How Popular is At-Home DNA Testing?
What we're seeing
At-home DNA testing is a relatively new concept, attractive to those who want to unlock insights about their health, ancestry, and more.
Alkami Research looked at trends in transactions for two popular at-home DNA testing services over the last five years. Similar to what we saw in our VR Tech Trends Research a few weeks ago, at-home DNA test kits seem to be a popular holiday gift with spikes in transactions in November and December each year. However, the overall trend since 2020 continues to decline.
DNA testing is an intriguing concept, but it lacks repeatability. And assuming the early adopter market has largely been addressed, those remaining are even less likely to buy the service. Demand may also be declining due to greater consumer privacy concerns: DNA testing companies have not been immune to data breaches.
Takeaway & Call to action for FIs
Financial institutions can uncover the financial health and spend patterns of their account holders using transaction data. This intel can be the driver for relevant messaging and outreach through digital channels.