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Tracking Trends in the Financial Services Industry

Updated: May 10, 2022 | By Charlotte Principato

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. We’ll be updating this page with new data and analyses the second week of every month. Sign up for alerts below.

The methodology for the monthly tracker is included at the bottom of this page.

KEY TAKEAWAYS

U.S. consumers’ finances are still strained. Consumers’ confidence in paying expenses remains lower than in the second half of 2021, while income volatility continues to impact a sizable share of the population: 36% of U.S. adults said their income was either higher or lower in April than it was in March, with the majority of those respondents reporting lower income. 

Trust in the financial services industry remained low in April. All subindustries of financial services experienced a drop in trust from 2021 highs, but credit card companies, digital banks, and investment and wealth management providers are experiencing larger declines than banks or credit unions, the latter of which tend to be the most trusted financial services providers.

Consumers are visiting ATMs less and decreasing digital wallet usage this year compared with 2021. Despite inflation, most U.S. adults have been able to manage their finances without using costly services such as overdraft, money orders or payday advances — these activities remain at the same level or lower than in 2021.

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Financial Health and Management

Confidence in Paying Expenses

Shares of respondents who said they are "very" or "somewhat" confident in their ability to pay their normal expenses for the upcoming month

Income Volatility

Consumers were asked how their income for last month compared to the previous month

Progress Toward Financial Goals

Share of respondents who reported making progress toward the following goals in the past month:

Consumption of Financial Advice

Respondents were asked how often they consumed financial advice or tips over the past month

Figures may not add up to 100% due to rounding

Trust in Financial Services

Trust in the Financial Services Industry

Share of respondents who trust the following industries to do what is right:

Trust in Financial Services Companies

Share of respondents who trust the following types of financial services companies to do what is right:

*Also known as neobanks, online-only banks or virtual banks

Financial Service Provider Usage and Satisfaction

Usage of Multiple Providers

Respondents were asked how many of the following providers they use:
*Also known as neobanks, online-only banks or virtual banks. Figures may not add up to 100% due to rounding

Satisfaction With Primary Financial Services Providers

Share of U.S. adults satisfied with each provider
*Also known as neobanks, online-only banks or virtual banks

Interactions With Primary Providers

Respondents were asked if they interact with their primary financial services provider mostly digitally, mostly in person, mostly by phone or all three equally
Figures may not add up to 100% due to rounding

Reliance on Advice or Assistance

Share of respondents who received advice or assistance from a professional or employee available to them through the following providers:

Bank Branch, ATM and Digital Wallet Usage

Share of respondents who have done each of the following:

‘Buy Now, Pay Later’ Usage

Shares of consumers who made a purchase using a "buy now, pay later" payment method in the past month

Consumers Opening New Accounts

Shares of respondents who opened a new bank or credit union account in the last month

Intention to Switch Providers

Share of respondents thinking about starting a new relationship with the following providers in the next month:
*Also known as neobanks, online-only banks or virtual banks

Overdraft and Usage of Alternative Financial Services

Respondents were asked if they had done any of the following in the last month:

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

About the Author

Charlotte Principato is a financial services analyst at Morning Consult, where she leads the company’s analysis to deliver real time insights to the financial services sector.

Email  to speak with a member of the Morning Consult team.

Morning Consult