Description

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
Patrick Rahlfs
Senior Research Analyst

Table of Contents

  1. 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
                                  • 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
                                  • 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
                                  • 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
                                  • 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
                                                    • 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
                                                    • 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
                                                    • 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
                                                    • 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
                                                    • 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
                                                    • Appendix – Data Sources and Abbreviations

                                                      • Consumer survey data
                                                        • Marketing creative
                                                          • Abbreviations and terms
                                                            • Abbreviations

                                                            About the report

                                                            This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

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                                                            Brand/Company

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                                                            Data

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