Q2’s Latest Consumer Survey Shows Demand for Personalized Banking Across All Age Groups

Date – 13-Aug-2024

Over 65% of consumers are comfortable with their financial institutions using their data to personalize banking experiences and leverage AI technology for fraud protection.

Q2 Holdings Inc., a leader in digital transformation solutions for financial services, has released a new Harris Poll consumer report titled The Personal Bank: Delivering Personalized Experiences Across Generations. The report highlights that consumers from all age groups share similar perspectives, behaviors, and preferences regarding banking.

“The digital landscape for banks and credit unions is continually shifting and evolving,”

The study, commissioned by Q2 and conducted by The Harris Poll, offers insights into consumer banking preferences across generations, including Gen Z (ages 18-26), Millennials (ages 27-42), and Gen X/Baby Boomers (ages 43 and up). It explores various topics such as digital banking usage, preferences for AI, and concerns related to fraud and security.

According to the survey, 74% of respondents across all generations expressed a desire for more personalized banking experiences and are comfortable with their financial institutions using their data to meet these needs. Additionally, 70% of consumers are open to the use of artificial intelligence (AI) technology for fraud protection.

Other key findings from the survey include:

• 70% of consumers believe in the trustworthiness of their financial institutions based on personal experiences.
• 41% of respondents reported that their financial institutions occasionally provide support or choices aligned with their dreams and priorities.
• 66% are comfortable with their financial institutions using their data for personalized experiences.
• 48% want higher levels of security for their financial data in the future.
• 60% of Gen Z reported a positive impact on their financial habits or goals due to personalized digital banking features, compared to just 33% of Gen Xers and Baby Boomers.

“The digital landscape is continuing to shift and evolve for banks and credit unions,” said Anthony Ianniciello, VP of Product Management at Q2. “This survey aims to help financial institutions better understand consumer needs, highlighting that despite generational differences, there is a common demand for personalized experiences, enhanced security, and increased AI usage.”

“Understanding these needs is crucial for developing banking products that cater to consumers at every life stage and for helping banks and credit unions enhance their account holder relationships,” Ianniciello added.