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Updated on Sep 20, 2024
Updates quarterly

Tracking Trends in the Financial Services Industry

A look at consumers’ trust in, usage of and satisfaction with financial services providers
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The financial services industry is undergoing massive change as traditional providers seek to transform digitally and keep pace with new entrants. Financial services leaders must stay informed on how consumers are reacting to and shaping the future of the industry through their interactions with financial services providers, their financial goals and preferences, and their overall financial well-being.

To help leaders stay abreast of consumer trends, Morning Consult is tracking consumers’ trust in, usage of and satisfaction with financial services providers through a monthly survey of U.S. adults. Find a more detailed methodology for this tracker below.

Data Downloads

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Data file
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A sortable XLSX file of Morning Consult’s financial services tracker among U.S. adults and key demographics.
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A brief outline of what datasets are included in Morning Consult Pro+.
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Progress Toward Financial Goals

Share of respondents who reported making progress toward the following goals in the past month:
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Consumption of Financial Advice

Respondents were asked how often they consumed financial advice or tips over the past month
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Figures may not add up to 100% due to rounding

Trust in the Financial Services Industry

Share of respondents who trust the following industries to do what is right:

Trust in Financial Services Companies

Share of respondents who trust the following types of financial services companies to do what is right:
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*Also known as neobanks, online-only banks or virtual banks

Usage of Multiple Providers

Respondents were asked how many of the following providers they use:
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*Also known as neobanks, online-only banks or virtual banks. Figures may not add up to 100% due to rounding

Satisfaction With Primary Financial Services Providers

Share of U.S. adults satisfied with each of the following providers:
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*Also known as neobanks, online-only banks or virtual banks

Interactions With Primary Providers

Respondents were asked if they interact with their primary financial services provider mostly digitally, mostly in person, mostly by phone or all three equally
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Figures may not add up to 100% due to rounding

Reliance on Advice or Assistance

Share of respondents who received advice or assistance from a professional or employee available to them through the following providers:
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Bank Branch, ATM and Digital Wallet Usage

Share of respondents who have done each of the following in the past month:
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'Buy Now, Pay Later' Usage

Shares of consumers who made a purchase using a "buy now, pay later" payment method in the past month
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Consumers Opening New Accounts

Shares of respondents who opened a new bank or credit union account in the last month
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Intention to Switch Providers

Share of respondents thinking about starting a new relationship with the following providers in the next month:
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*Also known as neobanks, online-only banks or virtual banks

Overdraft and Usage of Alternative Financial Services

Respondents were asked if they had done any of the following in the last month:
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Source of This Data

Methodology

The Morning Consult Financial Services Monthly Trend Tracker relies on data collected through Morning Consult’s proprietary survey research capabilities. The interviews are conducted online, and the data are weighted to approximate a representative sample of U.S. adults based on gender, educational attainment, age, race and region. Results from the full survey have a monthly sample size of 2,200 to 4,400 U.S. adults and an unweighted margin of error of plus or minus 2 percentage points.

About Morning Consult

Morning Consult is a global decision intelligence company changing how modern leaders make smarter, faster, better decisions. The company pairs its proprietary high-frequency data with applied artificial intelligence to better inform decisions on what people think and how they will act. Learn more at morningconsult.com

The authors would like to thank Charlotte Principato and Jaime Toplin for their contributions to this research.

Email [email protected] to speak with a member of the Morning Consult team.