Top Factors for Selecting a Financial Provider — And It’s Not What You Expect

MX’s latest survey asked more than 1,000 U.S. adults what factors are most important when selecting a new provider. What topped the list? Mobile banking applications. And, for younger generations like Gen Z and Millennials, it’s even more important.

Having a good digital and mobile banking experience has become table stakes. This survey tells us that financial institutions and fintechs likely won’t even be invited into a consumer’s life if they don’t deliver on the digital and mobile experiences consumers have come to expect. 

Other top factors when choosing a financial provider include reputation, low fees, convenience, and connectivity: 

While mobile banking tops the list of factors for selecting a financial provider, it’s not what will keep them for the long term. Instead, when asked what caused consumers to close a financial account, the top reasons were poor customer service (21%), lack of convenient locations (18%), and finding a better rate elsewhere (17%). 

Bottom line? Today’s money experience needs to be more than just easy. It needs to be intelligent, intuitive, and actionable. While offering a mobile banking app may bring a new customer through the door, they’ll leave if there is nothing to keep them there. In fact, our research shows 55% of respondents have closed a financial account in the past. 

As consumers continue to worry about a potential recession, they are looking for proactive, personalized insights to help them. Check out the full report to learn more about how to build the actionable intelligence and personalized experiences consumers want.