Financial concerns have overtaken health and family relationships as the top priority for consumers worldwide, according to a new report from fintech provider Personetics.
Why it matters:
- Demand for personalized tips: Beyond basic account updates, 70% of surveyed customers said they’re “extremely” or “very” interested in banks leveraging their daily spending and saving data to offer targeted advice.
- High expectations for insights: Alerts on suspicious charges or double-billing scored the most interest, with 79% wanting real-time red flags.
- Loyalty on the line: As many as 74% indicated they would be more loyal to an institution that delivers curated guidance tailored to individual spending and saving habits.
Driving the desire for advice:
- AI as the enabler: Personetics highlights how banks can use AI to transform raw transaction data into meaningful insights — think overdraft prevention warnings (73%) or automated nudges to direct spare funds into savings (also 73%).
- Gen Z leads the charge: The youngest cohort (17–27) expressed the strongest appetite for personalized tools (86%), while older consumers also showed robust enthusiasm (76% among those over 60).
- Trust factor: A combined 76% “mostly” or “completely” trust financial tips and advice offered by banking apps, an encouraging signal for institutions ramping up digital engagement.
Between the lines:
- Collections advantage: For credit and collection professionals, these insights underscore a major opportunity. If consumers want proactive tips on their finances, they’re likely to appreciate similar alerts and flexible repayment suggestions from collectors and lenders.
- Frictionless experiences: Personalized advice not only aids consumers in reducing financial stress but also cuts through common communication barriers in collections. Automated alerts, for instance, can remind people of upcoming due dates or credit improvement strategies.
What they’re saying:
“Banks must meet this demand by providing comprehensive, needs-based services that leverage AI-driven insights and advice,” Personetics CEO Udi Ziv explains. “Financial wellness benefits everyone involved.”
