The Demand for Personalized Money Experiences: Stats and Graphs

More than half of U.S. consumers (54%) want financial providers to leverage their financial data 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’s a collection of MX’s top statistics, data, and graphs on personalization. 

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

• Consumer Desire and Demand for Personalization
• Personalization in Financial Services Today
• What Personalized Money Experiences Mean to Consumers
• How MX Helps Deliver Personalized Experiences at Scale

“By focusing on customer outcomes and creating personalized, intuitive experiences from Day 1 of the relationship, financial institutions can not only maintain deposits but grow them — even in an increasingly challenging market.” 

Consumer Desire and Demand for Personalization

• More than half of U.S. consumers (54%) want financial providers to leverage their financial data to personalize their experience. (Unlocking Actionable Intelligence, 2024)

• 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. (Customer Intelligence)

• 80% of customers are more likely to do business with a company if it offers personalized experiences. (Customer Intelligence)

• 71% of consumers expect companies to deliver personalized interactions – and 76% get frustrated when it doesn’t happen. (Customer Intelligence)

• More than 70% of consumers are interested in having their personal banking data used to perceive personalized offerings. (Customer Intelligence)

• 78% of consumers would continue using their bank if they received personalized support, but just 44% of banks are actually delivering it. (Customer Intelligence)

• More than half of U.S. consumers (54%) expect their financial provider to know them. (How to Keep Consumers From Breaking Up with Banks, 2024) 

• 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. (How to Keep Consumers From Breaking Up with Banks, 2024) 

• 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’s absolutely necessary. (What Influences Where Consumers Choose to Bank, 2023)

Personalization in Financial Services Today

• Nearly 1 in 4 (23%) data leaders say they don’t currently leverage data about their consumers’ financial lives to personalize products and services. (Unlocking Actionable Intelligence, 2024)

• More than 60% of data leaders say their organization largely still uses data the same way they always have. (Unlocking Actionable Intelligence, 2024)

• 60% of data leaders say their organization is concerned about how to deliver personalized experiences at scale to customers. (Unlocking Actionable Intelligence, 2024)

• 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. (Unlocking Actionable Intelligence, 2024)

• 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. (Unlocking Actionable Intelligence, 2024)

• 45% of data leaders at financial institutions have lost customers due to poor personalization. (Unlocking Actionable Intelligence, 2024)

• 45% of consumers answered yes when asked if they feel their experience with finance-related mobile apps was personalized for them. (What is Financial Wellness?, 2023) 

• Baby Boomers were the only generation where the majority didn’t answer yes when asked if their experience with finance-related mobile apps was personalized for them — 44% answered not sure while 34% said no. (What is Financial Wellness?, 2023) 

• White respondents are less likely to feel their experience with finance-related mobile apps is personalized to them — 39% compared to 52% of those who identify as Asian, Black, Hispanic, or Other. (What is Financial Wellness?, 2023) 

• 44% of consumers either said no or they weren’t sure when asked if they believe financial providers are leveraging the data they have about them to personalize their experience. (How to Keep Consumers From Breaking Up with Banks, 2024) 

What Personalized Money Experiences Mean to Consumers

• When asked which statement most closely aligns with what they think a personalized money experience should look like, consumers said (How to Keep Consumers From Breaking Up with Banks, 2024): 
• I can customize my experiences based on my preferences (54%)
• I receive proactive notifications and guidance based on my financial behavior (35%)
• My financial provider is able to accurately anticipate my needs (11%)

• 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. (How to Keep Consumers From Breaking Up with Banks, 2024) 

• 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. (How to Keep Consumers From Breaking Up with Banks, 2024) 

• 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 (What Influences Where Consumers Choose to Bank, 2023): 
• Discounts or offers for brands that I use (44%)
• Customized insights in the online or app experience to help me understand my spending (43%) 
• Proactive notifications and recommendations to help me better manage money (42%)
• Ability to personalize a card, such as choose my displayed name, etc. (36%)
• Automated budgeting and analysis of my spending (31%)

• When asked what question is most important for them to be able to answer when managing their finances, the top questions to answer are (What Influences Where Consumers Choose to Bank, 2023): 
• How much can I put towards debt or savings? 22%
• Am I spending more than I should? 21%
• How can I cut expenses? 17%

How MX Helps Deliver Personalized Experiences at Scale

• 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’t (23%). (Data-Drive Digital Innovation)

• Synergy CU is leveraging MX Insights to make it easy for members to better understand what’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. (Stronger Financial Outcomes with Personalized Insights)

• “With MX Insights, we’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.” (Driving Engagement with Personalized Insights)