Published by Gbaf News
Posted on June 20, 2018
10 min readLast updated: January 21, 2026
Consumer Connectivity Insights 2018 reveals over three fifths of 18-34 year-olds are happy for banks to share their transaction data with trusted third-parties for a more personalized experience
SAN FRANCISCO – MuleSoft, provider of the leading platform for building application networks, today released “Consumer Connectivity Insights 2018,” a survey of more than 8,000 consumers globally to analyze whether organizations are meeting customer expectations for a connected, personalized experience across industries and geographies. The report found there is a strong appetite among consumers for banking services delivered by technology firms like Amazon, Facebook, Google or Apple because they could offer greater convenience and more personalization than traditional banks. The research also reveals that many consumers feel that their bank provides a disconnected experience, and over half would consider changing their service provider as a result.
Among the key results of the survey:
Consumers look to tech giants for banking services
Overall, a third (34 percent) of global consumers would consider using the likes of Amazon, Google, Facebook or Apple for banking services rather than a standard bank.
Open banking practices get the thumbs-up
“Regulations such as PSD2 have forced banks to open up their banking systems through APIs, which in turn is creating a new wave of innovation in financial services. As the research shows, a significant number of consumers are happy for banks to share their transaction data and would even go as far as using Facebook or Amazon for banking services in the future,” said Danny Healy, client architect, office of the CTO, MuleSoft. “As choice and competition increases in financial services, traditional banks can’t afford to ignore the demands of the younger generation who expect a seamless experience across digital channels. Traditional banks have really only just scratched the service when it comes to open banking, but by taking an API-led connectivity approach, they will be able to innovate much faster and better meet customers’ digital expectations.”
Disconnected banking experiences testing customer loyalty
The research reveals that banks are currently struggling to provide a connected experience (i.e. knowing a customers’ preferences across all channels and providing access to the information they need within a timely manner).
Inefficient processes causing frustration
The findings highlight banks could do a lot more to improve their existing processes to make them more efficient and customer-centric.
Many consumers report having to re-submit or re-state previously provided information when completing banking transactions, of those that have done so the areas most at fault are:
New communication channels
However, the research revealed that banks can’t just concentrate on the here and now, as new technology is rapidly increasing consumer experience expectations.
“Delivering a connected experience remains a challenge for many banks. As the research shows, those banks that fail to deliver a connected experience risk damaging customer loyalty at a time when it is easier than ever before for consumers to change banking provider,” added Healy. “Fintechs and challenger banks are changing consumer expectations of what is possible. Today consumers can open bank accounts in a matter of minutes and have mortgage applications processed in hours. The traditional players can no longer afford to stand still and must ensure they can speed up their processes. Banks need to be able to unlock customer data from siloed systems and integrate their existing legacy systems with new digital technologies and channels. By building an application network with API-led connectivity, banks can make this a reality and truly transform the customer experience.”
Consumer Connectivity Insights 2018 reveals over three fifths of 18-34 year-olds are happy for banks to share their transaction data with trusted third-parties for a more personalized experience
SAN FRANCISCO – MuleSoft, provider of the leading platform for building application networks, today released “Consumer Connectivity Insights 2018,” a survey of more than 8,000 consumers globally to analyze whether organizations are meeting customer expectations for a connected, personalized experience across industries and geographies. The report found there is a strong appetite among consumers for banking services delivered by technology firms like Amazon, Facebook, Google or Apple because they could offer greater convenience and more personalization than traditional banks. The research also reveals that many consumers feel that their bank provides a disconnected experience, and over half would consider changing their service provider as a result.
Among the key results of the survey:
Consumers look to tech giants for banking services
Overall, a third (34 percent) of global consumers would consider using the likes of Amazon, Google, Facebook or Apple for banking services rather than a standard bank.
Open banking practices get the thumbs-up
“Regulations such as PSD2 have forced banks to open up their banking systems through APIs, which in turn is creating a new wave of innovation in financial services. As the research shows, a significant number of consumers are happy for banks to share their transaction data and would even go as far as using Facebook or Amazon for banking services in the future,” said Danny Healy, client architect, office of the CTO, MuleSoft. “As choice and competition increases in financial services, traditional banks can’t afford to ignore the demands of the younger generation who expect a seamless experience across digital channels. Traditional banks have really only just scratched the service when it comes to open banking, but by taking an API-led connectivity approach, they will be able to innovate much faster and better meet customers’ digital expectations.”
Disconnected banking experiences testing customer loyalty
The research reveals that banks are currently struggling to provide a connected experience (i.e. knowing a customers’ preferences across all channels and providing access to the information they need within a timely manner).
Inefficient processes causing frustration
The findings highlight banks could do a lot more to improve their existing processes to make them more efficient and customer-centric.
Many consumers report having to re-submit or re-state previously provided information when completing banking transactions, of those that have done so the areas most at fault are:
New communication channels
However, the research revealed that banks can’t just concentrate on the here and now, as new technology is rapidly increasing consumer experience expectations.
“Delivering a connected experience remains a challenge for many banks. As the research shows, those banks that fail to deliver a connected experience risk damaging customer loyalty at a time when it is easier than ever before for consumers to change banking provider,” added Healy. “Fintechs and challenger banks are changing consumer expectations of what is possible. Today consumers can open bank accounts in a matter of minutes and have mortgage applications processed in hours. The traditional players can no longer afford to stand still and must ensure they can speed up their processes. Banks need to be able to unlock customer data from siloed systems and integrate their existing legacy systems with new digital technologies and channels. By building an application network with API-led connectivity, banks can make this a reality and truly transform the customer experience.”
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