Financial Data Fuels Personalized Experiences — And Consumers Are Willing To Share It

How many times have you shared your phone number or email in the check-out line to get coupons or rewards? How often do you add your birthday to your account at your favorite retailer to get a special treat on your special day? Most of us share personal data about ourselves constantly in exchange for a better experience. The same is true for sharing financial data. 

MX’s latest survey of 1,000+ U.S. consumers found 39% of consumers are likely to exchange their financial transaction history for more personalized offers and services from a retailer or restaurant they frequently visit. Millennials are the generation most likely to exchange their financial data (53%) for a more custom experience, followed by Gen X (46%), and Gen Z (44%). 

The key word here is that it’s an exchange — consumers won’t share their data for nothing. It has to deliver value for them — more personalized, more relevant, and more timely.

Other key findings from MX’s latest survey include:

The limit exists, but is unknown. Consumers are open to sharing their personal financial data but are still figuring out how much they want to share in exchange for customized offers. The largest response group (34%) said they would only share what’s absolutely necessary while only 14% said they would share all of their financial data.

Men are almost twice as likely to be willing to share their data. More than half (51%) of men would provide access to their financial transaction history to receive more personalized offers and services, compared to 28% of women.

Don’t let an increase in data sharing create an increase in risk. Consumers may be warming up to the idea of sharing more of their personal information with companies, but they still deeply care about security and need a trusted partner to help protect their financial data. Over half of consumers (53%) ranked “how securely a financial services provider protects my personal financial data” as one of the most important factors they consider when selecting a provider.