Banking and Payments

Banking and Payments Market Research

Mintel’s Banking and Payments market research combines the latest market intelligence, industry insights and expert recommendations to help you anticipate what’s next in the Banking industry.

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    FIs must continue working to bridge the gap between mainstream financial services and the un- and underbanked to ensure an equitable and inclusive banking system. Amr Hamdi, Finance Analyst ..."
    Mobile wallets are set to surge in popularity due to the convenience they offer in mobile commerce and cross-channel shopping, although older Germans are less keen to adapt to new payment methods. Lena Rittmann, Analyst ..."
    While old habits die hard, the pandemic added momentum to already-underway changes in payment behavior and made consumers more open to innovations.Brian O'Connor, Category Director - Irish Reports ..."
    With inflation and interest rates likely to remain elevated, it is important that providers offer suitable advice and products to help companies through these times. Lewis Cone, Associate Director - Financial Services ..."
    Although overall current account satisfaction is high, consumers are shopping around and will be enticed to switch by cash joining bonuses and higher savings rates. Adrian Reynolds, Principal Analyst ..."
    “Despite expected economic contraction and seemingly-intensifying pressure on household finances, ownership levels of current accounts will be largely unaffected; consumers still need current accounts. This is not to suggest, however, that broader environmental factors do not impact upon the current account market. Providers of fee-paying accounts may find it a..."
    “The past couple of years have seen a rare reversal in trends within payment preferences, with credit cards declining as a top choice and cash climbing back upward. Recent economic developments have had a significant impact on the payments space, with the pandemic driving digital payment adoption and inflation causing..."
    “The big five banks continue to dominate the consumer banking landscape in Canada as they continue to leverage their strengths in the form of high trust levels, brand reputation and branch networks to become trusted financial partners of Canadians. Interest in digital banking features is high, but strong branch relationships..."
    “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...."
    “The Covid-19 pandemic and uncertain financial times accelerated many of the shifts that were already occurring within the payment landscape. Latinos are seeking brands they can trust and are interested in adopting novel payment methods that address their specific needs. Access and economic disparities condition Latinos’ payment habits and attitudes,..."
    “Despite the efforts banks make towards ethical and socially responsible practices, they often struggle to convince consumers that they have a social conscience. Concerns regarding unfair business practices, branch closures and media coverage of unethical practices fuel these negative perceptions. However, with a potential recession looming and unprecedented inflationary pressure,..."
    “Cash switching incentives will become more appealing as consumers look for money-saving opportunities through the cost-of-living crisis. Interest-free buffer overdrafts will be important to help struggling customers and boost loyalty. Despite consumer cost-cutting, there is potential for growth in fee-paying accounts if banks can highlight rewards and net cost-saving opportunities.”–  ..."