US Consumer Attitudes towards Fintech Report 2022
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This report provides comprehensive and current information and analysis of the consumer attitudes towards fintech market including consumer attitudes towards fintech market size, anticipated market forecast, relevant market segmentation, and industry trends for the consumer attitudes towards fintech market in the US.
Current fintech market landscape
Fintech, or financial technology, can be defined as the integration of technological advancements with financial services offerings, ranging from mobile banking and robo-advisors to cryptocurrency and blockchain. Fintech is the main enabler of more efficient banking experiences, more secure financial transactions, stronger engagement with finances through mobile apps, and even greater access to investing through low-cost robo-advisors. Fintech has also served to make the financial services industry a more inclusive and fairer environment, offering broader access to credit and providing meaningful financial products to disadvantaged members of society.
Market share and key industry trends
- Mobile apps remain the leading channel for FI interaction, leading physical branches and call centers
- Younger generations are more embracing of mobile banking apps, given their digital-first nature. Gen Xers are also demonstrating solid mobile app use, with 35% using this channel the most when interacting with their FI.
- Alongside increased digital banking adoption has been higher use of security features such as biometric authentication, with 45% of consumers using it to access banking services.
Future market trends in consumer attitudes towards fintech
While fintech’s customer-centric ethos will have resonated with many during this current economic climate, the two main challenges that face this sector remain trust and brand awareness. These challenges are only amplified as tech giants like Apple and Amazon continue to enhance their suite of financial products and services. Openness to banking with those companies is also much higher than for other fintechs, given the vast brand equity tech companies already have – with nearly a third of consumers willing to open a financial account with Amazon. While openness to banking with non-banks is certainly there, legacy FIs still have the competitive advantage of being more trusted than nontraditional providers are. While competition in the industry will only grow fiercer, legacy FIs need not solely rely on higher trust levels to carry them through this competitive environment. Seeking partnerships with fintechs, continuing to invest in convenient digital solutions and putting more resources into their security infrastructure are just some of many ways legacy FIs can sustain customer-centricity and an innovation-driven mind-set moving ahead.
Read on to discover more about the consumer attitudes towards fintech consumer market, read our US Marketing Financial Products Market Report 2022, or take a look at our other Financial Services Market research reports.
Quickly understand fintech market size
- Consumer Use of fintech in everyday life.
- Attitudes toward security and personal finances.
- Willingness to bank with nontraditional providers and the reasons why consumers would consider it.
- Attitudes toward fintech.
- consumer attitudes toward fintech
Covered in this fintech market report
Brands include: Amazon, Apple, Walmart, Capital One, Chime, TomoCredit, Chase, Wells Fargo, Bank of America, Mint, Amex, Klarna, MyChasePlan, Morgan Stanley, Mellon, Current, Rocket Money, Citibank, Arro, Petal, TechCrunch, Zip Card, Visa, Goldman Sachs, Celsius, Three Arrows Capital, FTX, Discover, Home Depot, Microsoft, Whole Foods, Expedia, PayPal.
Expert analysis from a specialist in the field
This report, written by Amr Hamdi, a leading analyst in the Finance sector, delivers in-depth commentary and analysis on fintech market research to highlight current trends and add expert context to the numbers.
Fintech has continued to elevate the financial services industry, providing value for consumers in a wide array of areas such as ecommerce, payments and safer digital experiences, as well as greater inclusivity into the credit system. Fintech’s customer-centric approach will have especially resonated with many during the current economic climate, helping enhance trust levels and brand equity – two notable challenges for the sector. These challenges will only be harder navigate, as market leaders like PayPal, Apple and Amazon continue to grow their financial services footprint. As such, many fintechs could consider an exit strategy to be more viable than having to compete with tech’s biggest names for the foreseeable future.
Amr Hamdi
Finance Analyst
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Overview
- What you need to know
- This Report looks at the following areas
- Market context
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Executive Summary
- Top takeaways
- Price, familiarity and digital solutions the top three drivers to banking with a non-bank
- Figure 1: Reasons for considering a non-bank as a provider, 2021 and 2022
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- Figure 2: Capital One Walmart credit card, 2022
- Personalized banking experiences remain a demand from consumers
- Figure 3: Importance of having a personalized banking experience, by age, 2021 and 2022
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- Figure 4: Chime SpotMe email, 2022
- Six in 10 consumers agree that credit scores should not be a key driver in obtaining financial products
- Figure 5: Attitudes toward credit scores, by self-reported credit score, 2021 and 2022
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- Figure 6: TomoCredit, 2022
- Market overview
- Figure 7: Category outlook, 2022-27
- Opportunities and challenges
- Security remains paramount for building trust and increasing digital banking adoption
- Figure 8: Amex digital security email, 2022
- Current economic landscape presents numerous challenges for the future of many fintechs’ growth
- Key consumer insights
- Consumers more likely to use pure-play BNPL over a credit card issuer’s financing options
- Figure 9: Use of BNPL financing, by age, 2022
- High-earning consumers more likely to pay a premium for a human advisor
- Figure 10: Openness to paying a premium for a human advisor, by income, 2022
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Market Factors
- CFPB continues probing into BNPL providers, plans to increase regulation
- Figure 11: Attitudes toward BNPL delinquency, by income, 2021
- BNY Mellon to begin holding crypto for select clients
- Fintechs improved the financial health of their customers amid rising inflation
- Figure 12: Current overdraft protection, 2022
- Figure 13: Chime secured credit card, 2022
- Figure 14: Mint, 2022
- CFPB continues probing into BNPL providers, plans to increase regulation
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Competitive Strategies and Market Opportunities
- Citibank encourages customers to enable biometric authentication
- Figure 15: Citibank biometrics email, 2022
- Arro helps customers build their credit through gamification
- Figure 16: Arro, 2022
- Zip launches its own physical card
- Figure 17: Zip Card, 2022
- Apple teams up with Goldman Sachs to offer a high-yield savings account
- Figure 18: Apple savings account, 2022
- Voice-enabled assistants can elevate customers’ digital banking experience
- Figure 19: Bank of America’s Erica, 2022
- Citibank encourages customers to enable biometric authentication
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Consumers and Fintech – Fast Facts
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Interacting with Financial Institutions
- Mobile apps remain the leading channel for interaction with FIs
- Figure 20: Interacting with financial institutions over the years, 2019, 2021 and 2022
- Gen Zs most likely to use mobile apps to engage with their providers
- Figure 21: Mobile app use over time, by generation, 2021 and 2022
- Mobile apps remain the leading channel for interaction with FIs
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Use of Fintech in Everyday Life
- Over 40% of consumers use biometric authentication to access banking services
- Figure 22: Use of biometric authentication, by generation, 2021 and 2022
- Crypto adoption holds steady
- Figure 23: Cryptocurrency use, by generation, 2021 and 2022
- Over 40% of consumers use biometric authentication to access banking services
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Fintech and Security
- Openness to sharing data with FIs remains low, even in exchange for better products
- Figure 24: Willingness to share more personal data with FIs, by age, 2022
- Security and transparency remain paramount to building trust and loyalty
- Figure 25: Attitudes toward security and the financial services industry, 2022
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- Figure 26: Discover online privacy protection ad, 2022
- Openness to sharing data with FIs remains low, even in exchange for better products
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Attitudes toward Personal Finances
- 43% of consumers expect to use cash less moving forward
- Figure 27: Attitudes toward cash use and mobile wallets, by generation, 2022
- A third of consumers are open to using crypto as a payment method
- Figure 28: Openness to using cryptocurrency as a payment method, by generation, 2022
- Figure 29: Club 1 Hotels crypto ad, 2022
- 43% of consumers expect to use cash less moving forward
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Willingness to Bank with Non-Banks
- PayPal, Amazon the two leading companies consumers would be open to banking with
- Figure 30: PayPal Cashback Mastercard, 2022
- Figure 31: Non-banks consumers would consider banking with, 2021 and 2022
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- Figure 32: Apple Card, 2022
- PayPal, Amazon the two leading companies consumers would be open to banking with
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Attitudes toward Fintech and Finance
- Over half of consumers have become more engaged with their finances due to digital finance apps
- Figure 33: Attitudes toward digital finance apps, by age, 2022
- 68% of consumers trust legacy FIs over newer start-ups
- Figure 34: Trust levels among legacy FIs and start-ups, by financial situation, 2022
- Over half of consumers have become more engaged with their finances due to digital finance apps
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Appendix – Data Sources and Abbreviations
- Data sources
- Consumer survey data
- Marketing creative
- Abbreviations and terms
- Abbreviations
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