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Consumer Banking and Borrowing: U.S. Market Trends
Consumer banking and borrowing trends represent a host of riddles in need of solving. While checking account usage will likely continue to decline, the primary checking account remains the foundation of consumers’ banking relationships. Multi-channel banking is reshaping the consumer relationships with financial institutions, and yet branch banking obituaries are entirely premature: Millennial and Silent Generation alike see great value in them. Generational differences aside, the primary banking relationship brings great rewards, but it can be further strengthened. High savings rates, low financial security, low delinquency rates, and sworn aversion to adding to debt loads spell consumer loan stagnation, and yet consumer loans outstanding have long been hitting new highs. Emerging and alternative products and services are making an impact in the marketplace, and yet major banking institutions will continue to dominate the consumer banking landscape for years to come.
To help market participants navigate these riddles and succeed years down the road, Consumer Banking and Borrowing: U.S. Market Trends provides trend-forward analysis of the consumer banking and borrowing market, focusing on commercial banks, credit unions, and savings institutions, with supplemental analysis of finance companies, as well as emerging banking alternatives. In doing so, the report emphasizes 2007-2016 trend patterns that highlight consumer behavior, attitudes and usage of banking and borrowing products and services; and related deposit, asset and loan trends.
Consumer Banking and Borrowing: U.S. Market Trends Does The Following:
- Assesses the consumer’s future prospects, blending economic forecasting, employment trend analysis and HH income shifts in affluence; consumer attitudes toward debt, money management trends and savings trends; and consumer debt ratio, delinquency rate and charge-off trends.
- Provides direction on the importance of checking accounts and primary checking accounts to consumers, with analysis of factors important to opening a bank account; assesses banking institution consolidation trends; and banking institution asset, deposit and loan growth trends; and discusses how technology impacts consumer decisions that curtail banking revenue.
- Analyzes consumer banking revenue streams and amounts for three major banking institutions with varying product emphasis, and discusses consumer security and trust concerns.
- Discusses the primary banking relationship, including identifying primary banking choices among major banking institutions, assessing factors relevant to choosing a primary bank, primary bank relationship length, and number of banking institutions used.
- Studies factors that can strengthen the primary banking relationship; the degree to which major banking institutions cross-sell credit cards to bank users and the degree to which they cross-sell banking services to credit card users.
- Studies the impact of mobile banking, including the importance of banking apps to the account opening decision and shifts in bank channel usage.
- Details checking and savings account usage trends, emphasizing age, generation, and HH income shifts in usage; banking account and card usage, by type of account and card; and checking account usage, by bank channel and emerging account types.
- Assesses consumer deposits and deposit service charges, providing a consumer checking and savings deposit market size; a breakdown of consumer service charges by type; and analysis of banking institutions by total consumer deposits, by consumer deposit fees, by highest share of consumer deposit fees, and by the ratio of overdraft fees to deposits.