Discover the latest trends in how consumers respond to how brands market and communicate financial services with Mintel’s US Marketing Financial Services Market Report 2023. The full report provides analysis of the US financial services market, competitive strategies and market opportunities, and the latest financial services consumer behavior.

Below, we’ve handpicked the key insights analyzed in the full report and summarized the core topics.

Key Topics Covered in this Report

  • Top consumer channels for financial information
  • Responses to financial marketing across channels
  • Most desired product features
  • Preferred advertising themes in financial marketing
  • Preferred incentive types
  • Attitudes toward financial marketing

Marketing Financial Services in the US – The latest consumer trends

Brand reputation a top priority

Mintel’s consumer research found an uptick of Americans considering the reputation of a company to be an important factor, increasing by 5% compared to 2022 data. This highlights there is a shift in consumer focus toward brand-level details such as customer service and security features, caused by a turbulent economy and recent banking collapses.

Gen Z marketing tastes maturing

As Gen Z ages into greater financial maturity, its consumption of digital financial sources expands. Social media remained the top digital source, but visiting non-bank financial websites saw a 10% increase compared to 2022. Gen Z’s growing appetite for financial information is not limited to what can be provided by their banks. This presents an affiliate marketing opportunity for brands to partner with these websites to educate and attract consumers.

Purchase our full report to discover more about the latest consumer trends shaping the future of marketing financial products and services, or if you would like to learn more about the financial services industry, explore our extensive market research reports.

Expert Analysis from a Financial Services Specialist

This report, written by Patrick Rahlfs, a leading financial services analyst, delivers in-depth commentary and analysis to highlight current trends marketing of financial products and services, and add expert context to the numbers.

A continued state of economic turbulence brought on by the banking crisis of early 2023 has caused young financial services consumers to grow up fast, interpreting uncertainty as a mandate to expand their research and desire a more serious tone from financial brands. Consumer tastes have correspondingly shifted toward brand-level features like reputation and security, seeking peace of mind above quantitative upgrades. Strong cross-channel response rates indicate plentiful opportunities for marketers that can adapt to these shifting preferences.

Patrick Rahlfs, Senior Research AnalystPatrick Rahlfs
Senior Research Analyst


Table of Contents

  1. Overview

    • What you need to know
      • This Report looks at the following areas
        • Definition
          • Market context
          • Executive Summary

              • Top Takeaways
                • Consumer trends
                  • Gen Z is maturing in both financial consumption and taste in themes
                    • Figure 1: Gen Z personal finance sources by year, 2022 and 2023
                  • Brand reputation overtakes savings as consumers’ most desired feature
                    • Figure 2: Financial services product features by year, 2022 and 2023
                  • Older, higher-earning customers are considering switches
                    • Figure 3: Openness to switch due to incentive by age and income, 2022 and 2023
                  • Competitive strategies
                    • Banking marketing is on the rise, while lending declines
                      • Figure 4: Financial services industry spend by subindustry, Q1 2021 – Q1 2023
                    • Top television creatives elevate customer service
                      • Figure 5: TD Bank national television ad, 2023
                    • Market predictions
                      • Figure 6: Category outlook, 2023-28
                    • Opportunities
                      • Aggressive paid social campaigns are particularly likely to land
                        • Bank sites can cross-sell young consumers
                          • The $75k to $100k income group are valuable switchers
                          • Market Size

                            • More than 90% of consumers are banked
                              • Figure 7: Financial product ownership, 2023
                            • Consumer financial well-being took a rare step back in 2022
                              • Figure 8: Percent of consumers that are at least okay financially, 2013-22
                            • Inflation and its knock-on effects are driving concerns
                              • Figure 9: Categories of self-reported main financial challenges, 2016-22
                          • Market Drivers

                            • Marketing spend hit quarterly low, but responses are up
                              • Figure 10: Financial services industry cross-channel spend, Q1 2021 – Q1 2023
                            • Banking marketing is surpassing mortgages and loans
                              • Figure 11: Financial services industry spend by subindustry, Q1 2021 – Q1 2023
                            • Consumer sentiment ticked up in June, but remains low
                              • Figure 12: Consumer sentiment index, 2017-23
                          • Competitive Strategies and Market Opportunities

                            • Online savings accounts offer a counterpunch to inflation
                              • Figure 12: Discover savings direct mail creative, 2023
                            • Apple Card’s security focus is gaining appeal
                              • Figure 13: Apple card acquisition email, 2023
                            • TD Bank’s unexpectedly human approach provides an empathetic narrative
                              • Figure 14: TD Bank national television ad, 2023
                          • The Financial Services Consumer – Fast Facts

                            • Personal Finance Sources

                              • Personal sources reign supreme
                                • Figure 15: Personal finance sources, 2023
                              • Gen Z is expanding its consumption of digital sources
                                • Figure 16: Gen Z personal finance sources by year, 2022 and 2023
                              • Black consumers are most responsive to top-of-funnel channels, in line with qualitative preferences
                                • Figure 17: Personal finance sources by race and Hispanic origin, 2023
                            • Response Behaviors

                              • Responses to social ads outpaced responses to direct channels
                                • Figure 18: Financial services marketing responses, 2023
                              • Consumer response to financial ads was up across channels
                                • Figure 19: Financial services marketing responses by year, 2022 and 2023
                              • 35-54-year old males led the surge in digital responses
                                • Figure 20: Change in financial services marketing responses by year, 2022 and 2023
                              • Middle asset segments are the most responsive
                                • Figure 21: Financial services marketing responses by household investable assets, 2023
                            • Top Product Features

                              • Customer service and security were more valued than earn potential
                                • Figure 22: Financial services product features, 2023
                              • Reputation surpassed savings among top priority features
                                • Figure 23: Financial services product features by year, 2022 and 2023
                              • Young consumers shifted toward reputation, security
                                • Figure 24: Change in preferred financial services product features by year, 2022 and 2023
                              • Sign-up bonuses and online features were sought by responsive customers
                                • Figure 25: Financial services product features by response to ads, 2023
                            • Preferred Marketing Themes

                              • Serious, quantitative approaches are most popular
                                • Figure 26: Financial services marketing themes, 2023
                              • Gen Z is maturing and want a more advanced tone
                                • Figure 27: Gen Z financial services marketing themes by year, 2022 and 2023
                              • Higher earning consumers prefer serious themes, but still want to learn
                                • Figure 28: Financial services marketing themes by income, 2023
                              • Influencers and premium experiences are more niche, but appeal to a key demographic
                                • Figure 29: Financial services marketing themes by age and gender, 2023
                            • Preferred Incentives

                              • Cash bonuses remain the standard
                                • Figure 30: Financial services product incentives, 2023
                              • Young consumers are more likely to consider alternate incentives
                                • Figure 31: Financial services product incentives by generation, 2023
                              • Lower asset consumers are more responses to gifts, gift cards
                                • Figure 32: Financial services product incentives by household investable assets, 2023
                            • Attitudes toward Marketing Financial Services

                              • Recent economic events have stimulated hands-on activity
                                • Figure 33: Impact of recent events on financial services attitudes, 2023
                              • Young consumers are most concerned, causing them to further prioritize security and reputation
                                • Figure 34: Impact of recent events on financial services attitudes by generation, 2023
                                • Figure 35: Gen Z and millennial top financial product features by year, 2022 and 2023
                              • Consumers are open to change based on incentives or negative experiences
                                • Figure 36: Switching behaviors and attitudes, 2023
                              • Older, higher-earning consumers are becoming more open to switching
                                • Figure 37: Switching likelihood by age and income, 2022 and 2023
                              • The $75k to $100k income group is the most engaged and seeks maximum value
                                • Figure 38: Financial services engagement by income, 2023
                              • Social media followers are primed to seek incentives
                                • Figure 39: CHAID analysis of banking behaviors, 2023
                            • Appendix – Data Sources and Abbreviations

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

                                    About the report

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