Consumers want integrated financial services
About half of consumers say their digital financial services accounts are “highly integrated,” meaning it’s relatively easy in most cases to transact, make payments, and view history transactions across all accounts and channels, according to new PYMNTS research.
Of course, if half of consumers are happy with their user experience, that means the other half aren’t. According to our research, consumers who frequently use multiple channels to access their accounts are more likely than the average consumer to want more integration from their providers.
In “The Future Of Authentication In Financial Services: Engaging Consumers Across Channels And Devices,” a collaboration between PYMNTS and Entersekt, we asked 2,719 U.S. consumers to consider how financial institutions can deepen their relationships and build trust with consumers by ensuring multi-channel access across different devices.
Nearly three in five consumers (56%) say their digital financial services accounts are “very” or “completely” integrated. .
More than three-fifths (62%) of consumers are satisfied with their providers’ current levels of integration, but consumers who use multiple channels when viewing their financial accounts online are generally less satisfied than the average consumer.
Seventeen percent of these consumers say their current level of integration is below what is needed, above the average share of 13%.
Our research also revealed that a financial institution that provides its customers with a positive experience can gain their trust faster than those that do not reach this stage. More than half (53%) of account holders we surveyed said their financial service providers’ ability to deliver “integrated, consistent, and cross-device experiences builds their confidence.”
This means that integration can give providers the opportunity to deepen their relationships with account holders – or destroy them.
Other key findings in “The Future of Authentication in Financial Services: Engaging Consumers Across Channels and Devices” include:
- Seven in 10 bank account holders use online accounts, and almost a third of consumers surveyed have accounts with online banks only. Meanwhile, 39% say they have an account at a traditional retail or commercial bank with a physical branch.
- A quarter of consumers prefer to access their digital financial accounts on multiple devices. Bridge millennials and millennials are the most likely to do so, where 37% of bridge millennials and 36% of millennials switch between different ways to access accounts.
- Mobile apps have become essential tools for finance, with 36% of consumers with digital financial services accounts saying they primarily access these accounts using apps on their mobile devices.