Credit Card Debt ‘Most Anticipated Concern’ for Consumers: MeridianLink Survey
New survey finds more than 30% of consumers want a seamless omnichannel experience with financial institutions.
More people plan to rely on digital banking in 2024, while skepticism grows over the use of artificial intelligence by credit unions and banks.
These are some of the findings published from a survey done by the software platform organization MeridianLink this week. The survey was conducted of more than 1,000 American consumers and focused on “anticipated financial hardship” in 2024, as well as customer loyalty insights and consumer expectations for credit unions.
According to the survey findings, “40% of Americans anticipate payment challenges in 2024. The younger they are, the more likely they predict challenges this year. Credit card debt is the most anticipated concern across age demographics with one in five reporting this as their biggest anticipated challenge.”
The challenges expected, according to the survey, come in the form of making regular and monthly payments, while younger survey respondents (18-24 years old) are “more likely to foresee difficulties, particularly related to managing credit card debt and housing costs.”
While one-third of respondents (33%) ages 18-34 plan to rely on digital banking more in 2024, respondents also reported skepticism about the role of AI in banking. “In fact, 42% of respondents expressed some level of discomfort with financial institutions using AI to improve customer experience,” the survey findings stated. “Because the use of AI is just beginning, the road ahead will likely be determined by how vendors responsibly leverage the technology, making sure to keep customer sentiment in mind.”
President of Go-To-Market at MeridianLink, Chris Maloof, said, “These findings demonstrate that consumers have high expectations for their financial institutions when it comes to customer service, availability and digital innovation.”
Also high on the list of consumer priorities, according to the survey results, is protection from fraud and receiving “seamless experiences across platforms.” Nearly half of respondents (48%) want their bank or credit union to place increased importance on protecting consumers from fraud, and more than a third (36%) want their institution to focus on providing seamless omnichannel experiences.