Half of Consumers Consolidate Their Financial Accounts into a Single View

Only 50% of consumers in a new MX Technologies Inc. report say they have used a single digital tool to view multiple financial accounts in one view. That means the other half has yet to do so, MX says. Lehi, Utah-based MX specializes in technology that provides access to divergent financial accounts.

“When asked why they don’t bring all of their accounts into one view (i.e., account aggregation), the opportunity becomes clear. Consumers either don’t yet see the value or don’t know how to create that single picture,” the MX report says. Among the top responses why they haven’t done so, 28% say they don’t know how to and 27% say they don’t care about doing so. That presents an opportunity to educate them about the value of a consolidated view of their financial accounts, MX says. MX surveyed 1,002 U.S. adults from March 15 to March 21.

Whether they employ a single consolidated view or multiple sites, more younger than older consumers prefer to do so online. MX found that 89% of Gen Z and 84% of Millennial consumers do. Gen X consumers were at 71%. Baby Boomers, at 39%, were least likely to do so. Overall, independent of age groups, 72% say they prefer accessing their accounts online.

Consumers, too, want their financial-service providers to provide a personalized experience. Seventy percent expect them to give personalized notifications and insights. And 63% want their providers to proactively help them better manage their finances. “Every generation of respondents was united in these desires and expectations,” MX says. “It is not enough to just provide basic financial functions like balances and statements.” And a majority—56%—check their accounts at least once a day, though 18% check multiple times a day. 

“Not only do consumers prefer online and mobile to manage their finances, they are also more frequently checking their finances.” MX says. “In the same way that the average consumer checks their social accounts once or many times a day, this behavior has now spread to their financial lives.”