Table of Contents
Executive Summary
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- Overview
- Themes
- Be willing to take risks
- Look outside the industry
- Tech and human knowledge fit together
- What it means
The Market – What You Need to Know
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- Total number of branches falls, while banks continue to merge
- Top products remain in checking and credit
Market Breakdown
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- Total number of branches falls, while banks continue to merge
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- Figure 1: Number of FDIC-insured commercial institutions and branches, 2006-18
- Chase tops national banks in consolidated assets
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- Figure 2: Insured US-chartered commercial banks that have consolidated assets of $300 million or more, ranked by consolidated assets, November 2018
- Credit union membership nears 120 million
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- Figure 3: Number of US credit unions, credit union members, and savings deposits, June 2007-November 2018
- Figure 4: Workers Credit Union direct mail piece, July 2018
Financial Product Ownership
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- Top products remain in checking and credit
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- Figure 5: Financial account ownership, January 2019
- Older consumers still more likely to have open accounts, but opportunity in savings
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- Figure 6: Financial account ownership, by age, January 2019
- Women have more loan debt, especially from schooling
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- Figure 7: Loan ownership, by age and gender, January 2019
Key Players – What You Need to Know
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- New branding efforts convey new starts and new missions
- BB&T and SunTrust merge to compete with larger banks
- Consumers don’t know how to guess the future of banking
- Fintech is no longer the enemy of the traditional bank
What’s Happening?
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- TD Bank’s “Unexpectedly Human” shows bankers as real people
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- Figure 8: TD Bank, “Dancer” commercial
- New branding efforts convey new starts and new missions
- Mastercard
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- Figure 9: Mastercard new logo reveal on Facebook
- Wells Fargo
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- Figure 10: Wells Fargo’s new logos
- BB&T and SunTrust announce technology-driven merger
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- Figure 11: BB&T, SunTrust merger notification email
- Online-only banks continue to grow market share
- Chime
- Empower
What’s Struggling?
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- Chase and Goop partner for expensive Valentine’s Day gift guide
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- Figure 12: Chase Valentine’s Day Gift Guide promotion on Facebook
- Consumers don’t know what they don’t know
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- Figure 13: Interest in popular financial services trends, January 2019
What’s Next?
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- Influencer marketing for banks
- Fintech is no longer the enemy of the traditional bank
Trends Impacting Banking
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- Consumers are Redefining Adulthood
- Banks can try to combat Social Isolation
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- Figure 14: Capital One, “Capital One Cafes – A Refreshing Take On Banking” commercial
- Financial services as a part of one’s Total Wellbeing
The Consumer – What You Need to Know
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- Majority of consumers digitally access financial accounts via their computer
- Consumers are looking for more mobile control of their accounts
- Technology continues to be a “nice to have” – but not a necessity
- Interest in technological advancements is low
- Most consumers are comfortable with bank account diversification
Consumer Movement to Digital Channels
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- Majority of consumers digitally access financial accounts via their computer
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- Figure 15: Digital account access, January 2019
- Mobile apps are more popular than mobile websites
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- Figure 16: Mobile account access, January 2019
- Mobile apps make banking transactions easier
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- Figure 17: Conducting bank transactions, January 2019
- Mortgages, auto loans are least digitally connected via mobile
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- Figure 18: Digital channel usage for loans, January 2019
Opinion of Current Bank Advancements
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- Interest in technological advancements is low
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- Figure 19: Interest in biometrics, by generation, January 2019
- Proactive notifications see moderate interest
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- Figure 20: Interest in proactive recommendations and tools from banks, January 2019
- Younger consumers are looking to financial experts
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- Figure 21: Interest in recommendations and financial management from banks, by age, January 2019
Interest in Banking Innovations
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- Technology continues to be a “nice to have” – but not a necessity
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- Figure 22: Financial institutions used in past year, by race and ethnicity, November 2018
- Consumers are unwilling to share everything with their bank
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- Figure 23: Willingness to share non-financial information, by age and gender, January 2019
- Incentives not powerful enough to increase information sharing
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- Figure 24: Willingness to share personal information for incentive, by gender, January 2019
- Human employee interaction still seen as important to many
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- Figure 25: Preference to avoid speaking with bank employees, by age, January 2019
- Urban dwellers more welcoming of Amazon and Google into financial sector
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- Figure 26: Interest in financial accounts from tech companies, by geographic area, January 2019
Consumer Interest in the Latest Financial Services Trends
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- Consumers are looking for more mobile control of their accounts
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- Figure 27: Interest in mobile and platform consolidation of accounts, by generation, January 2019
- Parents are looking for multiple channels to contact their bank
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- Figure 28: Interest in mobile and platform consolidation of accounts, by generation, January 2019
- Personal banking can learn from telemedicine
- Bank customers aren’t quite ready for emojis
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- Figure 29: Interest in ability to connect emoticons to finances, by age and gender, January 2019
Attitudes toward Banks and Bank Products
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- Employees, digital properties are top sources for banking information
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- Figure 30: Preference to visit bank website or speak with employee, January 2019
- Most consumers are comfortable with bank account diversification
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- Figure 31: Need for multiple bank accounts and financial habit tracking, January 2019
Appendix – Data Sources and Abbreviations
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- Data sources
- Consumer survey data
- Direct marketing creative
- Abbreviations and terms
- Abbreviations
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