Tracking Trends in the Financial Services Industry
The financial services industry is undergoing massive change as traditional providers seek to transform digitally and keep pace with new entrants. Financial services leaders must stay informed on how consumers are reacting to and shaping the future of the industry through their interactions with financial services providers, their financial goals and preferences, and their overall financial well-being.
To help leaders stay abreast of consumer trends, Morning Consult is tracking consumers’ trust in, usage of and satisfaction with financial services providers through a monthly survey of U.S. adults. Find a more detailed methodology for this monthly tracker below.
Key Takeaways
Months after the Silicon Valley Bank collapse and ensuing turmoil, trust in banks remains remarkably consistent. Around 2 in 3 U.S. adults said they trust banks to do what is right. But despite general economic improvement and consistent trust in banks, just 57% of adults said they feel the same way about the financial services industry in general — down from 62% in April.
Digital wallets still haven’t made a splash with older demographics. Nearly two-thirds of U.S. adults said they have used a digital wallet to pay in the past month, but that base skews heavily younger. Despite marketing efforts, just 38% of baby boomers said they used a digital wallet at least once in August, compared with 90% of Gen Zers and 83% of millennials.
Higher-income adults are continuing to make progress toward eliminating debt. Just fewer than half of respondents (47%) in households making over $100,000 annually said they have made at least “some” progress toward eliminating their debt in August, compared with just 28% of those in households making below $50,000. If discretionary spending shrinks among the latter, the gap might widen.
Progress Toward Financial Goals
Consumption of Financial Advice
Trust in the Financial Services Industry
Trust in Financial Services Companies
Usage of Multiple Providers
Satisfaction With Primary Financial Services Providers
Interactions With Primary Providers
Reliance on Advice or Assistance
Bank Branch, ATM and Digital Wallet Usage
'Buy Now, Pay Later' Usage
Consumers Opening New Accounts
Intention to Switch Providers
Overdraft and Usage of Alternative Financial Services
Source of This Data
Methodology
The Morning Consult Financial Services Monthly Trend Tracker relies on data collected through Morning Consult’s proprietary survey research capabilities. The interviews are conducted online, and the data are weighted to approximate a representative sample of U.S. adults based on gender, educational attainment, age, race and region. Results from the full survey have a monthly sample size of 2,200 to 4,400 U.S. adults and an unweighted margin of error of plus or minus 2 percentage points.
About Morning Consult
Morning Consult is a global decision intelligence company changing how modern leaders make smarter, faster, better decisions. The company pairs its proprietary high-frequency data with applied artificial intelligence to better inform decisions on what people think and how they will act. Learn more at morningconsult.com
The authors would like to thank Charlotte Principato for her contributions to this research.
Caroline Smith is a manager of financial services intelligence at Morning Consult, where she analyzes high-frequency data to help the company deliver real-time insights to the financial services sector.
Jaime Toplin is senior financial services analyst on the Industry Intelligence team, where she conducts research, authors analyst notes, and advises industry stakeholders on trends in the banking, payments, crypto and personal finance sectors. Previously, Jaime was a senior payments analyst at Insider Intelligence, where she contributed to the daily newsletter, wrote reports offering actionable insights to payments leaders, spoke at conferences including Money 20/20 and engaged with national media. She holds a bachelor of science degree in journalism and legal studies from Northwestern University. For speaking opportunities and booking requests, please email [email protected].
