Financial Services

Mintel’s Financial Services market research combines the latest market intelligence, industry insights and expert recommendations to help you anticipate what’s next in the Financial Services industry.

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Categories Related to: 'Financial Services'

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    Despite rising concern surrounding credit card debt and the stress that it causes, a surprising 45% of cardholders are willing to pay higher annual fees for superior rewards and benefits, highlighting a shift towards premium offerings. Concurrent with this demand for enhanced benefits is a focus on credit building, solidifying..."
    The last five years has brought both hardship and opportunity to multicultural consumers. In addition to its human toll, COVID led to disproportionate job loss, followed by high inflation. The Black Lives Matter movement, AAPI hate and anti-immigration sentiment also deeply impacted many. These consumers have persevered throughout it all,..."
    Although the cost of owning P&C insurance has risen over the years, carriers still have the tools to mitigate the risk of customer churn, while unlocking key growth segments in the process. The tried-and-tested bundle deal remains the most effective retention tool, especially in today’s insurance climate marred by rising premiums...."
    While credit cards are selected as the #1 payment preference by 39% of credit card owners, they are ranked as a 2nd or 3rd choice by just 29% of cardholders. Proponents of credit cards continue to use them for a wider range of purchases, from small in-person transactions to large,..."
    Increases in business costs over the past few years for carriers have triggered successive premium hikes for policyholders, prompting some customers to reconsider their coverage and explore more cost-effective options from a wider range of carriers. Despite the rise in premiums, the tried-and-tested bundle deal has remained resilient, with the rate..."
    The Canadian consumer has a nuanced perception of the economic forecast and its intersection with their personal finances. On one hand, inflation remains far and away the most prominent concern for the next six months, growing even more squarely into the focus for most consumers. However, this continued concern has..."
    Two years removed from the country’s worst bout of inflation in over four decades, the US economy has defied expectations. Prices continue to exhibit signs of being on a deflationary path, the labor market remains resilient, wage growth is solid, along with real GDP continuing to display healthy quarterly increases. Income..."
    There is a large gap when it comes to investing motives of Gen Z newcomers and their Millennials counterparts. The former is much more likely to prioritize quick gains over steady, long-term returns. This is reinforced by just the third of Gen Zers citing saving for retirement as an investing..."
    Canadian banks are hitting the mark in providing the necessary resources for new Canadians, with 89% of newcomers agreeing that they would recommend their main bank to a friend or family member. Branch locations are commonly leveraged by newcomers to open new products, and enhancements in mobile chatbot assistance and..."
    For the second consecutive year, consumers were more eager to interact with digital ads and respond to direct mail and email campaigns, illustrating heightened demand for financial products. Accompanying their desire for new financial solutions is an increased appetite for research, with consumers turning to a greater number of channels..."
    First-time investors, typically those with less than a year of investing experience, tend to prioritize short-term gains over long-term investment impacts. This is reinforced by their higher proclivity towards riskier and speculative assets like cryptocurrencies and NFTs, which are significantly less popular among their more experienced counterparts. On the other..."
    Lenders must adapt their strategies to align with the evolving needs and preferences of borrowers, all while operating in an increasingly competitive market. Amr Hamdi, Finance Analyst ..."

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    Inflation's compression of consumer budgets has caused a prioritization of cost over choice of doctors when selecting coverage, driving consideration of switching. Patrick Rahlfs, Senior Research Analyst ..."
    Personal lenders must adapt to meet the changing preferences of borrowers while navigating an increasingly competitive landscape. Amr Hamdi, Finance Analyst ..."
    Rising interest rates have been felt by consumers, forcing cutbacks in spend and a focus on debt. Optimistic outlooks persist, sustaining hope for growth in 2024. Patrick Rahlfs, Senior Research Analyst ..."
    FIs must continue working to bridge the gap between mainstream financial services and the un- and underbanked to ensure an equitable and inclusive banking system. Amr Hamdi, Finance Analyst ..."