FinGoal Infographics

As digital banking improves, Americans are gaining greater access to a wide range of financial services. And in the wake of these improvements, many are realizing that one bank or credit union is not sufficient. Here are just a few of the essentials consumers are looking for in a financial institution.

As the price of gas and consumer goods rises, much of your day-to-day life is impacted. You’ll see price increases at the grocery store, the gas station, restaurants, rideshares, and your summer vacations. FinGoal’s calls to action can help users tackle recent price increases all across their spending.

Consumers seek personalized, relevant rewards from their credit cards. With more than one billion credit cards in circulation, maintaining top-of-wallet status poses a central challenge for credit card issuers.

Financial institutions are constantly striving for that coveted 'top-of-wallet' status as the go-to card in every consumer's pocket. But in order to reach that status, credit cards must encourage their customers to activate them and break old habits with existing credit cards.

Fintechs are bringing cutting-edge solutions and innovation to financial services and institutions are seeking to increase engagement among their members and improve their digital channels. While they might sound to be the perfect fit, there is still some hesitation around entering these partnerships.

Historically, traditional economics assumed that people always act in their best financial interest. However, this theory assumes that financial stability is the only variable used in making spending choices. Thankfully, behavioral economics has shed new light on the complexity of most people’s decision process.

Research shows that personalization services in digital banking are quickly growing in popularity. Personalization creates efficiencies and convenience for the user while increasing the trust between the financial institution and their member, improving the customer-to-institution relationship.

The FinGoal team interviewed over 1,000 individuals to make sense of what people want from their digital finance experiences. Throughout those conversations, in small towns and big cities, we noticed several themes emerging. Here are the five insights we distilled about people's relationship with money.

The fewer categories an aggregator offers, the more generic an institution's understanding of its customers will be. With more detailed categorization, the understanding of an individual becomes more. Users vote with their wallets, and institutions can begin to identify what’s important to them.

When a user logs onto their bank’s digital platform, they’re accessing their financial data as a quick reference in the midst of a busy life, and they need crystal clear details about their spending. The reality is that transactions often appear as a jumbled mess that provide baffling descriptions.