Abstract
Within this report Mintel presents the most salient findings of consumer research in the financial services market, particularly at the edge of convergence. "Convergence," as used in this report, refers to the collision between non-traditional and traditional sectors. For instance, U.S. banks have traditionally been the providers of checking accounts and CDs, but now non-traditional providers such as insurance companies and brokerage firms offer such accounts. Conversely, banks are now able to offer investment choices rivaling those from traditional brokerage firms. The U.S. financial services marketplace has become crowded with competitors in an all-out battle for consumer mindshare.
Convergence of services has been a growing factor in the U.S. financial services market for some time; this report assesses the impact of convergence, to date, on consumer attitudes and behavior. Of particular interest is the amount of traction gained by non-traditional providers in dislodging traditional consumer attitudes and behavior. Therefore, a key focus of this report is consumer usage of and attitudes towards different types of financial services institutions.
Mintel' s exclusive consumer research sheds light on how financial services institutions have used advertising and branding to tap into key concerns, lifestyles and psychographic traits of various demographics. Financial services marketers need to refine their understanding of consumer behavior and attitudes so they can better connect with potential and existing customers.
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