The strength of long-term banking relationships remains dependent on the inherent trust customers have in their providers. This trust can come in many forms; for some, it is due to their deposits remaining secure for the length of said relationship. For others, it is the active demonstration of community involvement and financial support that drives this trust. Mintel’s consumer report provides a comprehensive analysis of US consumers’ trust in financial services providers, including an overview of competitive strategies to build trust.
Key Issues Covered in this Report
- The types of financial services providers consumers trust the most.
- How trust changes across a variety of financial services brands.
- The biggest drivers when choosing FIs.
- The biggest factors that contribute to trusting FIs.
- Attitudes toward financial services providers and the industry.
US Financial Services Industry – Consumer Insights
In the past couple of years, consumers wrestled with the recessionary impacts due to the pandemic, and most recently, the one-two punch of high inflation and high interest rates – leading to financial wellness taking a higher precedence in many peoples’ minds. With over 40% of consumers wanting FIs to help them achieve their financial goals, providers have the chance to take a more active role in their customers’ financial wellbeing and gain the two most coveted currencies in the financial services industry – trust and loyalty.
Purchase the full report for a comprehensive analysis of US Consumers’ Trust in Financial Services. Readers of this report may also be interested in Mintel’s US Unbanked and Underbanked Consumer Report.
Expert Analysis from a Financial Services Specialist
This report, written by Amr Hamdi, a leading financial services analyst, delivers in-depth commentary and analysis to highlight consumer trends in the US financial services industry.
Trust remains the backbone of any banking relationship – essential in fostering loyalty, ensuring financial security, and upholding the integrity of the industry.
Amr Hamdi
Finance Analyst
Collapse All
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- Key issues covered in this Report
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Executive summary
- Consumer trends: key takeaways
- Graph 1: top reasons for trusting financial services providers, 2023
- Graph 2: trust in traditional banks vs tech companies and neobanks, by generation, 2023
- Opportunities
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Consumer Insights
- Consumer fast facts
- Consumer trust across financial services providers
- Graph 3: trust in financial services providers, 2023
- Graph 4: trust in banks vs credit unions, by generation, 2023
- Trust in financial brands
- Graph 5: trust and mistrust across traditional bank brands, 2023
- Graph 6: trust in online and mobile payments brands, by generation, 2023
- Important factors in choice of FI
- Graph 7: top five factors in choice of FI, 2023
- Graph 8: most important factors in choice of FI, by generation, 2023
- Graph 9: desire for financial support, by household income, 2023
- Financial services concerns
- Graph 10: consumers’ top five concerns regarding financial services providers, 2023
- Attitudes towards financial services providers
- Graph 11: satisfaction and trust in financial providers vs industry, by age, 2023
- Graph 12: loss of trust after bank failures, by household income, 2023
- Graph 13: attitudes toward biometric authentication, by generation, 2023
- Graph 14: adding accounts with new providers in the past year, by age, 2023
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Competitive strategies
- Marketing and advertising
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The Market
- Market context
- Market drivers
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Appendix
Market Intelligence Made Easier With Mintel
The first Mintel Market Intelligence report was published over 50 years ago. Since then, we have provided our unique insights and understanding of consumers, innovation and global markets to thousands of customers worldwide. Here’s why our customers rely on Mintel:
- Gain a comprehensive, 360-degree view of the market: Mintel reports blend consumer research, market forecasts, product innovation tracking, and competitive analysis, allowing businesses to see every angle of their industry and identify new opportunities quickly.
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- Benefit from expert analysis and practical recommendations: Mintel’s reports are written by experienced analysts who interpret complex data and provide clear, actionable insights you can trust to guide your next moves.
- Stay ahead with actionable intelligence on market trends and consumer behaviour: By combining fresh research with long-term market monitoring, our reports help businesses anticipate changes and adapt strategically. So you’re prepared to make informed decisions and drive growth.
What goes into a Mintel Market Intelligence Report?
Curious about how a Market Intelligence report comes together? We like to think of it as building a detailed puzzle. We start with individual pieces: data from consumers, market statistics, industry trends, and online conversations. Then our expert analysts add world-class human insight and industry knowledge. The pieces are assembled to reveal a clear, comprehensive picture of a market.
The Four Pillars of Our Research
We use a combination of four main research methods when creating our reports, each adding a valuable perspective:
- Consumer Research: Direct surveys with real people, giving us clear, current insights into what people think and do.
- Desk Research: In-depth review of trusted data sources. We use this rich database, plus powerful internal tools that track new products and market sizes, to detect trends and guide forecasts.
- Trade Research: Insights from conversations with industry experts. Their real-world experience helps us understand what’s happening behind the scenes.
- Brand and Social Media Research: Analysis of online opinions and trends. This lets us spot trends, measure brand sentiment, and capture feedback in real time, adding further depth to our research.
Bringing It All Together
Each of these four pillars provides a different piece of the puzzle. Consumer research tells us what customers think, desk research provides the factual framework, trade research offers an insider’s view, and social media analysis reveals public sentiment.
Our expert analysts are skilled in weaving these diverse data streams together. They apply a range of quantitative and qualitative analysis techniques to uncover the deeper story, connecting the dots to deliver clear, actionable insights. This comprehensive, multi-layered process is how we transform raw data into a market intelligence report you can trust to inform your most important business decisions.
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