Why Consumers Are Unimpressed By Financial Services Marketing—And What Banks Can Do About It

It’s no secret that today’s consumers expect more than generic messaging from the brands they trust. And yet, new data suggests that banks are falling short on personalization, pushing many customers to consider other options. According to a study from Motivation AI company Persado, 45% of consumers would consider switching banks for one that prioritizes a more personalized approach.

The study, conducted by Researchscape, polled over 1,000 U.S. adults with at least one bank account. The findings shine a light on a significant gap between consumer expectations and what banks are currently delivering in their digital communications. Here’s a closer look at what customers want and how banks can use AI to rise to the challenge.

Personalization Isn’t Just a “Nice-to-Have” Anymore

The desire for more tailored interactions is widespread across all generations, with 45% of respondents saying their primary bank knows them only “somewhat, hardly, or not at all.” Key findings include:

• Out-of-Touch Communication: Half of respondents feel that bank communications come across as formal, dated, and disconnected from their real needs.
• Lack of Personalization: More than half (54%) reported that bank messages felt impersonal, with Baby Boomers (72%) and Gen X consumers (59%) particularly dissatisfied.
• Irrelevance: About 39% of consumers found bank messages to be somewhat or entirely irrelevant, with Boomers (55%) feeling the sting of irrelevance the most.
• Emotional Disconnect: Two-thirds (66%) of respondents believe that bank communications fail to connect emotionally, a trend even more pronounced among older generations.
• Trust Issues: When asked if communications from their banks inspired trust, 45% admitted they felt little to no positive impact.

Our President and Co-founder at Persado, Assaf Baciu, highlighted the opportunity banks have to build trust by leveraging AI-driven insights for greater personalization, explaining that “AI has paved the way for banks to create highly relevant, engaging, and compliant content at scale. With 75% of consumers viewing AI as acceptable in banking, there’s little reason for banks to delay in utilizing AI to make their communications more relevant.”

Can AI Turn the Tide for Bank Marketing?

The good news is that AI presents banks with a clear pathway to build trust and engagement. The survey explored consumer attitudes toward AI use in banking, with results suggesting a high degree of openness to AI-driven personalization. 

Real-World Success Stories and the Road Ahead

Our new report, The State of AI in Financial Services Marketing: Expectations, Uses, and Impact, shares findings from the consumer study, but also dives into applying purpose-built, low-risk AI technology across customer journeys in highly regulated industries—detailing:

• Factors driving the explosion of AI in the industry
• Understanding Motivation AI as purpose-built solution for content generation
• How AI can be applied across dozens of use case throughout customer journeys
• Real-world bank marketing successes for email, web banners, & push notifications
• Ensuring AI delivers productivity, performance, and compliance guardrails
• Common barriers to AI adoption—and how to overcome them