Press Release

2017 Annual FIS PACE Study Reveals Emergence of New Segment of Digital Banking Users

May 31, 2017

Key facts

  • Third annual Performance Against Customer Expectations (PACE) report from FIS surveyed 8,000 banking consumers in eight countries.
  • Gen X and senior millennials – Gen MX – share striking similarities in banking preferences and behaviors.
  • Gen MX are increasingly transferring their personal preferences for digital channels into all areas of how they bank and run businesses.
  • Three-quarters of banking contacts are handled via online and mobile channels.

JACKSONVILLE, Fla., May 31, 2017 – A recent study from financial services technology leader FIS (NYSE: FIS) reveals the emergence of “Gen MX,” a new segment of higher-income Gen Xers and senior millennials that share strikingly similar banking behaviors and who are increasingly transferring their personal preferences for digital channels into all areas of how they bank and run their businesses.

These were among the findings of FIS’ third annual Performance Against Customer Expectations (PACE) report, which surveyed consumers on how well their banking providers are meeting their needs.

The PACE survey asked consumers in various age demographics – millennials, Gen Xers and baby boomers – to rank the importance of key attributes to their banking experience and how well their banks are meeting those attributes. For the first time, the 2017 study also broke down the millennial demographic into younger and senior segments.

The study revealed that senior millennials (age 26-36) and Gen Xers (age 37-51) in the U.S., the U.K., Germany and other countries share striking similarities in terms of their banking preferences and behaviors:

  • They are more likely than other age groups to use regional banks as their primary financial institutions.
  • They share, in the same order, the 10 most important attributes that they want most from their banks, ranging from safety and security at the top to simplicity, transparency, omnichannel options, and ability to anticipate and meet their financial needs.
  • Three-quarters of their banking contacts are handled via online and mobile channels, and they do more than twice as many mobile banking interactions as baby boomers, on average.
  • Nearly two-thirds of senior millennials and half of Gen Xers have at least one major life event planned within the next two to three years that will affect their finances.
  • Both segments indicated a significant preference for using their primary banking provider as their first choice of where to turn for assistance with their finances.

“Gen MX is now in the driver’s seat of the global economy,” said Anthony Jabbour, chief operating officer, Banking and Payments, FIS. “This super segment of consumers earn more than any other age group, are starting and running businesses, and are about to inherit the biggest transfer of wealth in history. They are accustomed to using digital channels to manage their personal lives, and they want the same level of digital experience in their banking and business relationships.”

“These digital power users are creating the future of banking and payments, and financial institutions of all sizes need to be paying attention to serving their needs,” Jabbour added.

“FIS’s PACE survey echoes findings from IDC Financial Insights’ research, namely that the most profitable and sought after demographics continue to utilize a complete digital experience that includes the use of both mobile and traditional online offerings,” said Marc DeCastro, research director, Consumer Banking, IDC Financial Insights.

Global Findings
The 2017 FIS PACE Study, conducted in Dec. 2016, surveyed 8,000 banking consumers in eight countries: Australia, Brazil, Canada, Germany, India, Thailand, the United Kingdom and the United States.

Financial institutions in Germany and the United States ranked highest in the study at meeting the expectations of their customers, with both countries scoring 90 out of a total of 100 points. The U.K. ranked second with 88 points. Financial institutions in Brazil, India and Thailand continue to rank below the global average in meeting the needs of banking consumers, according to the research.

The 2017 FIS PACE Study shows that while global banks are largely meeting consumer expectations for providing in-person and multi-channel services, they are still falling short in areas that are key to building relationships and consumer trust – such as following through on their promises, providing products that are free of hidden charges and fees, providing customized products and trusted financial advice, and helping their customers achieve their financial goals.

Other key findings from the 2017 study:

  • Banking consumers globally place the highest importance on safety, security, fairness and anytime/anywhere access to their finances, in that order. These top four attributes and their rankings haven’t changed in the three years FIS has done this study.
  • Digital payments increased to the eighth most important attribute to respondents, up from 12th in 2015 and 2016.
  • Simplicity continues its rise in importance amongst consumers, rising to sixth most important attribute from eighth most important in 2015.
  • Mobile payments – from shopping to person-to-person money movement – showed the strongest growth of any payment type from 2016 to 2017.
  • The younger a consumer, the more likely they are to be unhappy with their financial institution. At the same time, younger people also report making more contacts with their banks than older generations.
  • The U.K. had the highest percentage of “financially unhealthy” respondents at 23 percent, followed by Australia (22 percent), Canada (18 percent), and U.S. (17 percent).

About the PACE Study
The PACE Study’s research method was comprised of 1,000 individual customer surveys in each of the eight focus countries. Surveys were conducted online, with individuals aged 18-75 who have a checking or equivalent account with a financial institution, and who have financial decision-making authority within their household. Questions were designed to minimize cross-cultural biases, where feasible; for scalar questions, normalization procedures were used in the analysis to mitigate bias. Surveys also were targeted to meet age and gender demographics for each country.

The global report, supported by country-specific infographics, can be downloaded from

About FIS
FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, consulting, and outsourcing solutions. Through the depth and breadth of our solutions portfolio, global capabilities and domain expertise, FIS serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Fla., FIS employs more than 57,000 people worldwide and holds leadership positions in payment processing, financial software and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial world, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit

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For More Information

Kim Snider, +1 904.438.6278 Senior Vice President FIS Global Marketing and Communications