Technology infiltrates our financial lives, from online bill pay to day trading. Different apps for different aspects of our financial lives and online access options have the potential to overwhelm consumers. On iTunes or Google Play you could scroll through the financial app section for quite some time – apps for saving, money management, banking, tracking credit scores and expenses. The list goes on and on.
Consumers use one app to check their account balances or pay bills, another to check on their credit score, and more to invest, send money, and so on. With so many options and platforms available, The Koski Research Future of Money Study asked consumers what they really want.
One-Stop-Shop Financials
The Koski Research Future of Money Study asked American adults about their interest in integration and automation in different aspects of their financial lives. The big take away – consumers want more integration in their financial lives. Our results suggest that people desire ease, automation, and greater integration across aspects of their financial lives.
Related: Digital Payments Pushing Their Way to the Top
Americans (84%) want digital access to their finances from a central platform: a platform where they can see deposits, spending, and savings in one place. They also express interest in keeping money in one digital app for deposits and payments (63%). Millennials express even more interest in a single digital app (73%). When it comes to savings, automated savings interests 85% of Americans (90% of Millennials).
