The Value of Connectivity: Stats on the Impact of Account Aggregation

The average consumer has 5-7 financial accounts, while some consumers have upwards of 30 or more financial accounts across checking, savings, credit cards, loans, investments, and more. With so much volume and variety of financial accounts for each consumer, getting a clear and comprehensive view of their finances can be difficult. 

Account aggregation — the ability to link external accounts in a single place — is a powerful tool in helping consumers better understand and manage their finances. 

In this post, you’ll find stats and graphics related to: 

• Accounts Across Apps: Where Consumers Keep and Access Finances 
• Why Connectivity Matters: Combating Financial Insecurity 
• Connecting Accounts: Consumer Use of Account Aggregation

Accounts Across Apps: Where Consumers Keep and Access Finances 

• Nearly three quarters of people (72%) say they manage all their finances online or through a mobile app, with the number jumping to 79% for Millennials and 85% for Gen Z. (Consumer Research on Digital and Mobile Banking, 2022) 
• Fifty-six percent of U.S. consumers check their finances once a day while 18% check multiple times a day. (Consumer Research on Digital and Mobile Banking, 2022) 
• Forty-five percent of consumers are performing finance-related tasks on a mobile app at least once per day.  (What is Financial Wellness?, 2023) 
•  Forty-eight percent of consumers have at least 3 finance related apps downloaded on their phones. (What is Financial Wellness?, 2023) 
• The finance-related apps that people use most often are: Banking (37%), Payments (such as Paypal and Venmo) (32%), and Credit Cards (13%). (What is Financial Wellness?, 2023)

• When asked what they would do if their preferred bank or credit union did not support connecting to their favorite fintech apps, 72% said they would seek out a different bank or credit union that could connect.  (Consumer Research on Digital and Mobile Banking, 2022) 

Why Connectivity Matters: Combating Financial Insecurity

Knowledge is power. However, many consumers likely feel uncertain about their financial futures because it’s difficult to get a full picture of their current state with so many disparate financial accounts.

• Nearly half of respondents identify money as a source of stress (48%) and thinking about money makes them anxious (47%). (What is Financial Wellness?, 2023) 
• When asked what question is most important to be able to answer when it comes to managing finances, consumers say: (How to Keep Consumers From Breaking Up with Banks, 2024)
• Am I spending more than I should? (22%)
• How can I cut expenses? (20%)
• How much can I put towards debt or savings? (19%)
• Am I saving enough for retirement (15%)
• How am I tracking against my budget? (13%)

• Thirty percent of respondents say they feel financial providers do not do enough to meet the consumers’ needs. Additionally, 8% of U.S. consumers say the top factor contributing to their feeling of financial insecurity is low or no access to resources to support them. (How to Drive Engagement When Consumers Refuse to Change, 2024)

Connecting Accounts: Consumer Use of Account Aggregation 

• Eighty-two percent of consumers agree they own their data and should control how it is used. And, 78% of consumers agree they expect to see all of their financial data in one place. (What Influences Where Consumers Choose to Bank, 2023)
• Less than half of consumers (44%) say they have used digital tools to bring different financial accounts into one view. (How to Keep Consumers from Breaking Up with Banks, 2024) Why? Top reasons include: 
• I don’t care about seeing all my accounts in one place (25%)
• I don’t have multiple accounts to combine (21%)
• I don’t know how to do this (17%) 
• I’m concerned about sharing my financial information (17%)
• Twenty-nine percent of consumers have connected multiple financial accounts into one app to simplify how they manage their finances. This jumps to 37% among Gen Z and 46% of Millennials. (What is Financial Wellness?, 2023) 
• According to a commissioned Forrester Consulting survey, 27% of financial institutions surveyed said they fall short in their ability to allow consumers to aggregate external financial accounts into their organizations app/site to create a comprehensive view of the consumer’s finances. (Opportunity And Growth In Financial Services: Turning Data Insights into Actionable Intelligence, 2024)