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Eighty-four percent of participants indicated they would likely switch to a financial institution that provides timely, relevant advice to improve their financial health, according to Personetics global survey: Understanding Consumer Demand in the AI Banking Era.

New York City-based Personetics, which provides an artificial intelligence (AI)-powered platform that allows financial institutions to boost customer engagement and satisfaction, revealed in its survey that individuals rank financial wellness as their top life concern, surpassing health and family relationships.

lized banking experiences,” said Udi Ziv, CEO of Personetics. Ziv added financial institutions 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 and credit unions, Ziv suggested, “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…they are essential.”

Hot Takeaways

“With consumers worldwide increasingly transacting through mobile apps, today’s banking customers expect a user experience that matches those of leading online brands; think Amazon, Uber and Starbucks,” the report noted. “Personetics listened to the most important voice: the customer.” It conducted the survey of 2,000 banking customers across North America, EMEA (Europe, the Middle East and Africa), and APAC (Asia-Pacific).

Respondents were asked how high financial wellness ranked in their life priorities. “We gauged their interest in receiving practical tips and insights that would genuinely help them to reach their financial goals. And crucially, we checked how far they would go to get those insights,” the report revealed.

Key findings include:

● Seventy percent of customers strongly want their banking institution 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 financial institution 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.

● 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.

● 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.

A Trio of Priorities

The survey presented why financial institutions must:

1. Harness the power of AI to analyze customer financial behavior to truly understand their customer’s current and future needs.

2. Turn data into valuable insights and produce offers personally curated for each account holder so they feel their FI genuinely advocates for them.

3. Offer timely delivery so account holders can act swiftly to achieve their financial goals.

“Democratizing financial wellness is not just a nice-to-have but a must-have,” Ziv said. He warned financial institutions “that fail to heed this call risk losing their customers’ loyalty and being left behind.”