A Call to Consolidate: Consumers May Simplify Their Mobile Finances Apps

“People do not want to bank. They want to buy, they want to be with their families, they want to have things they want to take care of their families and their children. They don’t want to bank.” — Lea Sims, Digital Product Leader, at MXS 2024

This mindset is now translating into which finance-related apps and tools that consumers use to track and manage their finances. Most consumers have 3+ finance-related apps — and some have upwards of 10 or more. But do consumers like having this many apps? Probably not. Chase’s Digital Banking Attitudes Survey found 86% of consumers said they prefer to use one app for all their banking. 

In 2025, we predict consumers will start to truly consider which finance-related apps add value and consolidate or move away from those that don’t. And, MX’s consumer research already shows this consolidation in action. In less than six months, the percentage of U.S. consumers who have 3 or more finance-related mobile apps on their phone has dropped 7 points to just 40%. (Learn more in a few weeks when our new research drops!) 

As consumers move towards a more streamlined mobile finance experience, how can financial providers ensure their app makes the cut in 2025? Here are 3 considerations for financial providers to deliver on consumer needs for more guided financial tools that meet them where they are — i.e., the app they use most often: 

1. Personalize the Experience

Consumers want their financial providers to know them. Period. Generic, impersonal experiences and advice won’t fit the bill moving forward. Financial providers need to leverage the data consumers are willingly sharing with them to offer personalized financial experiences, products, and messages. 

2. Enable Seamless Connectivity

For many consumers, consolidating their apps won’t necessarily mean closing financial accounts. Rather, they want to be able to link together their external accounts to see and manage all of their finances in a single view. Winning these customers as they look to consolidate their mobile financial experience means having fast, durable, and reliable connectivity options for them. 

3. Take the Work Out of It

Consumers are already overwhelmed by their finances. Our research shows that 52% of consumers agree thinking about money makes them anxious. So, financial providers should look for ways to make managing money easier, not harder. This can include providing automatic savings options so consumers don’t have to remember to save, creating automated insights to help them better understand where money is going, or even just using data enhancement to make it easier for them to understand their transaction data. 

To read more about our prediction for app consolidation and other top 2025 predications and trends, watch our on-demand webinar today.