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The financial services landscape is far more complex and interconnected than ever before. Across payments, wealth management, and banking, advancements in technology have embedded the sector into almost every facet of everyday life and introduced a new wave of historically unrelated brands into consumers’ consideration sets across these subcategories
Meanwhile, looming economic uncertainty and struggles across the fintech sector have led to a sense of financial insecurity for many consumers, leading to decreases in both savings and investments.
With many brands looking to be a “one-stop-shop” for all financial needs and battlelines blurring, legacy and emerging players will be going head-to-head to secure and retain business.
For more information, please contact Adam Daniele.
Personal savings rates in the US dipped towards historic lows towards the end of 2022 (2.3%)
Retail Traders lost a combined $350B in 2022, with the average portfolio down 30%
93% of millennials prefer to manage their banking through one place (90% of Gen X, 89% Gen Z, and 84% of Boomers feel the same)
Source:
bea.gov
Morning Brew
emarketer
