US Financial Services Market Report 2022
Market Intelligence Reports - What's Included
- Interactive Databook
- Multiple Report Formats
- Access to Clients Portal
- Custom Presentation Tool
This report provides comprehensive and current information and analysis of the US Financial Services in 2022 market including US Financial Services market size, anticipated market forecast, relevant market segmentation, and industry trends for the Financial Services market in the US.
Current market landscape
The financial services industry faces continued macroeconomic uncertainty heading into the new year, yet consumer demand for new financial services products remains ample. One in two consumers plans on opening a new financial services product in 2022, a figure that suggest consumers’ desire to progress in the new year through the expansion and diversification of their financial profiles.
Future market trends in US Financial Services in 2022
While demand remains high, shifts in preference toward flexible features and saving versus spending provide crucial context for how consumers will approach their anticipated new financial relationships.
Read on to discover more about the US Financial Services in 2022 consumer market, read our US Loyalty in Financial Services Market Report 2021, or take a look at our other Financial Services research reports.
Quickly understand
- The impact of COVID-19 and vaccine availability on consumer behavior and the financial services market.
- Macroeconomic trends illustrating the state of affairs heading into 2022.
- Prominent themes in top spend marketing examples across financial services subindustries.
- Consumer goals, planned new financial services accounts, and motivating factors that could impact choice of accounts in 2022.
- Consumer attitudes toward financial services mobile apps and cryptocurrency.
Covered in this report
Brands include: Citi, Chase, Apple Card, Charles Schwab, TD Ameritrade.
Expert analysis from a specialist in the field
This report, written by Patrick Rahlfs, a leading analyst in the Finance sector, delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
The financial services space is a ubiquitous industry that is constantly evolving alongside macroeconomic trends and their effects on consumer behaviors. The current climate of record inflation rates and escalating COVID-19 case figures accompanying the spread of the Omicron variant complicates forecasts of a year of further recovery toward a “next normal” state. However, consumer attitudes indicate a steadfast appetite for new financial services products and solutions, as the demand persists for smarter tools that can guide consumers to their diverse financial goals. With this stable market size in mind, financial institutions must pay attention to subtle fluctuations in consumer preferences, such as the heightened prioritization of flexibility and personalization that have stemmed from the volatile environment. Financial services companies that can mirror the flexibility sought after by consumers through tactful marketing of timely benefits will have the best opportunity to resonate with a prudent consumer base in 2022.
Patrick Rahlfs
Senior Research Analyst
Collapse All
-
Overview
- What you need to know
- This Report looks at the following areas
- Market context
- Economic and other assumptions
- COVID-19: US context
-
Executive Summary
- Top takeaways
- Conflicting economic indicators affect the shape of 2022’s “next normal”
- Consumers prioritize saving over spending for 2022
- Figure 1: Highest priority financial goals, 2021
- A generational divide bodes well for alternative competitors
- Market overview
- Impact of COVID-19 on financial services
- Figure 2: Financial services outlook, 2022
- Opportunities and challenges
- Perceptions of value may shift due to inflation concerns
- Trust gains allure when volatility is an issue
-
The Market – Key Takeaways
- Mortgages compose the majority of US debt, while credit card balances are back on the rise
- Disposable personal income flattens due to inflation
- Consumer sentiment troughs ahead of Omicron spread
-
Market Size
- Mortgages are responsible for the majority of US debt, while younger adults face student loans
- Figure 3: Debt share, by product type and age, 2021
- Credit card debt balance is back on the rise as accounts grow in number
- Figure 4: Credit card accounts and debt balance, 2018-21
- Disposable Personal Income has leveled off
- Figure 5: Disposable Personal Income year-over-year changes, 2007-21
- Mortgages are responsible for the majority of US debt, while younger adults face student loans
-
Market Factors
- GDP increased for the fifth consecutive quarter, albeit at a lower rate
- Figure 6: GDP quarterly changes, 2010-21
- Consumer sentiment troughs heading into 2022
- Figure 7: Consumer Sentiment Index, 2017-21
- Consumer Price Index shows record inflation rates
- Figure 8: Consumer Price Index year-over-year change, 2017-21
- GDP increased for the fifth consecutive quarter, albeit at a lower rate
-
Companies and Brands
- Flexible products can counteract volatility
- Figure 9: Citi Custom Cash tv ad, 2021
- Brands look to the next generation in marketing financial products
- Figure 10: Greenlight tv ad, 2021
- Flexible products can counteract volatility
-
Competitive Strategies
- TV is a key channel for communicating brand value
- Figure 11: Banking industry tv spend, US, 2020-21
- Figure 12: Chase banking tv ad, 2021
- Investment and planning tools stress accessibility and democratization
- Figure 13: Charles Schwab tv ad, 2021
- TV is a key channel for communicating brand value
-
Market Opportunities
- Savings products receive little marketing relative to demand
- Consumers seek socially responsible financial institutions
- Banks and cryptocurrency services could be a fruitful match
-
The Consumer – Key Takeaways
- Resumption of travel is the most anticipated effect of vaccines
- Saving is the top consumer goal for 2022
- One in two consumers will seek a new account in 2022
- Rewards and sign-up bonuses are top motivators for new accounts
- Credit unions are consumers’ top preference when opening new accounts
- Consumers crave connected, seamless banking experiences
-
Impact of Vaccines on Financial Behaviors
- Travel is atop consumers’ minds as efforts to combat the pandemic progress
- Figure 14: Effects of COVID-19 vaccine availability, 2021
- Younger consumers may adapt financial lives post-vaccine, while older consumers are focused on direct effects
- Figure 15: Effects of COVID-19 vaccine availability, by generation, 2021
- Travel is atop consumers’ minds as efforts to combat the pandemic progress
-
Financial Goals for 2022
- Increasing savings and investments top the list of financial goals
- Figure 16: Highest priority financial goals, 2021
- As young consumers look to save, older consumers look to spend
- Figure 17: Highest priority financial goals, by generation, 2021
- Increasing savings and investments top the list of financial goals
-
New Financial Accounts in 2022
- One in two consumers plans to open a new financial services account in 2022
- Figure 18: Planned new accounts, 2021
- Young men are the most likely group to open new products in 2022
- Figure 19: Planned new accounts, by age and gender, 2021
- Consumers with debt may turn to BNPL
- Figure 20: Planned new accounts, by consumers looking to pay down credit card debt, 2021
- One in two consumers plans to open a new financial services account in 2022
-
Motivations for New Accounts
- Consumers are seeking rewards in 2022
- Figure 21: Desired features in new accounts or products, 2021
- Consumers crave rewards from credit cards, peace of mind from banking
- Figure 22: Desired features in new accounts or products by plans to open accounts in 2022, 2021
- Consumers are seeking rewards in 2022
-
Financial Institutions
- Consumers view credit unions favorably when considering new accounts
- Figure 23: Financial services institutions, 2021
- Younger consumers are more open to alternative financial institutions
- Figure 24: Financial services institutions, by generation, 2021
- Consumers view credit unions favorably when considering new accounts
-
Attitudes toward Financial Services
- Consumers prefer to have financial accounts in one place
- Figure 25: Attitudes toward financial services, 2021
- Despite security concerns, consumers want seamless app experience
- Figure 26: Attitudes toward mobile apps, by generation, 2021
- Young consumers are interested in crypto as an investment and a payment method
- Figure 27: Attitudes toward cryptocurrency usage, by generation, 2021
- Figure 28: Attitudes toward cryptocurrency offerings, by generation, 2021
- Consumers prefer to have financial accounts in one place
-
Appendix – Data Sources and Abbreviations
- Consumer survey data
- Marketing creative
- Abbreviations and terms
- Abbreviations
Why Choose Mintel?
Mintel is the world’s leading market intelligence agency. We show you how consumers think today and tomorrow. As a trusted partner to industry leaders, we deliver game-changing insights to businesses across the globe, fuelling their marketing and innovation strategies that will shape the future.
Access high-quality market research with every purchase of Mintel’s consumer reports. Here’s what else is included in your report purchase:
- Multiple Report Formats: Mintel’s reports are available in PDF and PPT formats, and are delivered straight to your inbox, so you can easily share Mintel’s market intelligence.
- Access to Mintel’s Clients Portal: After your purchase is completed, you’ll receive an invitation to join Mintel’s Clients Portal, providing instant access to supplementary insights from Mintel’s industry experts.
- Interactive Databook: Mintel’s bespoke consumer data is presented as an interactive website, so you can deep dive into your chosen topic, explore demographics and download specific statistics.
- Custom Presentation Tool: Easily incorporate selected research data and analysis into a tailor-made presentation to win over clients and stakeholders.
Below is a generic PDF sample report. Understand what you are buying.
Please Note: All of the figures, graphs, and tables in this sample report have been redacted.
£ 3,695 (Excl.Tax)
- Instant access when you pay by credit card
- Add multiple reports to your cart to receive a discount
Is this report right for you?
From consumer reports to customised growth strategies. We have an option to suit your business requirements.
Find out morePopular Related Reports
US Home Purchasing and Mortgages Market Report 2025
£ 3,695
Evolving consumer behaviors and preferences continue to drive the housing market. Younger buyers are at the forefront of these shifts, with more and more younger adults making purchase...
Find out moreGlobal Citizens and Banking in the US Consumer Report 2025
£ 3,695
The rising population of global citizens (ie foreign-born) in the US, which accounts for over 14% of the country's total population, represents a significant opportunity for FIs to...
Find out moreUS Gig Economy Consumer Report 2025
£ 3,695
As many households continue to feel the pinch of an elevated cost of living, in tandem with economic uncertainty, the gig economy keeps establishing itself as a safeguard...
Find out moreUS Banking Experience Market Report 2025
£ 3,695
While customers continue to lean towards the convenience mobile solutions provides, physical branches remain of extreme importance to many, especially across products and services benefitting from the human...
Find out moreUS Financial Services Market Report 2025
£ 3,695
2025 is marked by a shift in financial priorities, with a move away from saving toward increased discretionary spending across areas like travel and big-ticket purchases. This transition...
Find out moreUS Property and Casualty Insurance Market Report 2025
£ 3,695
The P&C market is navigating a complex period, though there are encouraging signs of stabilization among carriers. Insurers are seeing improved profitability as earlier rate increases take effect,...
Find out moreTrusted by global industry leaders
When I’m investigating specific sectors I tend to use Mintel reports for their forecasting, which I’ve always found to be very accurate.
They also offer really broad and deep coverage in their reports. They are very, very detailed. For example, we were able to gain insight across a wide range of business areas from just one report, proving that Mintel is excellent value for money.
So overall, it’s the level of detail and the quality of forecasting that really stand out for me.
Rebecca Green, Market Insight Manager, Wincanton
At Jackman, we believe that powerful strategies are based on human insight. Mintel’s leading-edge reports and insights into consumer attitudes and behaviors are an important input as we develop and execute strategy.
Alana Gavin, VP Research and Insights, Jackman
One of the biggest challenges we face is the need to get smart on a business or category real quick.
We are talking to clients who live and breathe their category every day and the expectation is that we will be able to get caught up very quickly, and bring the thinking that can help them.
We need to do that often in a matter of days, so it’s not a small ask. Mintel gives us a very articulate view of category conditions and does so at the speed we need it.
Jeff White, Business Development Director, Deutsch
We utilize Mintel Reports, Trends and Comperemedia to mine for insights across the numerous business verticals that Epsilon serves, such as CPG, automotive, telecom, healthcare/pharma, retail and financial services.
By integrating Mintel insight into new business opportunities, we have been able to gain the competitive edge necessary to advance partnerships with global brands and key business players.
For our organization, it’s about depth and breadth. Having one without the other doesn’t enable success in our business.
Virginia Harvey, Secondary Research Manager, Epsilon
We’ve found it so useful working more closely with Mintel. They helped support our recent flagship event for our top suppliers by providing a really unique viewpoint on the future of online retailing.
Nick Carroll from their Retail Team was also an excellent panelist, sharing useful and actionable consumer insights. We definitely look forward to working with Mintel again on future projects.
Zac Steele, E-Commerce Trading Development Manager, Waitrose & Partners
Is this report right for you?
From consumer reports to customised growth strategies. We have an option to suit your business requirements.
Find out more
