Download The State of Consumer Banking & Payments Report


The State of Consumer Banking & Payments Report: H2 2023

November 2023

Report summary

Morning Consult’s biannual report “The State of Consumer Banking & Payments” tracks evolving trends in consumer banking, payments and investing, and evaluates what changing attitudes mean for the future of each industry. Based on survey interviews conducted monthly and quarterly since 2021, this report provides insights into consumers’ relationships with their primary banking and payment providers, as well as the other financial services they’re using to meet their needs.

In H2 2023, cooling inflation has yet to boost consumers’ confidence or change their behaviors. Despite banking crises, crypto turmoil and uncertainty surrounding the trajectory of the U.S. economy, consumers’ financial habits are consistent. High trust in and satisfaction with financial services providers, paired with low interest in opening new accounts, have created stability. But this could easily turn into stagnation. So as Gen Z comes of age and millennials’ debts come due, providers must lean on digital innovation for growth.

Key Takeaways

  • Financial well-being is on the upswing. Consumers are still feeling the heat of high prices, but well-being is holding steady — except among millennials.
  • Banks have tightened customer relationships. Providers must broaden their horizons and find new pockets of growth in younger, underserved groups.
  • BNPL users are climbing a mountain of debt. Consumers love digital wallets and are learning to love “buy now, pay later” — but keep an eye on financial well-being.
  • Investment managers must embrace digital. A gap in online engagement with wealth and investment accounts is creating missed growth opportunities.
  • Crypto owners aren’t afraid of regulation. Many who use and trust cryptocurrencies still want the industry to be regulated similarly to traditional financial services.


Morning Consult Research Intelligence data featured in this report derives from monthly surveys conducted from July 2021 to October 2023 among roughly 2,200 or 4,400 U.S. adults per month. The report 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 an unweighted margin of error of +/-2 percentage points.

About the author

A headshot photograph of Jaime Toplin
Jaime Toplin
Senior Financial Services Analyst

Jaime Toplin previously worked at Morning Consult as a senior financial services analyst.