Finances, Fears, and Feelings

A deeper understanding of consumer attitudes and behaviors can be the missing piece that financial institutions and fintechs need to gain a competitive advantage. 

At the 2024 Money Experience Summit, we got a special look into the  latest findings from Rebel, a consumer research firm, on economic fears, election feelings, tech preferences, and trust to help financial providers better understand consumer attitudes towards brands and today’s digital experiences. Here’s a few key takeaways from Rebel’s CEO Leah Hacker: 

A Deep Dive into the Data

Over the course of 2024, Rebel has spent time speaking with folks about their perspectives — of brand trust, technology, the economy, personal money management, and even the election. Turns out, consumers have some big feelings.

“It costs $1,500 a month for two kids in daycare. We both work. The cost of groceries is ridiculous. I have no idea how we’re supposed to save for a home, save for retirement, and take care of everyday life—let alone the surprises.”

From a tumultuous election year to a constant war with information, people are inundated with information on politics, brands, the economy, and popular culture across all channels. The result of an always-on information cycle has implications on how folks respond to and interact with technology and brands they trust:

• In a study on consumer trust, Rebel found that the finance industry was among the top 10 most trustworthy industries for men. However, this was not the case for women — the finance industry did not make the top 10 for female consumers. 
• When it comes to brand trustworthiness, irrespective of industries, 71% of folks reported that consistent product quality was the top influence in determining trustworthiness.
• When we look deeper and across age segments, we find that Gen Z is the most discerning consumer group — with their top reason for not trusting a brand being split across four factors — a bad experience (28%), poor customer service (19%), poor brand reputation (19%), and inconsistent product quality (16%). For all other age cohorts, the top listed reason for not trusting a brand was simple: a bad experience. 

The always-on culture has resulted in a constant connection to our technology. While most consumers we spoke with agree that technology has added value in terms of efficiencies, there is some market indication that folks are looking to disconnect. For example, 42% of Gen Z adults and Millennials express the desire to incorporate more devices lacking advanced digital capabilities, 55% of Gen Z have turned off notifications to assist with tech overwhelm, and 41% of Gen Z have either taken a break from social media or completely deleted an app for mental health.

• 43% of Millennials and 30% of Gen X report they feel anxious without their phones
• 75% of consumers report they prefer in-person interactions versus technology
• 47% of consumers reported they are somewhat comfortable with AI being implemented in the financial industry
• The more nuanced, complex, or even riskier the interaction is, the more users are uncomfortable with AI 

Going one step further, these results have a direct implication on how finance brands are thinking about marketing, go-to-market strategies, and product roadmaps. For marketers and product managers, there’s some work to do to understand how consumers are integrating next generation technology into their lives. And, data is necessary to further understand what the consumers expect from their finance providers in the future. 

Check out this on-demand session for even more perspectives from our MXS Rewind videos.