Survey Says: ‘How to Drive Engagement When Consumers Refuse to Change’
A new report from MX Technologies sheds light on consumer financial habits, showcasing a mix of optimism and concerns. The analysis offers insights for financial institutions and marketers to better understand and address consumer preferences and enhance engagement.
According to the report, 1 in 4 consumers feel financially secure presently, indicating a positive outlook. However, rising costs such as groceries and housing - coupled with inflation worries - are prevalent among respondents.
The report also highlights that nearly two-thirds of consumers prefer manual bill payments to track their finances closely, signaling an opportunity for financial services providers to offer personalized alerts and notifications for bill pay. Additionally, the study found that 42% of Gen Z and 41% of Millennials opt for automatic payments, indicating a preference for convenience among younger generations.
Key quote: "Sixty-seven percent of consumers said no when asked if they have ever taken an action based on a marketing email or direct mail from a financial institution. Financial providers need to deliver personalized money experiences that help consumers connect to, understand, and act on their financial data."