Finance
The State of Consumer Banking Report: Q4 2021
Report summary
For more recent data and analysis, see the Q1 2022 State of Consumer Banking & Payments Report.
The consumer banking industry is in a state of transformation as traditional providers race to update legacy systems and keep pace, while fintechs and digitally native banks are working to expand relationships with more traditional offerings alongside their innovative products.
Key Takeaways
- Multiple banking relationships are quickly becoming the norm: Amid high digital adoption, even satisfied consumers are spreading their wallets. Digital banks are innovating the financial services space, to the delight of consumers and often to the detriment of traditional financial services institutions.
- Understanding consumers’ financial well-being is the key to meeting demand: Consumers across the financial well-being spectrum are looking for better ways to manage their finances and meet their goals. As multiple banking relationships become the norm, having a holistic view of consumers’ financial wellbeing and goals is more important than ever.
- Latin America is emerging as a bellwether for financial innovation adoption: While Asia-Pacific has always been a leading indicator for financial services, the recent fintech investment boom in Latin America combined with an eager market is quickly bringing the region to the forefront of financial innovation.
Methodology
This report uses surveys conducted Aug. 2-9, 2021, among 17,401 respondents from Argentina, Australia, Brazil, Canada, China, Colombia, France, Germany, Japan, Mexico, Singapore, Spain, the United Kingdom and the United States. The interviews were conducted online and the data was weighted to approximate respective populations of adults based on gender, educational attainment, race and region. Results from the poll have a margin of error of +/-1percentage point.M
About the author
Charlotte Principato previously worked at Morning Consult as a lead financial services analyst covering trends in the industry.
