Are Consumers Missing a Step? Fixing the Connectivity Gap

September 18, 2024|0 min read

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Managing personal finances has become more and more complicated as consumers have more and more financial accounts. As the complexity of a consumer’s financial life rises, so does the desire for a solution that can bring all of those accounts back into one view.

In fact, 57% of consumers in our latest survey said they would pull together all of their finances into a single mobile app to make them easier to track and manage if they had the option. The reality is — they probably do have this option. And, they are probably connecting accounts but not realizing what it could mean for them.

The Financial Data Exchange (FDX) reported in March that 76 million consumer accounts are now actively utilizing its FDX API for secure open finance data sharing. And, this is just those using the FDX API! That means millions of consumers are connecting accounts somewhere. So where are consumers missing a step?

Financial services providers need to better educate consumers about the value of connectivity. It’s not just for a one-time action like funding a new account or sharing data when applying for a loan: continuous connectivity has immense value. With a more complete picture of their finances gained from connecting their accounts, consumers can better understand, track, and manage their finances; helping them to become financially stronger and reach their financial goals.

Beyond educating consumers on the valuable outcomes they can gain from connecting their accounts, financial services providers should also focus on delivering connectivity experiences that meet consumer needs and expectations.

According to our survey, consumers want connectivity that is secure and easy to use. When asked what is the most important factor in bringing together all their financial accounts in a single app, 43% of consumers ranked being able to do so easily as number one. Other top factors include knowing their financial data is safe and secure (31%) and the ability to control and manage who has access to their financial data (14%).

At the end of the day, consumers want help with their finances — and it starts with connected, data-driven experiences.

Check out the full consumer research report to learn more about what consumers want from a connectivity experience and more.