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The State of Consumer Banking & Payments Report: H1 2023

April 2023

Report summary

For more recent data and analysis, see the H2 2023 State of Consumer Banking & Payments Report.

This year began with a major crisis in the banking industry that has already seen noteworthy shares of adults move money between or out of banks and could lead to more downstream changes to relationships if the situation worsens. While trust remains intact for now, consumers’ minds have turned toward switching providers. Meanwhile, Gen Zers continue to reshape the industry with their payment preferences.

Key Takeaways

  • Financial well-being remains lower than in 2021: Inflation and interest rate hikes have impacted the financial well-being of all households, regardless of income.
  • Bank failures shine a light on trust: Consumers have faith in the industry even after the collapse of three regional banks.
  • Digital wallet dominance continues: Bank branch and ATM visits are becoming a thing of the past.
  • Gen Z has arrived … in debt: The youngest generation is shaping consumer payment and credit trends.
  • No, consumers haven’t given up on crypto: Crypto ownership remains steady, despite the latest spate of negative crypto news.


Morning Consult Research Intelligence data featured in this report draws from monthly surveys conducted from July 2021 to March 2023   among roughly 2,200 or 4,400 U.S. adults per month. It also includes data from various surveys fielded throughout 2022 and 2023 among representative samples of around 2,200 U.S. adults each. All survey interviews were conducted online, and the data was weighted to approximate populations of adults based on age, gender, race, educational attainment, region, gender by age and race by educational attainment. Top-line results from the surveys have a margin of error of +/-2 percentage points.

About the author

A headshot photograph of Charlotte Principato
Charlotte Principato
Lead Financial Services Analyst

Charlotte Principato previously worked at Morning Consult as a lead financial services analyst covering trends in the industry.