Fiserv, Inc., a leading global provider of financial services technology solutions, released their quarterly Expectation & Experience consumer survey. The survey reported that consumes are using a balance between digital and tradition methods to manage their finances and make payments. Millennials are using their mobile banking applications close to three times more compared to previous generations. Meanwhile, overall consumer confidence is high with 76 percent of consumers rating their confidence in their financial institution on a scale of zero to 10.
Fiserv collected their data through a Harris Poll where more than 3,000 U.S banking consumers were polled in August 2016.
"The latest Expectations & Experiences survey underscores the day-to-day concerns about money that still loom large for consumers, even as there are more options available than ever before in how they can manage their finances," said Mark Ernst, Chief Operating Officer at Fiserv. "For banks, credits unions, and billers, this is an opportunity to go beyond offering products to creating experiences that are essential to people's lives, anticipating their needs and giving customers control and confidence in their financial futures."
The way consumers are accessing their finances is shifting more towards the self-service method online via a computer or mobile device, with computers still leading the way in how consumers access their primary finances. Millennials are logging into their bank accounts through their mobile applications or a search engine on average 8.5 times compared to 3.1 times for non-millennials over the period of a month.
The traditional methods payment are starting to wane, as only 6 percent of consumers referenced checks as being their favorite method of payment.
The survey found that consumers were not happy with their financial health in comparison to other parts of life. Only 36 percent of respondents listed their satisfaction with their financial health as an eight or higher out of a 0 to 10 scale. More consumers listed satisfaction in other categories instead such as emotional heath (52 percent), Social life (44 percent), and physical health (43 percent).
Security remains at the top of survey participates list with the uncertainty of financial information and transition was the constant answer throughout the quarterly survey report.
“Sixty-five percent indicated interest in security programs to safeguard mobile activity, while 58 percent showed interest in biometric methods (voice, fingerprint, palm scan, etc.) to replace passwords for identity verification for online or mobile banking” reported Fiserv, Inc.