US Banking Experience Market Report 2023
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Understand the current market and opportunities within the US banking industry with the Banking Experience Market Report. Featuring analysis, statistics, and expert recommendations, our report provides valuable insight into the US digital banking market, US commercial banking market size, and consumer trends and behaviors. Read on to discover more about our insights.
The Federal Reserve’s aggressive tightening cycle has been a double-edged sword for the financial providers market. High-yield savings offerings have been a hit with customers seeking a safe haven for their money, but also one that guarantees satisfactory returns.
On the other hand, the US banking industry’s lending arms, especially their mortgage businesses, have not performed as well given that consumers are finding the prospects of borrowing increasingly costlier. As such, the battle for deposits will remain heated for the year ahead. In an increasingly competitive landscape, customer attrition remains a risk. However, Mintel’s market analysis has found that financial institutions have the tools at their disposal to ensure healthy consumer retention levels while continuing to seek growth.
Inflation and high interest rates have had a significant impact on the behavior of banking customers. In times of economic uncertainty, consumers are more likely to weigh their options and seek maximum value from their financial products, even if it comes from multiple providers.
Banks still have gaps to fill when it comes to engaging their customers with the financial advice and support they need, but they should make financial advice a priority to ensure that those that need support the most get it. Just 7% of financially struggling consumers report using their bank’s financial advisor, compared to 18% of financially healthy consumers.
While much has been made of the death of the physical branch, banks still have the opportunity to transform the in-branch experience to be more consultative and financial wellness driven, make visits more inclusive and welcoming in messaging, and support financially struggling customers yearning to improve their situations.
Read on to discover more about the Banking Experience Market Report, read our Digital Banking Market Report, or take a look at our other Financial Services Market Research.
Citibank, Bank of America, JP Morgan Chase Bank, Wells Fargo Bank, US Bank, Capital One, Chime, SoFi, Discover, Ally, PNC Bank, Truist Bank, TD Bank, Goldman Sachs Bank USA.
This report, written by Amr Hamdi, a leading analyst in the finance industry, delivers in-depth commentary and analysis to highlight current trends in the US commercial banking market and add expert context to the numbers.
With economic uncertainty still looming, FIs must remain engaged and in-tune with their customers’ needs and wants. If it is support that customers desire, FIs must position themselves as subject matter experts in their customers’ corner ready to support their financial aspirations as well as enhance their knowledge and literacy. Banking, for the most part, remains a price and rate-driven game when it comes to acquisition, but providers that go the extra mile and show customers that they care about them being the best version of their financial-selves have the opportunity to build deeper and more meaningful relationships with these customers.
Amr Hamdi
Finance Analyst
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Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.