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US Digital Trends in Finance Market Report

Everything you need to make the right decisions

Providing the most comprehensive and up-to-date information and analysis of the Consumer Attitudes Toward Fintech market, and the behaviours, preferences and habits of the consumer.

Mintel has the answers you’re looking for

What are the key challenges facing the industry and how fast are its rates of growth? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?

Definition

For the purposes of this Report, Mintel has used the following definitions:

FinTech includes any service or technology that has altered the way consumers interact with, receive, or manage their finances. This Report focuses on four broad categories of FinTech:

  • User experience
  • Alternate lending
  • Alternate payment
  • Security

Expert analysis from a specialist in the field

Written by Chris Shadle, a leading analyst in the Financial Services sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.

FinTech start-ups are fundamentally altering how consumers interact with financial services by delivering these services faster and by factoring in an ever-growing volume and variety of data for assessing the value of potential customers. Traditional finance brands are also leveraging the innovations that have emerged from the FinTech scene. Mobile services currently lead the charge, but there are many more opportunities to explore. Chris Shadle
Financial Services Analyst

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Table of contents

  1. Overview

    • What you need to know
      • Definition
      • Executive Summary

        • Overview
          • The issues
            • Trust in the financial services industry remains below 50%
              • Figure 1: Trust in financial services industry, June 2018
            • 45-54 demographic is the least engaged with financial services providers
              • Figure 2: Consumers who do not interact with financial services companies, by age, June 2018
            • Consumers not ready to embrace future
              • Figure 3: Desired fintech features, June 2018
            • The opportunities
              • Most consumers proactively monitor their finances
                • Figure 4: Proactively monitoring finances, by self-reported credit score, June 2018
              • Comfort with fintech’s security has grown
                • Figure 5: Comfort level with financial security and technology, June 2018
              • What it means
              • The Market – What You Need to Know

                • Majority of adults own multiple devices
                  • Personal lending skyrockets
                  • Market Breakdown

                    • Financial product ownership
                      • Figure 6: Financial product ownership, June 2018
                    • Majority of adults own more than one tech device
                      • Figure 7: Number of mobile devices or laptops owned, May 2018
                  • Market Factors

                    • Branch locations plateau, as number of banks continues to decline
                      • Figure 8: Number of FDIC-insured commercial branches and institutions, 2006-16
                    • Personal lending skyrockets
                      • Aging of US population
                        • Figure 9: Population by age, 2013-23
                    • Key Players – What You Need to Know

                      • Point-of-sale lending
                        • Apple’s fintech success
                          • Fintechs hesitant to embrace regulation
                            • Alternative ways to measure credit worthiness
                            • What’s Working?

                              • Point-of-sale lending
                                • AmEx “Pay It Plan It”
                                  • Affirm and Afterpay
                                    • Apple’s fintech success
                                    • What’s Struggling?

                                      • Voice access technology still struggling to catch on
                                        • Figure 10: Lack of interest in using voice technology to access account, by age and gender, June 2018
                                      • Fintechs hesitant to embrace regulation
                                      • What’s Next?

                                        • Big brands buy up or partner with fintech startups
                                          • Alternative ways to measure credit worthiness
                                          • The Consumer – What You Need to Know

                                            • Most see a need for in-person financial transactions
                                              • Bank website is most frequently used channel
                                                • Consumers most interested in using biometrics to access financial accounts
                                                  • Most consumers proactively monitor their finances
                                                    • Amazon, Google not heavy competition just yet
                                                      • Consumers not ready to embrace financial future
                                                      • Attitudes toward Financial Technologies

                                                        • Most see a need, now and in the future, for in-person financial transactions
                                                          • Figure 11: Opinion on the need for in-person financial transactions, June 2018
                                                        • Trust in financial services industry remains below 50%
                                                          • Figure 12: Trust in financial services industry, June 2018
                                                          • Figure 13: Allstate video, “Allstate Commercials: Park Road America,” July 2018
                                                        • Trust particularly low in rural areas
                                                          • Figure 14: Trust in financial services industry, by area of residence, June 2018
                                                        • Comfort with fintech’s security has grown
                                                          • Figure 15: Comfort level with financial security and technology, June 2018
                                                        • Consumers are open to alternative credit scoring
                                                            • Figure 16: Opinions on alternative credit scoring, by generation and by race and ethnicity, June 2018
                                                          • Amazon, Google not heavy competition just yet
                                                            • Figure 17: Interest in opening financial account from Amazon or Google, by age and gender, June 2018
                                                        • Interacting with Financial Brands

                                                          • Bank website is most frequently used channel
                                                            • Figure 18: Most frequently used channels to interact with financial services companies, June 2018
                                                            • Figure 19: HomeStreet Bank website launch email, February 2018
                                                          • Younger consumers prefer in-person visit, mobile app over website
                                                            • Figure 20: Most frequently used channels to interact with financial services companies, by age, June 2018
                                                          • 45-54 demographic least engaged with financial services providers
                                                            • Figure 21: Consumers who do not interact with financial services companies, by age, June 2018
                                                        • Interest in Using Fintech

                                                          • Consumers most interested in using biometrics to access financial accounts
                                                            • Figure 22: Familiarity with and interest in biometrics, June 2018
                                                            • Figure 23: Bank of America fraud protection email, August 2018
                                                          • Nearly four in 10 have not heard of roboadvisors
                                                            • Figure 24: Knowledge of roboadvisors, by household income, June 2018
                                                          • Cryptocurrency hasn’t hit the mainstream yet
                                                            • Figure 25: Familiarity with and interest in cryptocurrency, June 2018
                                                          • Young, upper middle class most interested in PFM
                                                            • Figure 26: Interest in personal financial management tools, by age and household income, June 2018
                                                        • Financial Behaviors

                                                          • Less than 10% have used a financial virtual assistant
                                                            • Figure 27: Use of personal assistant from financial services company, by generation, June 2018
                                                          • Most consumers proactively monitor their finances
                                                            • Figure 28: Proactively monitoring finances, by self-reported credit score, June 2018
                                                          • Some consumers are drifting away from their local branch
                                                            • Figure 29: Preference for not visiting branch, by age and race and ethnicity, June 2018
                                                          • Younger women more likely to conduct financial transactions via mobile
                                                            • Figure 30: Conducting financial transactions online or through mobile, by age and gender, June 2018
                                                          • Older consumers still reluctant to use mobile apps
                                                            • Figure 31: Conducting financial transactions online or through mobile, by age and gender, June 2018
                                                          • Most consumers aren’t paying attention to new financial technologies
                                                            • Figure 32: Conducting financial transactions online or through mobile, by parental status, June 2018
                                                        • Ideal Fintech Features

                                                          • Consumers not ready to embrace future
                                                            • Figure 33: Desired fintech features, June 2018
                                                          • Men are most open to proactive account notifications
                                                            • Figure 34: Interest in proactive account notifications, by age and gender, June 2018
                                                          • Meet customers where they are in terms of lifestage
                                                            • Figure 35: Desired fintech features, by age, June 2018
                                                        • Appendix – Data Sources and Abbreviations

                                                          • Data sources
                                                            • Consumer survey data
                                                              • Direct marketing creative
                                                                • Abbreviations and terms
                                                                  • Abbreviations
                                                                    • Terms