Data fueled. Personalization required.
Data-driven personalization is now at the forefront for how consumers want their financial provider to approach their experiences. And, recent MX research found that personalization is more important than ever before. In fact, data shows a 20-point increase in personalization expectations over the past 12 months. Two-thirds (66%) of consumers expect greater levels of personalization than ever before (up from 46% in Q3 2024).
In addition:
- 59% expect their financial provider to leverage the data they have about them to personalize their experience.
- 53% would give their financial provider access to more of their data if they knew it would result in a better experience.
This willingness to exchange data for a better experience is strongest among younger generations — 61% of Gen Z and 63% of Millennials say they’d share more data for a better experience. However, financial providers have an opportunity to do more to deliver on the promise of better experiences. More than one in three consumers don’t believe financial providers are doing enough.
37% say financial providers don’t do enough to support their financial needs
Where do financial providers do well and where can they improve? MX asked respondents where they believe financial providers are not doing enough to support their financial needs.
In what areas do you feel financial providers are NOT doing enough to support your financial needs?
| Financial Areas | Not Enough |
| Informing me about how and where my financial data is being shared | 49% |
| Providing information about better rates and additional products | 47% |
| Offering ways to simplify my financial life and money management | 39% |
| Helping me reach my financial goals | 38% |
| Providing timely and helpful support in solving issues as they arise | 31% |
| Sending me notifications about time-sensitive financial matters | 29% |
| Enabling me to customize my experience based on my needs | 29% |
| Providing personalized recommendations and advice to help me manage my finances | 25% |
Among different generations, the top opportunity for financial providers to do more varies.
Better rates for Gen Z: 45% of Gen Z respondents don’t feel financial providers do enough to inform them about better rates and additional products.
Simplified money management for Millennials: 52% of Millennials feel financial providers don’t do enough to offer ways to simplify their financial life and money management.
Data sharing clarity for older generations: More than half of Gen X (52%) and Baby Boomers (57%) don’t feel financial providers do enough to help them understand how and where their data is being shared.
Across all of these areas of opportunity, one thing is consistent: consumers want financial providers to know them. Help them get better rates. Tell them how they can simplify money management. Understand where their data is being shared.
61% of consumers expect their financial provider to know them
What do consumers expect financial providers to know? Consumers say:
- 57% Where they have recurring transactions or bills
- 53% Where they spend their money (i.e., categories of spending, etc.)
- 50% How much money they can save and still pay their bills
- 37% A projected amount of how much money they will have at the end of each month
In the world of Open Banking, financial providers should recognize that consumers are willing to share their financial data to achieve better financial experiences. And, MX is ready to help you champion Open Banking. Connect with MX at Open Banking Expo Canada.
MX is a Platinum Partner of Open Banking Expo Canada 2026. Click here to find out more about the agenda, speakers and exhibitors.
