New Research: Consumers Embrace Sharing Transaction Data to Improve Financial Outcomes
Considering the growth in demand for user friendly personal financial management apps that help consumers save money or make better financial decisions, Envestnet | Yodlee conducted a new quantitative research study to determine whether U.S. consumers are willing to share their transaction data in return for better products and services. The research also explored whether consumers would be concerned about providing their financial data to a third party in exchange for a free personal financial management tool.
From July 26th to August 22nd 2016, Envestnet | Yodlee anonymously studied almost 4,000 consumers via online research. All respondents were either the sole decision maker or one of the key decision makers regarding major financial decisions for their household. All respondents also indicated they use online banking (use of the Internet via computer, mobile phone, or tablet) to connect to a financial institution to check account balances, transfer money between accounts, pay bills, etc.
The research studied the usage and attitudes of almost 4,000 consumers in the United States. Statistically significant findings reveal that over 70% of personal financial management (PFM) users and alternative financial services (AFS) users are comfortable sharing transaction data if it helps consumers save money. This research also reveals that almost two thirds of PFM users were also comfortable with providing their transactional data if used to improve their financial advice and guidance.
“Consumers are very interested in exploring digital solutions that can maximize their financial outcomes and are increasingly knowledgeable and comfortable with sharing their transaction information in a secure manner in the pursuit of that,” said Anil Arora, Chief Executive of Envestnet | Yodlee and Vice Chairman of Envestnet Board. “As an industry, it’s vital we keep innovating to match the ways consumers want to interact with their financial data, and strive to give them the tools to help maximize their financial position.”
With digital personal financial management tools, consumers can view all of their financial accounts in one place, manage expenses, set a budget, save for personal goals, view investments, calculate net worth, and improve their overall financial wellness.
To learn more about how consumers can easily and securely manage their financial lives with PFM tools and user-friendly FinApps, visit our website: https://www.yodlee.com/pfm.