Financial wellness is the primary concern for individuals above health and family relationships, according to the global survey report “Understanding Consumer Demand in the AI-Banking Era” published by fintech software company Personetics.
Eighty-four percent of survey respondents said they would patronize a bank offering timely, relevant advice to boost their financial situation. Seventy-four percent said they were likely to be loyal to a bank providing insights and autonomous spending and saving actions to help them meet their financial goals.
The report indicated that around three-quarters of respondents preferred financial insights run by artificial intelligence, like double billing alerts, overdraft warnings, and savings reminders. Seventy percent want banks to analyze their financial situation and needs proactively according to daily spending and saving patterns.
Seventy-four percent indicated they would be loyal to a bank that provided customized advice for their daily financial habits. Personetics described this finding as significant; given the digital nature of most banking services, customers can change providers more quickly. The advent of open banking would simplify the process further.
“Today's consumers are digitally savvy and expect advanced, personalized banking experiences. 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,” Personetics CEO Udi Ziv said in a statement.
Customers who fall under Gen Z (aged 17-27) were considerably more interested in such services (86 percent) than those in other age groups (70 percent on average). However, 76 percent of people over 60 were enthusiastic about these services.
Moreover, EMEA-based customers were the most interested in such services (79 percent) compared to the global average of 70 percent. Personetics noted that EMEA-based banks and government regulators support financial wellness services.
“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,” Ziv said.
AI-powered platform Personetics obtained feedback from 2,000 banking customers throughout the North America, EMEA, and APAC regions.