Refuse to Change, 2024</a>)</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">41% of consumers are carrying a balance month-to-month on their credit cards. This is highest among Gen Xers (48%).&nbsp; (<a href="https://www.mx.com/research/financial-wellness-and-todays-money-experience/">What is Financial Wellness?, 2023</a>)&nbsp;</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">Across generations, we asked what statement most closely aligns with their current perspective on applying for loans. The largest portion of Gen X and Baby Boomers align with the statement that loans are necessary for larger purchases such as a home or vehicle.&nbsp; (<a href="https://www.mx.com/research/financial-wellness-and-todays-money-experience/">What is Financial Wellness?, 2023</a>)</li>
</ul>
<img src="https://cms.mx.com/assets/b827ba83-f65d-43f9-80b7-b79ef72e4b97?width=2152&amp;height=816" alt="F796deec Df6c 4c74 A840 3ca55b9f9714" />
<ul>
<li style="font-weight: 400;" aria-level="1">When asked how they currently track and manage their finances, most consumers (45%) say they only check their finances through their financial accounts. This is even higher among older generations &mdash; 56% of Gen X and 48% of Baby Boomers. (<a href="https://www.mx.com/research/financial-wellness-and-todays-money-experience/">What is Financial Wellness?, 2023</a>)&nbsp;</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">43% of Gen X consumers are performing finance-related tasks using a mobile app at least once a day, with nearly half (49%) that have 3 or more finance-related mobile apps. (<a href="https://www.mx.com/research/financial-wellness-and-todays-money-experience/">What is Financial Wellness?, 2023</a>)&nbsp;</li>
</ul>
<ul>
<li>Finance apps used most often? For Gen X and Baby Boomers, banking apps are the most used. (<a href="https://www.mx.com/research/financial-wellness-and-todays-money-experience/">What is Financial Wellness?, 2023</a>)</li>
</ul>
<img src="https://cms.mx.com/assets/904ce2f9-4ca3-4460-a3e2-b04f19229718?width=683&amp;height=970" alt="Fee5413c Dc1b 47f3 9d3e C78e1d2556d4" />
<img src="https://cms.mx.com/assets/a929b60a-cbc7-4c07-8eb8-78b4a11434dd?width=683&amp;height=970" alt="Bd72734e 7aff 407f B394 B5ba3867b4ba" />
<ul>
<li style="font-weight: 400;" aria-level="1">77% of U.S. consumers believe an individual can have more than one primary financial relationship &mdash; and more than 80% of Gen X and Baby Boomers believe it. (<a href="https://www.mx.com/research/how-to-keep-consumers-from-breaking-up-with-banks/">How to Keep Consumers From Breaking Up with Banks, 2024</a>)&nbsp;</li>
</ul>
<img src="https://cms.mx.com/assets/39720f1c-5be6-4615-8e05-18307ff6a3e6?width=986&amp;height=807" alt="560277c8 8029 4658 B78b Db995970b6bc" />
<h2 id="expectations">Gen X-pectations of Financial Providers</h2>
<ul>
<li style="font-weight: 400;" aria-level="1">47% of Gen X respondents believe financial providers have a responsibility to teach them to be financially strong. (<a href="https://www.mx.com/guides/trust-and-the-consumer-money-experience/">A Time for Trust</a>)</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">72% of all respondents prefer to manage all their finances online or through a mobile app. Among Gen X, this is only slightly lower at 71%. Percentage of consumers who view of manage financial accounts via mobile app (<a href="https://www.mx.com/research/consumer-research-digital-and-mobile-banking/">Consumer Research on Digital and Mobile Banking, 2022</a>):&nbsp;</li>
</ul>
<img src="https://cms.mx.com/assets/8e499a38-a5dc-47db-904f-ea6952954507?width=2376&amp;height=674" alt="Customer Percentage" />
<ul>
<li style="font-weight: 400;" aria-level="1">When asked what they would do if their preferred bank or credit union did not support connecting to their favorite fintech apps, 75% of Gen X respondents said they would seek out a different bank or credit union that could connect. (<a href="https://www.mx.com/research/consumer-research-digital-and-mobile-banking/">Consumer Research on Digital and Mobile Banking, 2022</a>)</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">When it comes to what consumers most want to help them manage financial accounts online or through a mobile app, here are the features that rose to the Top 3 most often for Gen X (<a href="https://www.mx.com/research/what-consumers-want-from-financial-providers/">What Consumers Really Want from their Financial Providers, 2022</a>):&nbsp;</li>
<ul>
<li style="font-weight: 400;" aria-level="2">41% order a personalized card</li>
<li style="font-weight: 400;" aria-level="2">29% open new accounts online</li>
<li style="font-weight: 400;" aria-level="2">29% instantly issued virtual cards</li>
<li style="font-weight: 400;" aria-level="2">25% integration with digital wallets like Apple Pay or Google Pay</li>
<li style="font-weight: 400;" aria-level="2">25% connect outside financial accounts so they can see all financial data in one place</li>
</ul>
</ul>
<img src="https://cms.mx.com/assets/edc29cf1-0303-481a-89e8-a16f11df6b8b?width=1164&amp;height=521" alt="8131d610 47d0 4d5b A9d9 E476d7d46426" /> 
<ul>
<li style="font-weight: 400;" aria-level="1">The top features Gen X want most when it comes to the security and control of their financial accounts are (<a href="https://www.mx.com/research/what-consumers-want-from-financial-providers/">What Consumers Really Want from their Financial Providers, 2022</a>):&nbsp;</li>
<ul>
<li style="font-weight: 400;" aria-level="2">40% biometric login options</li>
<li style="font-weight: 400;" aria-level="2">36% ability to download your financial data</li>
<li style="font-weight: 400;" aria-level="2">31% required multi-factor authentication</li>
<li style="font-weight: 400;" aria-level="2">29% ability to restrict transactions above a certain amount</li>
<li style="font-weight: 400;" aria-level="2">28% ability to restrict transactions at specific vendors or locations</li>
</ul>
</ul>
<img src="https://cms.mx.com/assets/b6dc2f02-328b-4789-81fc-0e98fc3910b8?width=1164&amp;height=521" alt="Da602d9f 406f 4372 B82f 1ec11c3bee96" />
<ul>
<li style="font-weight: 400;" aria-level="1">Here are the features Gen X respondents most want for financial wellness (<a href="https://www.mx.com/research/what-consumers-want-from-financial-providers/">What Consumers Really Want from their Financial Providers, 2022</a>):</li>
<ul>
<li style="font-weight: 400;" aria-level="2">36% educational programs to teach you how to become financially stronger</li>
<li style="font-weight: 400;" aria-level="2">31% automated insights created based on financial data</li>
<li style="font-weight: 400;" aria-level="2">29% debt repayment tools like calculators to estimate how much time it will take to save money / pay off debt</li>
<li style="font-weight: 400;" aria-level="2">25% personalized recommendations on where you can make changes to improve finances</li>
<li style="font-weight: 400;" aria-level="2">23% automatic savings options, such as rounding up to the nearest dollar on purchases and depositing in savings</li>
</ul>
</ul>
<img src="https://cms.mx.com/assets/3d7c40b8-1be6-4e82-a886-18141bd5bea0?width=2000&amp;height=903" alt="Dd0d1eba F10e 4c31 B1a2 E10218f3b4c6" />
<ul>
<li>Importance of digital or mobile banking capabilities by generation (<a href="https://www.mx.com/research/what-consumers-want-from-financial-providers/">What Consumers Really Want from their Financial Providers, 2022</a>):</li>
</ul>
<img src="https://cms.mx.com/assets/d2d1e2d7-78a2-4a7b-ac90-2d990f570e01?width=2506&amp;height=1830" alt="3d566ea3 B7b5 443a B306 9efdfecb9c63" />
<img src="https://cms.mx.com/assets/f11d4132-fa15-41fe-b6e3-14ae050712d0?width=2496&amp;height=1597" alt="B68bc0e0 2a0a 4b82 93b8 Ced28342b042" />
<img src="https://cms.mx.com/assets/471f183a-bb5c-47a1-8c47-93a0a871a392?width=2560&amp;height=1545" alt="D8b5b530 Ca6f 46a6 Ac46 8d1a5ab0b9d2" />

How Gen X Manages Money: Graphs and Stats

Check out MX’s research and graphs on how Millennials prefer to manage their finances and what they expect from their providers. 

Check out MX’s research and stats on how Millennials approach managing their finances and what they expect from their providers. 

Millennial Money Management: Data, Graphs, and Trends on How This Generation Approaches Finances

Millennial Money Management: Data, Stats, and Graphs

Check out this curated list of MX’s top stats and graphs on personalized money experiences from our consumer research reports.

Check out MX’s research and stats related to consumer expectations for personalization in financial services.

Consumer Expectations for Personalized Experiences From Financial Providers: Data and Graphs

More than half of U.S. <a href="https://www.mx.com/whitepapers/key-takeaways-forrester-opportunity-snapshot/">consumers (54%) want financial providers to leverage their financial data</a> to personalize their experience. And, 48% would give their financial provider access to more of their data if they knew it would result in a better experience.
Financial providers can increase deposits and drive engagement by delivering data-driven, actionable insights that are personalized to where the consumer is in their financial journey. Here&rsquo;s a collection of MX&rsquo;s top statistics, data, and graphs on personalization.&nbsp;
In this post, you&rsquo;ll find stats and graphics related to:&nbsp;
<ul>
<li><a href="#demand">Consumer Desire and Demand for Personalization</a></li>
<li><a href="#today">Personalization in Financial Services Today</a></li>
<li><a href="#meaning">What Personalized Money Experiences Mean to Consumers</a></li>
<li><a href="#MX">How MX Helps Deliver Personalized Experiences at Scale</a></li>
</ul>
<blockquote>
&ldquo;By <a href="https://www.mx.com/guides/building-long-term-digital-engagement/&nbsp;" target="_blank" rel="noopener">focusing on customer outcomes and creating personalized, intuitive experiences</a> from Day 1 of the relationship, financial institutions can not only maintain deposits but grow them &mdash; even in an increasingly challenging market.&rdquo;&nbsp;
</blockquote>
<h2 id="demand">Consumer Desire and Demand for Personalization</h2>
<ul>
<li style="font-weight: 400;" aria-level="1">More than half of U.S. consumers (54%) want financial providers to leverage their financial data to personalize their experience. (<a href="https://www.mx.com/whitepapers/key-takeaways-forrester-opportunity-snapshot/">Unlocking Actionable Intelligence, 2024</a>)</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">66% of consumers expect their bank or credit union to know, understand, and reward them, but only 34% feel that their provider treats them as an individual. (<a href="https://www.mx.com/use-cases/customer-intelligence/">Customer Intelligence</a>)</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">80% of customers are more likely to do business with a company if it offers personalized experiences. (<a href="https://www.mx.com/use-cases/customer-intelligence/">Customer Intelligence</a>)</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">71% of consumers expect companies to deliver personalized interactions &ndash; and 76% get frustrated when it doesn&rsquo;t happen. (<a href="https://www.mx.com/use-cases/customer-intelligence/">Customer Intelligence</a>)</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">More than 70% of consumers are interested in having their personal banking data used to perceive personalized offerings. (<a href="https://www.mx.com/use-cases/customer-intelligence/">Customer Intelligence</a>)</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">78% of consumers would continue using their bank if they received personalized support, but just 44% of banks are actually delivering it. (<a href="https://www.mx.com/use-cases/customer-intelligence/">Customer Intelligence</a>)</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">More than half of U.S. consumers (54%) expect their financial provider to know them. (<a href="https://www.mx.com/research/how-to-keep-consumers-from-breaking-up-with-banks/">How to Keep Consumers From Breaking Up with Banks, 2024</a>)&nbsp;</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">48% of consumers would give their financial provider access to more of their data if they knew it would result in a better experience. Among Gen Z (54%) and Millennials (58%), this is even higher. (<a href="https://www.mx.com/research/how-to-keep-consumers-from-breaking-up-with-banks/">How to Keep Consumers From Breaking Up with Banks, 2024</a>)&nbsp;</li>
</ul>
<ul>
<li>When asked how much financial transaction history they would be willing to share to receive more personalized offers and services from a retailer or restaurant that they frequently visit, 14% of consumers would share all of it, while the largest response group (34%) said they would only share what&rsquo;s absolutely necessary. (<a href="https://www.mx.com/research/what-influences-where-consumers-choose-to-bank/">What Influences Where Consumers Choose to Bank, 2023</a>)</li>
</ul>
<img src="https://cms.mx.com/assets/d84c19a1-6883-42db-a4a4-bbe2dd8295f7?width=646&amp;height=616" alt="109f7861 0abc 4272 Badd Fab686e5dafa" />
&nbsp;
<h2 id="today">Personalization in Financial Services Today</h2>
<ul>
<li style="font-weight: 400;" aria-level="1">Nearly 1 in 4 (23%) data leaders say they don&rsquo;t currently leverage data about their consumers&rsquo; financial lives to personalize products and services. (<a href="https://www.mx.com/whitepapers/key-takeaways-forrester-opportunity-snapshot/">Unlocking Actionable Intelligence, 2024</a>)</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">More than 60% of data leaders say their organization largely still uses data the same way they always have. (<a href="https://www.mx.com/whitepapers/key-takeaways-forrester-opportunity-snapshot/">Unlocking Actionable Intelligence, 2024</a>)</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">60% of data leaders say their organization is concerned about how to deliver personalized experiences at scale to customers. (<a href="https://www.mx.com/whitepapers/key-takeaways-forrester-opportunity-snapshot/">Unlocking Actionable Intelligence, 2024</a>)</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">The vast majority (81%) of data strategy leaders agree being able to personalize experiences based on consumer financial data is a must-have for the future. (<a href="https://www.mx.com/whitepapers/key-takeaways-forrester-opportunity-snapshot/">Unlocking Actionable Intelligence, 2024</a>)</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">When asked to what extent they feel their organization is falling short of where it needs to be, 26% of data leaders said they fall short in their ability to leverage data to deliver personalized offers, messages, and services to consumers. (<a href="https://www.mx.com/whitepapers/key-takeaways-forrester-opportunity-snapshot/">Unlocking Actionable Intelligence, 2024</a>)</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">45% of data leaders at financial institutions have lost customers due to poor personalization. (<a href="https://www.mx.com/whitepapers/key-takeaways-forrester-opportunity-snapshot/">Unlocking Actionable Intelligence, 2024</a>)</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">45% of consumers answered yes when asked if they feel their experience with finance-related mobile apps was personalized for them. (<a href="https://www.mx.com/research/financial-wellness-and-todays-money-experience/">What is Financial Wellness?, 2023</a>)&nbsp;</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">Baby Boomers were the only generation where the majority didn&rsquo;t answer yes when asked if their experience with finance-related mobile apps was personalized for them &mdash; 44% answered not sure while 34% said no. (<a href="https://www.mx.com/research/financial-wellness-and-todays-money-experience/">What is Financial Wellness?, 2023</a>)&nbsp;</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">White respondents are less likely to feel their experience with finance-related mobile apps is personalized to them &mdash; 39% compared to 52% of those who identify as Asian, Black, Hispanic, or Other. (<a href="https://www.mx.com/research/financial-wellness-and-todays-money-experience/">What is Financial Wellness?, 2023</a>)&nbsp;</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">44% of consumers either said no or they weren&rsquo;t sure when asked if they believe financial providers are leveraging the data they have about them to personalize their experience. (<a href="https://www.mx.com/research/how-to-keep-consumers-from-breaking-up-with-banks/">How to Keep Consumers From Breaking Up with Banks, 2024</a>)&nbsp;</li>
</ul>
<h2 id="meaning">What Personalized Money Experiences Mean to Consumers</h2>
<ul>
<li style="font-weight: 400;" aria-level="1">When asked which statement most closely aligns with what they think a personalized money experience should look like, consumers said (<a href="https://www.mx.com/research/how-to-keep-consumers-from-breaking-up-with-banks/">How to Keep Consumers From Breaking Up with Banks, 2024</a>):&nbsp;</li>
<ul>
<li style="font-weight: 400;" aria-level="2">I can customize my experiences based on my preferences (54%)</li>
<li style="font-weight: 400;" aria-level="2">I receive proactive notifications and guidance based on my financial behavior (35%)</li>
<li style="font-weight: 400;" aria-level="2">My financial provider is able to accurately anticipate my needs (11%)</li>
</ul>
</ul>
<img src="https://cms.mx.com/assets/316c032b-44f7-4ccc-9e7e-d6effb57a02e?width=1030&amp;height=420" alt="41a3e57e B412 416d A727 2c7a3ae8766a" />
<ul>
<li style="font-weight: 400;" aria-level="1">36% of consumers prefer to securely share their financial data from all their accounts so they can receive personalized guidance and insights in one place. (<a href="https://www.mx.com/research/how-to-keep-consumers-from-breaking-up-with-banks/">How to Keep Consumers From Breaking Up with Banks, 2024</a>)&nbsp;</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">Half of Gen Z and 41% of Millennials would rather share their financial data to receive personalized guidance and insights versus keeping data separated by account. (<a href="https://www.mx.com/research/how-to-keep-consumers-from-breaking-up-with-banks/">How to Keep Consumers From Breaking Up with Banks, 2024</a>)&nbsp;</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">Half of consumers expect financial providers to deliver personalized offers for tools, products, and services to help them reach their financial goals. Other top personalization expectations include (<a href="https://www.mx.com/research/what-influences-where-consumers-choose-to-bank/">What Influences Where Consumers Choose to Bank, 2023</a>):&nbsp;</li>
<ul>
<li style="font-weight: 400;" aria-level="2">Discounts or offers for brands that I use (44%)</li>
<li style="font-weight: 400;" aria-level="2">Customized insights in the online or app experience to help me understand my spending (43%)&nbsp;</li>
<li style="font-weight: 400;" aria-level="2">Proactive notifications and recommendations to help me better manage money (42%)</li>
<li style="font-weight: 400;" aria-level="2">Ability to personalize a card, such as choose my displayed name, etc. (36%)</li>
<li style="font-weight: 400;" aria-level="2">Automated budgeting and analysis of my spending (31%)</li>
</ul>
</ul>
<img src="https://cms.mx.com/assets/9a48062f-e1a4-4e73-9b8a-a6913a9642f9?width=390&amp;height=622" alt="927d8adc 3d52 48fe Ab9d C0d6016ed7bf" />
<ul>
<li style="font-weight: 400;" aria-level="1">When asked what question is most important for them to be able to answer when managing their finances, the top questions to answer are (<a href="https://www.mx.com/research/what-influences-where-consumers-choose-to-bank/">What Influences Where Consumers Choose to Bank, 2023</a>):&nbsp;</li>
<ul>
<li style="font-weight: 400;" aria-level="2">How much can I put towards debt or savings? 22%</li>
<li style="font-weight: 400;" aria-level="2">Am I spending more than I should? 21%</li>
<li style="font-weight: 400;" aria-level="2">How can I cut expenses? 17%</li>
</ul>
</ul>
<img src="https://cms.mx.com/assets/4a3f6686-50c0-4150-aaed-aa4824f02a8c?width=405&amp;height=382" alt="770571ca 501f 4fb2 Ada7 685ea2b7b857" />
<h2 id="MX">How MX Helps Deliver Personalized Experiences at Scale</h2>
<ul>
<li style="font-weight: 400;" aria-level="1">Mercantile Bank launched MX Insights to provide its customers with data-driven, personalized insights that help them make informed decisions that improve their financial wellness and get them closer to achieving their next financial goal. Those who consistently viewed insights maintained approximately 15% higher deposit balances and opened new deposit accounts at twice the rate of those who did not consistently view insights within their digital banking experience. And, consumers who viewed insights were two times more likely to log in again within 1 day (46%) compared to those who didn&rsquo;t (23%). (<a href="https://www.mx.com/case-studies/mercantile-bank/">Data-Drive Digital Innovation</a>)</li>
</ul>
<img src="https://cms.mx.com/assets/d5452eec-2e03-4b7a-8219-12eb14dff65d?width=1058&amp;height=625" alt="Cs Graph Bubbles" />
<ul>
<li style="font-weight: 400;" aria-level="1">Synergy CU is leveraging MX Insights to make it easy for members to better understand what&rsquo;s happening with their money and what they can do to improve their financial situation in real time. As a result of placing the tools on the homepage, the credit union has found that those that view Insights are more engaged and login more frequently. Synergy CU has averaged more than 200,000 digital insights monthly to provide members with real-time digital advice that complements proactive adviser calls made to its members. (<a href="https://www.mx.com/case-studies/synergy-credit-union/">Stronger Financial Outcomes with Personalized Insights)</a></li>
</ul>
<ul>
<li>&ldquo;With MX Insights, we&rsquo;re able to send out nudges on things like subscriptions or upcoming bills... Since its launch, 13% of employees that have used this experience have increased their retirement savings. On average, they saved $1,200 more for healthcare savings, and employers save $800 per employee when those employees optimize their benefits decisions.&rdquo; (<a href="https://www.mx.com/case-studies/voya-financial/">Driving Engagement with Personalized Insights</a>)</li>
</ul>
&nbsp;
&nbsp;
&nbsp;
&nbsp;

The Demand for Personalized Money Experiences: Stats and Graphs

Here’s a collection of MX’s top stats and graphs on fraud in financial services from our consumer research reports.

Check out this curated list of stats from MX’s research related to how consumers react to fraud and what they expect from financial services providers.

Data and Graphics on Consumer Security Sentiment in Financial Services| MX 

<a href="https://www.mx.com/whitepapers/how-open-finance-improves-security/">Consumers lost nearly $8.8 billion to scams in 2022</a> &mdash; a more than 30% increase from 2021 &ndash; and need a trusted partner to help keep their money and data safe. In fact, 84% of <a href="https://www.mx.com/research/what-influences-where-consumers-choose-to-bank/">consumers expect their financial provider to proactively alert them</a> when something looks suspicious according to MX&rsquo;s research.
Here&rsquo;s a compilation of data and statistics from MX&rsquo;s research related to how consumers confront fraud today and what they expect from financial services providers.
In this post, you&rsquo;ll find data and graphics related to:&nbsp;
<ul>
<li><a href="#fraud-today">How Consumers React to Fraud Today</a></li>
<li><a href="#expectations">What Consumers Expect From Financial Providers</a></li>
<li><a href="#features">Security Features Consumers Want</a></li>
</ul>
<h2 id="fraud-today">How Consumers React to Fraud Today</h2>
<ul>
<li style="font-weight: 400;" aria-level="1">72% of consumers agree fraud is one of their biggest concerns. (<a href="https://www.mx.com/research/what-influences-where-consumers-choose-to-bank/">What Influences Where Consumers Choose to Bank, 2023</a>)</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">28% of consumers have been a victim of fraudulent transactions on a financial account in the past 2 years. (<a href="https://www.mx.com/research/what-influences-where-consumers-choose-to-bank/">What Influences Where Consumers Choose to Bank, 2023</a>)</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">For consumers who have been the victim of fraudulent transactions in the past 2 years, the majority (52%) say their financial provider proactively alerted them to a suspicious transaction. Another 37% noticed it in their transaction history while 7% were unaware of a fraudulent charge until they received their statement. (<a href="https://www.mx.com/research/what-influences-where-consumers-choose-to-bank/">What Influences Where Consumers Choose to Bank, 2023</a>)</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">Nearly 1 in 4 consumers see transactions on their account they don&rsquo;t recognize at first glance at least sometimes or more frequently. This rises to 43% for Gen Z and 35% for Millennials. (<a href="https://www.mx.com/research/what-consumers-want-from-financial-providers/">What Consumers Want from Financial Providers, 2023</a>)</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">When asked what action they typically take when they see a transaction they don&rsquo;t recognize, consumers reported (<a href="https://www.mx.com/research/what-consumers-want-from-financial-providers/">What Consumers Want from Financial Providers, 2023</a>):</li>
<ul>
<li style="font-weight: 400;" aria-level="2">34% search online to see what it might be</li>
<li style="font-weight: 400;" aria-level="2">27% look at receipts to figure it out</li>
<li style="font-weight: 400;" aria-level="2">22% call my financial provider for help</li>
<li style="font-weight: 400;" aria-level="2">14% report as fraud</li>
<li style="font-weight: 400;" aria-level="2">2% nothing</li>
</ul>
</ul>
<img src="https://cms.mx.com/assets/1d6eacda-4ccb-487f-b280-d81af65e2a02?width=2791&amp;height=1160" alt="2c814f20 F4cf 43b0 97f3 4e0106cf8e66" />
<ul>
<li style="font-weight: 400;" aria-level="1">Gen Z is most likely to report an unrecognized transaction as fraud at 24%, compared to just 7% of Baby Boomers. And, they are just as likely to report as fraud vs. look at their receipts to figure it out. This is an important insight as financial institutions and fintechs deal with an increase in reported fraud. (<a href="https://www.mx.com/research/what-consumers-want-from-financial-providers/">What Consumers Want from Financial Providers, 2023</a>)</li>
</ul>
<h2 id="expectations">What Consumers Expect From Financial Providers</h2>
<ul>
<li style="font-weight: 400;" aria-level="1">When asked which factors are important when it comes to their experience with financial providers today, consumers continue to rank security as No. 1 most often (30%), followed closely by trust (25%). (<a href="https://www.mx.com/research/how-to-keep-consumers-from-breaking-up-with-banks/">How to Keep Consumers From Breaking Up with Banks, 2024</a>)</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">74% of consumers trust their financial providers to help protect them from fraud and other security risks. This is a marked increase from 67% when consumers were asked this same question in August 2022. (<a href="https://www.mx.com/research/what-influences-where-consumers-choose-to-bank/">What Influences Where Consumers Choose to Bank, 2023</a>)</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">69% of respondents who have a primary financial provider say they trust them with their personal data. However, 1 in 10 consumers say they do not trust their primary financial provider with their personal data, and 22% remain neutral on the topic. (<a href="https://www.mx.com/guides/trust-and-the-consumer-money-experience/">A Time for Trust, 2023</a>)&nbsp;</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">Organizations consumers would trust most to securely manage personal financial data (<a href="https://www.mx.com/guides/trust-and-the-consumer-money-experience/">A Time for Trust, 2023</a>):</li>
</ul>
<img src="https://cms.mx.com/assets/f1c3460c-5b27-41e8-b7e5-2f690dc2ea47?width=1881&amp;height=2015" alt="C99a0671 6218 40d5 9ad6 B413d29d28b6" />
&nbsp;
<ul>
<li style="font-weight: 400;" aria-level="1">84% of consumers expect their financial provider to proactively alert them when something looks suspicious. (<a href="https://www.mx.com/research/what-influences-where-consumers-choose-to-bank/">What Influences Where Consumers Choose to Bank, 2023</a>)</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">Only 51% of consumers feel financial providers do enough to protect consumers from fraud and other security risks. (<a href="https://www.mx.com/research/what-influences-where-consumers-choose-to-bank/">What Influences Where Consumers Choose to Bank, 2023</a>)</li>
</ul>
<img src="https://cms.mx.com/assets/0dc42835-c605-47a4-aab6-8404a03d9777?width=862&amp;height=211" alt="40f3660f Df13 4b40 B5ce Daf7e86c2359" />
<h2 id="features">Security Features Consumers Want</h2>
<ul>
<li style="font-weight: 400;" aria-level="1">36% of consumers would prefer to securely share their financial data from all their accounts so they can receive personalized guidance and insights in one place. This increases to 41% of Millennials and 50% of Gen Z. In contrast, 64% of respondents would rather keep their financial data separated by account to ensure security and privacy. (<a href="https://www.mx.com/research/how-to-keep-consumers-from-breaking-up-with-banks/">How to Keep Consumers From Breaking Up with Banks, 2024</a>)</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">The top features each generation wants most when it comes to the security and control of their financial accounts are (<a href="https://www.mx.com/research/what-consumers-want-from-financial-providers/">What Consumers Want from Financial Providers, 2023</a>):</li>
<ul>
<li style="font-weight: 400;" aria-level="2">Gen Z</li>
<ul>
<li style="font-weight: 400;" aria-level="3">40% ability to download your financial data</li>
<li style="font-weight: 400;" aria-level="3">40% required multi-factor authentication</li>
<li style="font-weight: 400;" aria-level="3">36% ability to restrict transactions above a specific amount</li>
<li style="font-weight: 400;" aria-level="3">35% ability to see and control who has access to your financial data</li>
<li style="font-weight: 400;" aria-level="3">33% ability to get emails on transactions made</li>
</ul>
</ul>
</ul>
<img src="https://cms.mx.com/assets/24bc9edd-b2c8-4d5a-ab93-ee6b5d28a8ce?width=1164&amp;height=521" alt="6c754d7a A2a5 431b 9abf 0282408884d6" />
<ul>
<li style="list-style-type: none;">
<ul>
<li style="font-weight: 400;" aria-level="2">Millennials
<ul>
<li style="font-weight: 400;" aria-level="3">39% ability to download your financial data</li>
<li style="font-weight: 400;" aria-level="3">33% ability to get emails on transactions made</li>
<li style="font-weight: 400;" aria-level="3">29% ability to set up card specific alerts</li>
<li style="font-weight: 400;" aria-level="3">28% ability to restrict transactions at specific vendors or locations</li>
<li style="font-weight: 400;" aria-level="3">24% biometric login options</li>
</ul>
</li>
</ul>
</li>
</ul>
<img src="https://cms.mx.com/assets/079be2b3-3c74-4df9-a44e-e47ca623f742?width=1164&amp;height=521" alt="6942e12a 41d0 4454 A9ef Fb435c0073cd" />
<ul>
<li style="list-style-type: none;">
<ul>
<li style="font-weight: 400;" aria-level="2">Gen X
<ul>
<li style="font-weight: 400;" aria-level="3">40% biometric login options</li>
<li style="font-weight: 400;" aria-level="3">36% ability to download your financial data</li>
<li style="font-weight: 400;" aria-level="3">31% required multi-factor authentication</li>
<li style="font-weight: 400;" aria-level="3">29% ability to restrict transactions above a specific amount</li>
<li style="font-weight: 400;" aria-level="3">28% ability to restrict transactions at specific vendors or locations</li>
</ul>
</li>
</ul>
</li>
</ul>
<img src="https://cms.mx.com/assets/2e1a90f5-6153-409f-82b9-6a8f91fcb9a3?width=1164&amp;height=521" alt="Da602d9f 406f 4372 B82f 1ec11c3bee96" />
<ul>
<li style="list-style-type: none;">
<ul>
<li style="font-weight: 400;" aria-level="2">Baby Boomers
<ul>
<li style="font-weight: 400;" aria-level="3">48% biometric login options</li>
<li style="font-weight: 400;" aria-level="3">30% ability to download your financial data</li>
<li style="font-weight: 400;" aria-level="3">28% required multi-factor authentication</li>
<li style="font-weight: 400;" aria-level="3">27% ability to restrict transactions at specific vendors or locations</li>
<li style="font-weight: 400;" aria-level="3">26% ability to restrict transactions above a specific amount</li>
</ul>
</li>
</ul>
</li>
</ul>
<img src="https://cms.mx.com/assets/9379ec5a-2829-4075-9e6b-3ff7ff475cba?width=1164&amp;height=521" alt="99e985a1 A7bd 4b64 85ef 55bb49c5eab8" />

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MX Founder Ryan Caldwell Returns as Chief Executive Officer

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