A survey of 2,000 bank customers reveals that 84% are likely to switch banks to access services that help them reach their financial goals
Personetics, the company that transforms how banks build and monetize customer relationships, announced the release of its global survey report: Understanding Consumer Demand in the AI-Banking Era. The report reveals that individuals rank financial wellness as their top life concern, surpassing health and family relationships. A majority of survey participants (84%) indicated that they would likely switch to a bank that provides timely, relevant advice to improve their financial health. Such comprehensive personal banking insights and timely product recommendations necessitate AI-driven features to achieve this level of service.
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Personetics surveyed 2,000 banking customers across North America, EMEA, and APAC, finding that 74% would likely display greater loyalty to a bank that helps them achieve their financial goals through timely insights and autonomous spending and saving actions.
Key findings from the global report include:
- Seventy percent of customers strongly want their bank to proactively analyze and understand their financial situation and needs according to their daily spending and saving habits. About three-quarters express a preference for AI-driven financial insights, such as alerts for double billing, overdraft warnings, and savings nudges.
- Seventy-four percent of customers would be more loyal to their bank if it offered personalized tips and insights tailored to their daily spending and saving habits. This is significant because, with most banking services now being digital, switching providers has become easier, and the rise of open banking will further simplify the process.
- Although there was a strong demand for these services worldwide, customers in the EMEA region exhibited the highest interest, with 79% compared to the global average of 70%. This is not surprising, given that banks and government regulators in EMEA have endorsed financial wellness services.
- Gen Z customers (ages 17-27) show significantly higher interest in these services compared to other age groups. Eighty-six percent of Gen Z respondents report their interest, compared to a 70% average across all age groups. Interestingly, the second-highest level of interest comes from those over 60, with 76% expressing enthusiasm.
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“consumers are digitally savvy and expect advanced, personalized banking experiences,” said Udi Ziv, CEO of Personetics. “Banks must meet this demand by providing comprehensive, needs-based services that leverage AI-driven insights and advice to assist their customers in making smarter financial decisions. Banks are discovering that these services enhance customer loyalty and, consequently, drive product sales, demonstrating that financial wellness benefits everyone involved. These services are not merely optional for banks; they are essential.”
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This global survey underscores the urgent need to address the soaring customer demand for AI-driven banking services. By leveraging its AI-driven platform, Personetics is transforming everyday banking into a highly personalized, data-driven experience that enables banks to deepen customer relationships, drive meaningful financial actions, and ultimately enhance financial well-being.
Source – Businesswire
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