1、01Personal Finances:Charitable Giving,Open Banking&Data SecurityCONSUMER NAVIGATOR NOVEMBER 2024020202The survey was conducted by dentsu via Toluna,an online research panel.Administered on November 7th,2024.Distributed among a random sample of 1,000 U.S.respondents 18 years of age or older.Controls

2、for nationally representative weighting across age,gender,region,race and ethnicity(using the latest publicly available U.S.Census numbers)About this study03Contents1.Top Consumer Insights2.Charitable Giving Has a New Look3.The Modern Financial Relationship Paradox4.Ambivalence Surrounding Data Priv

3、acy5.Closing Thoughts0404Signs of disillusionment monetary donations.Americans are increasingly skeptical of donating money as a form of giving back.Many express a stronger interest in donating goods or volunteering their timeespecially Gen Z.This shift is fueled by growing frustration with what som

4、e see as corporate greed and a lack of transparency in how donations are used.The retail-charity connection:in-store giving dominates.Check-out donations,both in-store(45%)and online(32%),have become major channels for charitable giving,with spontaneous donors particularly likely to give at the regi

5、ster,those who plan their donations ahead of time opt for online check-out.The financial paradox:we crave choice yet long for simplicity.Nearly one-third of consumers say theyve expanded their financial relationships in the past three years.Millennials,leading this trend at 43%,are driven by the des

6、ire to chase the best rates and rewards.But this financial FOMO comes with trade-offs:40%find managing multiple accounts a time-consuming burden.The growing appeal of Open Banking.Interest in open bankingaccessing multiple financial accounts through a single platformremains relatively modest.However

7、,Millennials and Gen Z show more enthusiasm,especially when it comes to platforms offered by tech companies.As these consumers flex greater financial power,they will drive category trends.Trust or apathy?Consumers less concerned about data security.Only 45%of consumers are highly concerned about the

8、ir financial data&privacy.And,in the hierarchy of what matters when choosing financial relationships,security reputation ranks behind the instant gratification of sign-up bonuses and basic conveniences.Identity theft concerns trump Big Data collection concerns.Two in five consumers lose sleep over i

9、dentity theft and fraud,but fewer sweat data collection and usage.Its telling,consumers fear the dramatic headlines but arent as concerned about the quiet,everyday harvesting of their digital footprints by financial institutions and brands.Digitally native Gen Z is especially lax about data collecti

10、on.Top Consumer Insights0105Charitable Giving Has A New Look05020606Over two-thirds of consumers define“charitable giving”not only as donating their money but donating items or their time as well.Additionally,around 40%of consumers include their purchases of philanthropic or socially-conscious brand

11、s in their definition.Beyond money:Donating goods and time are the new charitable giving.Donating clothing,food,Donating clothing,food,or other itemsor other itemsMonetary donations to Monetary donations to charitable causes or nonprofitscharitable causes or nonprofitsVolunteering your Volunteering

12、your time for a causetime for a cause76%76%65%65%62%62%RoundRound-up donations up donations at checkat check-outoutPurchase brands that Purchase brands that donate proceeds or productsdonate proceeds or productsPurchase brands that Purchase brands that are socially consciousare socially conscious58%

13、46%37%How Do Consumers Define Charitable Giving?0707#1#2#3#4Only 42%of Gen Z include monetary donations in their definition of charitable giving instead,including other forms of giving.Millennials are the most likely generation to include conscious brand purchases in their definition,while Boomers p

14、rimarily see charitable giving in traditional terms.Giving 2.0:Younger generations rewrite the rules of giving.63%63%42%42%51%51%46%46%45%45%30%30%14%14%Donating clothing,food,or other itemsMonetary donations to charitable causes or nonprofitsVolunteering your time for a causeRound-up donations at c

15、heckoutPurchasing from brands that donate proceeds or productsPurchasing from brands that are socially consciousNot sure/no opinionGen Z75%75%64%64%63%63%63%63%55%55%45%45%8%8%Millennials76%76%63%63%63%63%54%54%43%43%28%28%10%10%Gen X85%85%81%81%66%66%63%63%39%39%16%16%6%6%BoomersHow Do Consumers De

16、fine Charitable Giving?0808When it comes to supporting their own communities,Americans show a stronger preference for donating items and volunteering time over monetary contributions,suggesting a desire for more hands-on involvement.Living their views:Consumers prefer action over cash.40%40%38%38%35

17、%35%29%29%26%26%24%24%36%36%30%30%34%34%31%31%32%32%35%35%24%24%33%33%31%31%40%40%43%43%41%41%Donating clothing,food,or other itemsVolunteering your time for a causeMonetary donations to charitable causes or nonprofitsPurchasing from brands that are socially consciousPurchasing from brands that dona

18、te proceeds or productsRound-up donations at checkoutRanking the Top 3 Ways Consumers Like to Give Back To Their Community#1#2#30909Consumers tell us that in recent years,inflation has hampered their means to give monetarily.Others are fed up with what they see as corporate greed and a lack of trans

19、parency in how funds are used breeding skepticism and mistrust in monetary donations.Some express growing disillusionment with monetary donations.“I have previously givendonations on a monthlybasis by directwithdrawals.However,with the economy theway it is its hard to setaside this money everymonth.

20、Eased up considerably.Somany charities overpayexecutives orfounders or waste somuch just sending memore solicitations theresno point donatingI would rather use mytime instead of my money.I dont 100 percent knowwhere my money is going,but I 100 percent knowwhere my time is going.How Has Your View On

21、Donating to Charitable Causes Changed Over the Past Year,If At All?010010Over half of Americans have made monetary donations in the past six months,with Millennials emerging as a leading force in financial giving.Despite signs of doubt,Americans still open their wallets.Within the last 6 months55%55

22、%Within the last 12 months18%18%Longer than 12 months17%17%Never10%How Recently Consumers Gave a Monetary Donation to a Cause/Nonprofit48%48%63%63%48%48%54%54%24%24%19%19%18%18%14%14%11%11%20%20%20%20%11%11%7%7%13%13%12%12%Gen ZMillennialsGen XBoomersBreakdown By Audience DemographicsWithin the last

23、 6 monthsWithin the last 12 monthsLonger than 12 monthsNever17%17%011011By and large,those who want to give will give,with 45%of respondents reporting that inflation has had no impact on their donating habits and another 15%reportedly increasing their donations.56%and 14%said the same,respectively o

24、f tipping culture.Consumers charitable spirit stands firm amid financial headwinds.Increased my donations15%15%Decreased my donations40%40%No impact45%45%Changes to Donations Over the Past Year Due to InflationIncreased my donations14%14%Decreased my donations30%30%No impact56%56%Changes to Donation

25、s Over the Past Year Due to Tipping Culture012012Donation styles vary significantly among Americans,and especially by generation Millennials tend to plan ahead,Gen Z and X often give more spontaneously,while Boomers maintain a balanced approach between planned and impromptu giving.The financial givi

26、ng spectrum:from planned to spontaneous.Planned donations41%41%Spontaneous donations36%36%A mix of both23%23%Whether Those Who Donate Tend to Plan Donations or Give Spontaneously40%40%50%50%35%35%35%35%40%40%32%32%43%43%32%32%18%18%23%23%33%33%Gen ZMillennialsGen XBoomersBreakdown By Audience Demogr

27、aphicsPlanned donationsSpontaneous donationsA mix of both19%19%013013Those who plan their donations typically take their time to research,with two-thirds planning donations 1-4 weeks in advance,while a dedicated quarter spend 2-5 months preparing their charitable contributions.A generous head start:

28、Those who plan plot giving weeks in advance.67%Of those who plan their donations do so 1-4 weeks in advance.67%67%25%25%6%6%2%2%1-4 weeks2-5 months6-12 monthsAt least 1 year orlongerHow Far In Advance Those Who Plan Donations Start Researching&Planning014014Among impromptu donors,response rates vary

29、 widely while 32%give frequently when prompted,nearly half are more selective,choosing to donate only sometimes when asked.Donation roulette:Spontaneous donors tend to give impulsively.Always12%12%Often20%20%Sometimes48%48%Rarely19%19%Never6%How Often Those Who Give Spontaneously Respond to Donation

30、 Requests6%6%9%9%9%9%1%1%11%11%23%23%23%23%16%16%53%53%47%47%51%51%51%51%15%15%13%13%24%24%4%4%6%6%3%3%8%8%Gen ZMillennialsGen XBoomersBreakdown By Audience DemographicsAlwaysOftenSometimesRarelyNever28%28%015015Personal connection to causes tops the list of giving motivations,followed by current ev

31、ents and seasonal giving.Planned donors are also more likely to consider tax benefits and social pressures from public figures and peers.For all donors,giving has a personal element.61%61%51%51%46%46%25%25%22%22%21%21%60%60%48%48%48%48%33%33%31%31%30%30%54%54%50%50%42%42%18%18%14%14%16%16%Personal c

32、onnection toa causeCurrent eventsSpecific times of yearTax benefitsInfluence from publicfiguresPeer pressure or shameConsumer Motivations For Donating Money to Charitable CausesTotal RespondentsPlanned DonationsSpontaneous Donations016016Each generation shows distinct giving triggers Boomers priorit

33、ize personal connections,while Millennials and Gen Z respond more to seasonal cues and social pressure to donate.Generational motivations vary from heartstrings to hashtags.54%54%51%51%35%35%26%26%23%23%29%29%58%58%52%52%54%54%32%32%37%37%33%33%58%58%51%51%43%43%20%20%14%14%13%13%70%70%50%50%44%44%1

34、6%16%4%4%5%5%Personal connection toa causeCurrent eventsSpecific times of yearTax benefitsInfluence from publicfiguresPeer pressure or shameConsumer Motivations For Donating Money to Charitable CausesGen ZMillennialsGen XBoomers017017In their own words,we hear that many consumers are steadfast in th

35、eir desire to give.While where they donate might change and their motivations might change,the act of donating remains a constant.Its not all altruistic,though,most say they feel good about doing good.Not all altruistic:Emotional ROI is another powerful motivator.“I always donate becausewe have to c

36、ontribute tochanging the world.Donating is a way to feelgood about yourself andmake changes to theworld.I really enjoyed seeingpeople happy.Theexperience has made merealize how fortunate Iam and how I see peoplewho are really lessfortunate it makes mefeel good to be able tohelp them.It has helped me

37、 feelgood about me,supporting an importantor impactful cause.Seeing howIm impacting disasterssuch as hurricane Melvin.How Has Your View On Donating to Charitable Causes Changed Over the Past Year,If At All?018018With 60%of donors seeking clarity on fund usage,local organizations have gained populari

38、ty as donors can more easily track their contributions impact in their communities.Transparency matters in modern giving.Importance of Knowing How a Nonprofit Spends Its Funds Prior to Donation60%Of consumers who donate say it is highly important they know how a nonprofit spends its funds before don

39、ating.34%34%16%16%16%16%34%34%Local orgs.in my communityNational organizationsGlobal organizationsIt depends on the causeTypes of Organizations Consumers Prefer Donating To019019Younger generations are more likely than older generations to donate to national and global organizations,with a broader r

40、each,while older donors prefer to align their giving with specific cause requirements.Organizational reach has a generational divide.30%30%18%18%26%26%26%26%35%35%20%20%22%22%23%23%35%35%14%14%12%12%40%40%36%36%8%8%5%5%51%51%Local orgs.in my communityNational organizationsGlobal organizationsIt depe

41、nds on the causeTypes of Organizations Consumers Prefer Donating ToGen ZMillennialsGen XBoomers020020Check-out donations,both in-store(45%)and online(32%),have become major channels for charitable giving,with spontaneous donors particularly likely to give at the register.Conversely,those who plan th

42、eir donations in advance use a greater variety of channels than spontaneous donators,with nonprofit website at#1,making a check at#2 and check-out in-store at#3.The retail-charity connection:in-store donations dominate.45%45%41%41%32%32%32%32%29%29%27%27%27%27%27%27%19%19%2%2%Check-out in-storeNonpr

43、ofit websiteCheck-out onlineMail a checkCrowdfunding sitesSocial mediaAutomatic donationsEmailsTexts/SMSOther50%50%30%30%30%30%18%18%22%22%19%19%17%17%21%21%15%15%2%2%37%37%45%45%36%36%44%44%35%35%35%35%35%35%35%35%26%26%1%1%Spontaneous DonatorsSpontaneous DonatorsDonation PlannersDonation PlannersT

44、otal RespondentsTotal RespondentsConsumers Who Donate On Which Channels They Use021021While Boomers reach for their checkbooks,Gen Z gravitates toward crowdfunding platforms and social media for charitable giving,reflecting a generational divide in donation methods.Digital natives turn to digital gi

45、ving.Consumers Who Donate On Which Channels They UseGEN ZGEN ZMILLENNIALSMILLENNIALSCheckCheck-out inout in-storestore49%Nonprofit websiteNonprofit website46%CheckCheck-out onlineout online45%GEN XGEN XCheckCheck-out inout in-storestore50%Nonprofit websiteNonprofit website42%CheckCheck-out onlineout

46、 online30%BOOMERSBOOMERSCheckCheck-out inout in-storestore41%Mail a checkMail a check36%Nonprofit websiteNonprofit website35%Crowdfunding sitesCrowdfunding sites38%CheckCheck-out inout in-storestore37%Social mediaSocial media31%022022022Embrace the rise of retail philanthropy.The new philanthropic h

47、otspot is your local checkout line.With nearly half of donations now happening at the register,both in-store and online,and younger consumers viewing conscious purchases as part of charitable giving,smart brands need to rethink the retail experience as a prime venue for philanthropy.From seamless ro

48、und-up options to curated in-store collections,the future of cause marketing is being written at the point of sale.Unlock the potential in generational differences.While the survey data highlights clear divides between how Boomers,Gen X,Millennials,and Gen Z approach charitable giving,smart nonprofi

49、ts should lean into these differences rather than trying to homogenize their approach.Celebrate the unique philanthropic preferences of each cohort,then build targeted campaigns and donation channels that speak directly to their motivations.The more you can match your giving experience to the audien

50、ce,the more youll unlock their generosity.Stand out with appeals beyond the warm and fuzzies.Sure,the feel-good factor of giving is a powerful driver,but taxes and peer pressure matter too.As the survey shows,planned donors are far more likely to be swayed by the prospect of tax benefits or social p

51、ressure,rather than just an emotional connection to the cause.Nonprofits that lean into these more pragmatic motivations,perhaps through innovative deduction calculators or friendly donation challenges,could see a significant boost in their bottom line.Implications for Marketers023The Modern Financi

52、al Relationship Paradox02303024024Our survey finds that the vast majority of Americans have at least one financial institution they work with,with around half(47%)holding 2-3 relationships.This diversification speaks to a more informed,empowered customer base unwilling to settle for one-size-fits-al

53、l service.Americans have entered the era of polyamorous banking.88%Of respondents report holding at least one financial institution financial institution relationship26%26%47%47%18%18%9%9%1 institution2-3 institutions4-5 institutions6+institutionsHow Many Relationships Those With FI Relationships Ho

54、ldMultiple relationships are the norm!025025When it comes to managing multiple financial relationships,theres a clear generational divide.Millennials lead the charge,with 35%holding 4 or more accounts-perhaps a byproduct of their options over loyalty mindset.Meanwhile,32%of Boomers stick to a single

55、 provider,demonstrating how deeply ingrained the old-school bank for life ethos still is.Millennials embrace promiscuous finances,while Boomers stay loyal.26%26%21%21%28%28%32%32%49%49%44%44%48%48%50%50%21%21%17%17%13%13%8%8%14%14%7%7%5%5%Gen ZMillennialsGen XBoomersHow Many Relationships Those With

56、 FI Relationships Hold1 institution2-3 institutions4-5 institutions6+institutions17%17%02602630%of consumers say theyve added financial relationships in the past 3 years.Millennials top the list at 43%.Interestingly,35%of Gen Z say they have fewer financial relationships than they did 3 years ago.Th

57、ese digital natives have come of age in an era of unbundled,on-demand everything-so the prospect of fewer relationships may be more appealing.Millennials portfolios are proliferating rapidly.More relationships30%30%The same amount51%51%Fewer relationships19%19%How The Number of FI Relationships Has

58、Changed In The Past 3 Years26%26%43%43%28%28%20%20%40%40%43%43%48%48%68%68%14%14%24%24%12%12%Gen ZMillennialsGen XBoomersBreakdown By Audience DemographicsMoreThe sameFewer3535%027027When it comes to the upsides of holding multiple financial relationships,2 in 5 consumers cite the ability to compare

59、 and choose the best rates,access more perks or rewards,and pay lower fees.This consumer-first dynamic is a far cry from the captive market dynamics of the past.More accounts,more power:Multiple relationships empower consumers.41%41%41%41%40%40%35%35%35%35%26%26%12%12%Ability to compare and choose t

60、he best ratesAccess to more perks or rewards(e.g.,credit cardpoints,referral bonuses)Lower fees on certain services(e.g.,free checkingat one bank,lower loan rates at another)Diversification of risk(spreading out funds acrossdifferent institutions)Access to specialized products/services(e.g.,higher i

61、nterest rates,investment opportunities)Better regional or international banking optionsfor travel or relocationI dont see any significant benefitsBenefits of Holding Multiple Financial Relationships028028The top drawbacks of having multiple financial relationships are the time and energy required to

62、 manage them,as well as increased fraud risk from exposing data across more providers.Welcome to the paradox of the modern consumer:we crave choice,yet long for simplicity.However,this financial FOMO can also create greater complexity.39%39%30%30%29%29%27%27%25%25%23%23%22%22%20%20%16%16%Time-consum

63、ing to monitor and maintain multipleaccountsIncreased risk of fraudIncreased complexity during tax filing or financial planningHigher fees for certain accounts or minimum balancesIncreased risk of missing paymentsLack of cohesive financial management or planningInability to maximize points/rewards w

64、ith one institutionLess personalized customer serviceI dont see any significant drawbacksDrawbacks of Holding Multiple Financial Relationships029029On average,consumers say the limit to how many financial relationships they are willing to manage is 3.46.Millennials and Gen Z are willing to handle sl

65、ightly more,while Boomers and Gen X prefer slightly fewer.The sweet spot where choice meets manageability is 3.46 accounts.How Many Financial Relationships Is Too Many To Manage?Total Respondent Average3.463.46Gen Z Avg.3.853.85Millennial Avg.3.993.99Gen X Avg.3.223.22Boomer Avg.3.033.03030030Over h

66、alf are open to consolidating everything under one roof.But only if the incentives are right,like lower fees,better rates,and enhanced security.Still,consolidation is a siren songif the incentives stack up.57%Of respondents are open to consolidating their financial relationships with ONE INSTITUTION

67、ONE INSTITUTION.55%55%47%47%45%45%42%42%40%40%39%39%Lower or no feesBetter interestrates orinvestmentreturnsGreater securityand fraudprotectionExclusive perksor rewardsEnhancedconvenience foraccountmanagementBetter customerservice orsupportFeatures That Would Motivate Those Interested To Consolidate

68、031031Theyre followed by Gen Z,mirroring the cohorts inclination to reduce accounts over the past 3 years.Millennials are motivated by a range of perks including,better interest rates,greater convenience,and better customer service.Gen Z is most motivated by lower fees,greater security,and exclusive

69、 rewards.With ballooning accounts,Millennials are most eager to streamline.61%61%72%72%56%56%38%38%Gen ZMillennialsGen XBoomersRespondents open to consolidating their financial relationships with ONE INSTITUTIONONE INSTITUTION.47%47%40%40%40%40%39%39%39%39%37%37%51%51%50%50%47%47%54%54%49%49%46%46%5

70、7%57%42%42%42%42%43%43%36%36%36%36%66%66%41%41%38%38%46%46%30%30%30%30%Lower or no feesGreater securityand fraudprotectionExclusive perks orrewardsBetter interestrates orinvestmentreturnsEnhancedconvenience foraccountmanagementBetter customerservice or supportFeatures That Would Motivate Those Inter

71、ested To ConsolidateGen ZMillennialsGen XBoomers032032Simplicity and convenience is the top benefit consumers see with consolidation.They also expect lower fees or bundled pricing perks.Simplicity sells:The allure of financial consolidation.48%48%36%36%33%33%33%33%33%33%33%33%27%27%9%9%Simpler and m

72、ore convenient account managementLower fees or bundled pricing for multiple servicesEnhanced security and fraud protection with onecentralized institutionStronger relationship with your financial institutionMore cohesive and integrated financial planning toolsHigher rewards or perksGreater access to

73、 personalized offers and advice basedon full financial profileI dont see any significant benefitsBenefits of Consolidating Financial Relationships033033Consumers feel putting all their eggs in one basket brings greater risk of data breaches.They also see consolidation as being less competitively adv

74、antageous for them,with limited ability to shop around.Yet,consumers also feel convenience could cost them.39%39%34%34%32%32%31%31%30%30%29%29%18%18%Increased risk if theres a data breach or technical issue at one institutionLimited ability to compare and choose the best interest rates orfeesLess co

75、mpetitive perks or rewards from having only one institutionMissing out on specialized products/services from other institutionsFewer options for diversification of riskFeeling trapped or limited in switching services or institutionsI dont see any significant drawbacksDrawbacks of Consolidating Finan

76、cial Relationships034034“Open banking is the concept of accessing different financial accounts through a single app or platform.When asked who theyd trust most to offer this,60%chose their primary bank.This hints at an enduring wariness towards fintech upstarts,no matter how slick their user experie

77、nceOpen banking tipping point:41%ready to embrace the shift.41%Of respondents are highly interested in open bankingopen banking accessing different financial accounts through a single platform.60%60%15%15%11%11%11%11%3%3%My primary bankA tech companyA fintech companyA credit cardproviderOtherWhich O

78、NE Institution Consumers Trust To Offer Such PlatformBrokerage or investment firm035035Millennials and Gen Z,with their multiple financial relationships and desire to simplify,are the demographics most open to and trusting of open banking platforms,including those offered by tech companies.These dig

79、ital natives have embraced the convenience and flexibility of managing their increasingly complex financial lives through a single screen.Interest may grow as younger consumers flex financial power.40%40%58%58%35%35%26%26%Gen ZMillennialsGen XBoomersRespondents who are highly interested in“open bank

80、ing”.41%41%28%28%19%19%12%12%1%1%49%49%23%23%14%14%13%13%0%0%65%65%11%11%11%11%11%11%2%2%79%79%3%3%5%5%7%7%6%6%My primary bankA tech companyA fintech companyA credit cardproviderOtherWhich ONE Institution Consumers Trust To Offer Such PlatformGen ZMillennialsGen XBoomers036036Just under one-third of

81、 respondents currently use third-party apps to manage finances across multiple institutions.Millennials report the highest usage at 57%,followed by Gen Z at 43%.Third-party financial apps are already making inroads among this crew.31%Of respondents currently use third-party apps to manage of track f

82、inances across multiple institutions.43%43%57%57%18%18%5%5%Gen ZMillennialsGen XBoomers037037037Find a balance between simplicity and choice.Our survey finds an emerging paradox-we want it all(rates,rewards,flexibility),but we also crave the simplicity of one-stop shopping.This suggests that marketi

83、ng campaigns touting the convenience of one-stop banking could resonate strongly.However,customers arent willing to sacrifice customization and choice.The sweet spot for marketers may be positioning their institution as a single source of truth that still empowers users to cherry-pick the products a

84、nd services that best fit their needs.Embrace the power of incentives to drive modern loyalty.Consumers,especially younger generations,are willing to jump between financial providers in pursuit of the best deals and perks.However,the right incentives-lower fees,better rates,enhanced security-can per

85、suade even the most restless customers to consolidate.Marketers must balance short-term acquisition with sustained value propositions.Root your brand in heritage,while embracing innovation.Consumers still trust traditional banks for open banking,underscoring the power of established brands.However,y

86、ounger generations are more receptive to fintech disruptors.Marketers must reinforce trustworthiness of legacy while emphasizing innovative,consumer-centric mindset to compete with agile upstarts.Implications for Marketers038Ambivalence Surrounding Data Collection03804039039Gen Z,oft portrayed as pr

87、ivacy-conscious digital natives,are the most relaxed about it,while Gen X&Millennials fret more.It also appears that having multiple banking relationships really triggers privacy concerns,mirroring findings in our previous section.Trust or apathy?Fewer lose sleep over financial data worries.Concern

88、About Data Privacy&Security Related to Personal Finances45%Of consumers are highly concerned about data privacy&security when managing their personal finances.38%38%47%47%48%48%44%44%41%41%56%56%Gen ZMillennialsGen XBoomers1 Financialrelationship4+FinancialrelationshipsAudience Breakdown040040In the

89、 hierarchy of what matters when choosing financial relationships,security reputation(32%)ranks behind the instant gratification of sign-up bonuses and convenience.Bonuses and convenience trump security in financial choices.39%39%37%37%34%34%33%33%32%32%32%32%31%31%29%29%29%29%36%36%35%35%34%34%33%33

90、%34%34%25%25%40%40%32%32%26%26%32%32%34%34%35%35%36%36%48%48%31%31%Convenient branch and ATM locationsCompetitive interest rates or low feesAdvanced online banking featuresSign-up bonuses,rewards,or promotional perksReputation for security and data protectionEthical practices and social responsibili

91、tyProduct variety(e.g.,credit cards,loans,investment options)Reliable customer service and supportRanking the Top 3 Most Important Factors When Choosing a Financial Institution#1#2#3041041Half of consumers report increased data anxiety over the past three years,with Millennials and up leading the wa

92、y.Meanwhile,Gen Z may be becoming more comfortable with data sharing-a quarter report decreased concern.Yet,data privacy&security concerns are growing.Decreased10%10%No change41%41%Increased49%49%How Concern Over Data Privacy&Security Has Changed Over Last 3 Years38%38%52%52%50%50%47%47%41%41%56%56%

93、40%40%35%35%42%42%50%50%50%50%35%35%13%13%8%8%3%3%10%10%10%10%Gen ZMillennialsGen XBoomers1 Financialrelationship4+FinancialrelationshipsBreakdown By Audience DemographicsIncreasedNo changeDecreased2323%042042Identity theft,data breaches,fraud,scams,and personal data being sold are the top concerns

94、for more than 2 in 5 respondents.They do not appear as concerned about the everyday harvesting of their digital footprints.Consumers are more fearful of fraud than Big Data collection.49%49%47%47%44%44%42%42%40%40%29%29%28%28%27%27%24%24%6%6%Identity theftData leaks or breaches at financial institut

95、ionsFinancial fraud(e.g.,unauthorized transactions,hackedaccounts)Scams targeting my financial information(e.g.,phishing)Personal data being sold to third partiesInadequate security measures at banks or financial appsBanks collecting too much personal dataLack of transparency about how my financial

96、data is usedInability to control or delete the data my bank collectsI am not concerned about any financial security and dataprivacy related mattersMost Concerning Data Privacy&Security Matters043043Most believe the institutions they use collect the basics such as contact information and personal inf

97、ormation.Just over half say that their spending habits and purchase history,location data based on transactions,and income and employment status are collected.They know,that we know,who they are and their financial habits.73%73%70%70%66%66%64%64%63%63%56%56%54%54%53%53%14%14%18%18%17%17%19%19%18%18%

98、24%24%22%22%24%24%14%14%13%13%18%18%17%17%19%19%20%20%25%25%24%24%Contact information(home address,email,phone number)Basic personal information(name,location)Account types openDemographic information(age,gender,marital status)Credit scores and historyIncome and employment statusLocation data based

99、on transaction locationsSpending habits and purchase historyTypes of Data Consumers Believe Their FIs Do or Do Not CollectThe FIs I use collect this dataThe FIs I use DO NOT collect this dataIm not sure/dont know04404495%of consumers are okay with some level of data collection by financial instituti

100、ons.Consumers feel basic data is most appropriate for financial institutions to collect,followed by credit scores and history and account types open.They feel more sensitive about spending habits and purchase history,location data,and income and employment status.Appropriate,but not too personal:Com

101、fort levels with data collection.62%62%59%59%48%48%48%48%43%43%40%40%31%31%26%26%5%5%Contact information(home address,email,phone number)Basic personal information(name,location)Credit scores and historyAccount types openDemographic information(age,gender,marital status)Income and employment statusL

102、ocation data based on transaction locationsSpending habits and purchase historyI do not think its appropriate for financial institutions to collect personal dataTypes of Data Consumers Feel Appropriate For An FI To Collect95%Of respondent are okay with some level of data collection by financial inst

103、itutions.045045Only 37%of consumers have a clear understanding of how financial institutions use the data they are collecting.Interestingly,the audiences who express the most clarity-Millennials and those with 4+financial relationships-are also among those who express the most concern about their da

104、ta privacy&security.Yet,data use is a mystery to most.Clarity About How Personal Data Is Used37%Of consumers are highly clear about how financial institutions use their personal data.36%36%56%56%31%31%26%26%30%30%53%53%Gen ZMillennialsGen XBoomers1 Financialrelationship4+FinancialrelationshipsAudien

105、ce Breakdown046046Despite ambivalent behaviors towards personal data collection,a whopping 79%of consumers want more control over their financial data,regardless of age or banking habits.This sentiment was similar across all audience cohorts regardless of age or number of financial relationships.Wel

106、l share our data,but we still want to feel in charge of it.79%Of consumers would prefer if financial institutions gave them more control over their personal data collection&storage.047047Yet most arent concerned or annoyed about not benefiting from data collection-suggesting a resigned acceptance of

107、 data collection as the cost of doing business in 2024.If consumers did receive benefits,they would most value improved fraud detection and security measures,exclusive access to better interest rates and rewards,and discounts on banking fees or services.Personalization appears less appealing.Data co

108、llected,benefits?Not so much.Sentiment About Whether They Receive Benefits In Exchange For Personal Data41%Of consumers feel they currently receive benefits in exchange for their personal data.49%49%44%44%43%43%36%36%32%32%17%17%Improved fraud detection andsecurity measuresExclusive access to better

109、 interestrates or rewardsDiscounts on banking fees orservicesMore tailored product offers(e.g.,credit cards,loans)Personalized financial adviceI dont want my bank to use my data at allBenefits Consumers Would Find Valuable048048048Be conscious of the privacy paradox in communications.Consumers talk

110、privacy but want convenience.79%want more control over their data,yet only 32%prioritize security reputation when choosing financial partners.This gap suggests marketers shouldnt overcorrect on privacy messaging at the expense of more compelling benefits.Position privacy as a given while leading wit

111、h the instant gratification of better rates,perks,and seamless experiences.Pivot privacy conversations with younger customers.Gen Z is least concerned about privacy and growing more comfortable with data sharing.Unlike their Millennial predecessors,Gen Z appears to have made peace with the data exch

112、ange economy.For marketers,this suggests a pivot:instead of tiptoeing around data collection with younger audiences,focus on transparently showcasing the tangible benefits their data enables.Multi-banking privacy panic can be a growth lever for consolidation.Consumers with 4+financial relationships

113、show heightened privacy concerns.This anxiety creates an opening for marketers to position consolidation as a privacy solution,not just a convenience play.The pitch writes itself:Simplify your financial life and reduce your privacy footprint.Its a fresh angle on the consolidation narrative that taps

114、 into existing consumer pain points while dodging the oversaturated security messaging space.Implications for Marketers049049Our data reveals a generation rewriting the rules of engagement-in financial relationships and charitable giving.Consumers are no longer passive participants,but active archit

115、ects of their personal worlds.Younger generations-Millennials and Gen Z-are driving this transformation.Theyre diversifying financial relationships while simultaneously seeking simplification.They donate through everyday transactions,view charitable giving as a holistic practice,and prioritize perso

116、nal connection over traditional models.The through-line here is agency.Whether managing multiple bank accounts or reimagining philanthropy,Millennials and Gen Z insist on flexibility,transparency,and real impact.They are forging a new economic consciousness that prizes:Fluid financial relationships

117、Integrated social impact Personalized,intentional engagement Transparency as a core value Individual empowermentThe institutions that will thrive in this new landscape wont be those with the most aggressive growth tactics,but those that possess adaptive nervous systemsthose that can listen,pivot,and

118、 co-create with their customers.In a world where consumers are shaping the narrative,the winners will be those who stop dictating and start collaborating.Closing Thoughts05050050Meet Our Editorial TeamJack BoitaniVP,ContentWhitney FishmanEVP,Futures&Insights,AmericasMegan KeaneVP,Integrated Strategy

119、Asha CowellVP,Integrated StrategyDirk HerbertGlobal Head of Thought Leadership051About dentsuDentsu is an integrated growth and transformation partner to the worlds leading organizations.Founded in 1901 in Tokyo,Japan,and now present in over 145 countries and regions,it has a proven track record of

120、nurturing and developing innovations,combining the talents of its global network of leadership brands to develop impactful and integrated growth solutions for clients.Dentsu delivers end-to-end experience transformation(EX)by integrating its services across Media,CXM and Creative,while its business transformation(BX)mindset pushes the boundaries of transformation and sustainable growth for brands,people and society.Dentsu,innovating to impact.https:/