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US The Banking Experience Market Report

Everything you need to make the right decisions

Providing the most comprehensive and up-to-date information and analysis of the The Banking Experience, 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? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?

Covered in this report

This report covers consumer opinion and behaviors in regard to retail banking and credit unions.

  • Location of primary accounts
  • Consumer banking behaviors
  • Reasons for bank switching
  • Important banking features

What you need to know

While the amount of total deposits held at US banks and credit unions continues to grow, the number of companies controlling the industry has steadily shrunk. Nonetheless, consumer satisfaction and demand for a physical presence remains high. While consumers—especially younger generations—are eager to utilize the latest technological advancements, trust and inertia continue to be the primary drivers of loyalty.

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.

While the total number of banks and credit unions has been declining, the number of accounts, credit union memberships, and overall deposits continues to steadily rise. The majority of consumers are satisfied with their banking institutions, and while the future of banking will be a primarily digital experience, most individuals continue to interact with their banks in-person as well. Chris Shadle
Financial Services Analyst

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Table of contents

  1. Overview

    • What you need to know
      • Definition
      • Executive Summary

        • Overview
          • Themes
            • Be willing to take risks
              • Look outside the industry
                • Tech and human knowledge fit together
                  • What it means
                  • The Market – What You Need to Know

                    • Total number of branches falls, while banks continue to merge
                      • Top products remain in checking and credit
                      • Market Breakdown

                        • Total number of branches falls, while banks continue to merge
                          • Figure 1: Number of FDIC-insured commercial institutions and branches, 2006-18
                        • Chase tops national banks in consolidated assets
                          • Figure 2: Insured US-chartered commercial banks that have consolidated assets of $300 million or more, ranked by consolidated assets, November 2018
                        • Credit union membership nears 120 million
                          • Figure 3: Number of US credit unions, credit union members, and savings deposits, June 2007-November 2018
                          • Figure 4: Workers Credit Union direct mail piece, July 2018
                      • Financial Product Ownership

                        • Top products remain in checking and credit
                          • Figure 5: Financial account ownership, January 2019
                        • Older consumers still more likely to have open accounts, but opportunity in savings
                          • Figure 6: Financial account ownership, by age, January 2019
                        • Women have more loan debt, especially from schooling
                          • Figure 7: Loan ownership, by age and gender, January 2019
                      • Key Players – What You Need to Know

                        • New branding efforts convey new starts and new missions
                          • BB&T and SunTrust merge to compete with larger banks
                            • Consumers don’t know how to guess the future of banking
                              • Fintech is no longer the enemy of the traditional bank
                              • What’s Happening?

                                • TD Bank’s “Unexpectedly Human” shows bankers as real people
                                  • Figure 8: TD Bank, “Dancer” commercial
                                • New branding efforts convey new starts and new missions
                                  • Mastercard
                                    • Figure 9: Mastercard new logo reveal on Facebook
                                  • Wells Fargo
                                    • Figure 10: Wells Fargo’s new logos
                                  • BB&T and SunTrust announce technology-driven merger
                                    • Figure 11: BB&T, SunTrust merger notification email
                                  • Online-only banks continue to grow market share
                                    • Chime
                                      • Empower
                                      • What’s Struggling?

                                        • Chase and Goop partner for expensive Valentine’s Day gift guide
                                          • Figure 12: Chase Valentine’s Day Gift Guide promotion on Facebook
                                        • Consumers don’t know what they don’t know
                                          • Figure 13: Interest in popular financial services trends, January 2019
                                      • What’s Next?

                                        • Influencer marketing for banks
                                          • Fintech is no longer the enemy of the traditional bank
                                          • Trends Impacting Banking

                                            • Consumers are Redefining Adulthood
                                              • Banks can try to combat Social Isolation
                                                • Figure 14: Capital One, “Capital One Cafes – A Refreshing Take On Banking” commercial
                                              • Financial services as a part of one’s Total Wellbeing
                                              • The Consumer – What You Need to Know

                                                • Majority of consumers digitally access financial accounts via their computer
                                                  • Consumers are looking for more mobile control of their accounts
                                                    • Technology continues to be a “nice to have” – but not a necessity
                                                      • Interest in technological advancements is low
                                                        • Most consumers are comfortable with bank account diversification
                                                        • Consumer Movement to Digital Channels

                                                          • Majority of consumers digitally access financial accounts via their computer
                                                            • Figure 15: Digital account access, January 2019
                                                          • Mobile apps are more popular than mobile websites
                                                              • Figure 16: Mobile account access, January 2019
                                                            • Mobile apps make banking transactions easier
                                                              • Figure 17: Conducting bank transactions, January 2019
                                                            • Mortgages, auto loans are least digitally connected via mobile
                                                                • Figure 18: Digital channel usage for loans, January 2019
                                                            • Opinion of Current Bank Advancements

                                                              • Interest in technological advancements is low
                                                                • Figure 19: Interest in biometrics, by generation, January 2019
                                                              • Proactive notifications see moderate interest
                                                                • Figure 20: Interest in proactive recommendations and tools from banks, January 2019
                                                              • Younger consumers are looking to financial experts
                                                                • Figure 21: Interest in recommendations and financial management from banks, by age, January 2019
                                                            • Interest in Banking Innovations

                                                              • Technology continues to be a “nice to have” – but not a necessity
                                                                • Figure 22: Financial institutions used in past year, by race and ethnicity, November 2018
                                                              • Consumers are unwilling to share everything with their bank
                                                                • Figure 23: Willingness to share non-financial information, by age and gender, January 2019
                                                              • Incentives not powerful enough to increase information sharing
                                                                • Figure 24: Willingness to share personal information for incentive, by gender, January 2019
                                                              • Human employee interaction still seen as important to many
                                                                • Figure 25: Preference to avoid speaking with bank employees, by age, January 2019
                                                              • Urban dwellers more welcoming of Amazon and Google into financial sector
                                                                • Figure 26: Interest in financial accounts from tech companies, by geographic area, January 2019
                                                            • Consumer Interest in the Latest Financial Services Trends

                                                              • Consumers are looking for more mobile control of their accounts
                                                                  • Figure 27: Interest in mobile and platform consolidation of accounts, by generation, January 2019
                                                                • Parents are looking for multiple channels to contact their bank
                                                                  • Figure 28: Interest in mobile and platform consolidation of accounts, by generation, January 2019
                                                                • Personal banking can learn from telemedicine
                                                                  • Bank customers aren’t quite ready for emojis
                                                                    • Figure 29: Interest in ability to connect emoticons to finances, by age and gender, January 2019
                                                                • Attitudes toward Banks and Bank Products

                                                                  • Employees, digital properties are top sources for banking information
                                                                    • Figure 30: Preference to visit bank website or speak with employee, January 2019
                                                                  • Most consumers are comfortable with bank account diversification
                                                                    • Figure 31: Need for multiple bank accounts and financial habit tracking, January 2019
                                                                • Appendix – Data Sources and Abbreviations

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