US consumers want more tailored banking experiences and offers to help them manage family finances. Innovative and family-focused personalisation options interest people more than traditional promos. This is true across segments, with households with children expressing the greatest appetite for personalisation.

These are the key takeaways from Amdocs Personalisation and Multigenerational Banking report.

Amdocs wanted to learn more about how household composition impacts personalisation preferences for banking. For instance, would multigenerational households – with their complex financial needs – be more, or less interested in personalisation than households without dependents?

Amdocs Personalisation and Multigenerational Banking key data insights

  • While 82% initially expressed being satisfied with the current level of personalisation at their bank, it was discovered that as the survey progressed 68% reported interest in offerings that help them manage their multigenerational household now and, in the future,
  • Across respondent segments, only 38% overall say they have adequate resources to successfully plan for the future. Just 31% of households with seniors having the resources they need.
  • People lack insight into elderly family members’ banking habits, with 55% saying they have zero visibility
  • 53% are interested in custom real-time recommendations generated by AI

Generational banking: A ripe opportunity for banks

According to the US Census Bureau, six million households in the US (7.2% of all households) contain three or more generations, with 30% of households including children. Pew Research found that 15% of older adults live with an adult child. Amdocs’ survey revealed that these multigenerational households have distinctive financial service and banking personalisation needs.

Multigenerational households have unique needs. Transparency and insight emerged as a critical pain point. Additionally, parents (those in households with children under 21) presented as a key demographic that wants more products and services. Respondents indicate interest in relevant rewards (40%), financial consultation (31%), and credit score-related tips (37%).

Customers intrigued by AI, gamification, greater personalisation, and more

Deeper probing revealed that people are especially drawn to next-generation personalisation options. Most respondents were interested in custom, real-time financial recommendations generated by AI, with 53% indicating they were somewhat or highly interested. A significant majority of children-having households want AI-based personalisation.. Respondents showed openness to AI-based financial recommendations, even if they required giving banks additional access to personal information.

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An even larger percentage of respondents – 66% – indicated they were interested in tools that gamify personal finances. The survey defined gamification as making a banking activity more like a game. In particular, this approach to banking appealed to households with children under 21, with 75% interested in gamification and rewards that encourage saving and better money habits.

The full report is available via this link