Demographics in Banking – Thematic Intelligence

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Demographics in Banking Thematic Report Overview

Demographic mega-trends around birth rates, migration, and aging are intersecting with rising geo-political tensions, de-globalization, inflation, and a host of other social will have profound implications for the development of financial services across the value chain.

The demographics in the banking theme report offer a comprehensive analysis of the demographics framework, key trends shaping the demographics, and insights about the key players in this theme.

Key Trends ·        Technology Trends

·        Macroeconomic and Social Trends

·        Regulatory Trends

Key Payments Companies ·        Alphabet

·        Klarna

·        PayPal

·        Revolut

·        Tencent

Key Retail Banking Companies ·        Apple

·        Affirm

·        JPMorgan Chase

·        Tink

·        TSB

·        Quicken Loans (Rocket Mortgage)

Key Wealth Managers ·        Betterment

·        Charles Schwab

·        Standard Chartered’s Shoal

·        Purpose ESG

·        Pension Bee

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Demographics in Banking – Key Trends

The main trends shaping the demographics in banking themes are technology trends, macroeconomic and social trends, and regulatory trends.

Technology Trends:  The key technology trends influencing this theme include the metaverse, de-centralized finance (crypto), AI, robotic process automation, and agritech among others.

Macroeconomic and Social Trends: Rising interest rates, the growing gig economy, reshoring, ESG, subscription economy, and emerging market growth are some of the key macroeconomic and social trends likely to influence market growth.

Regulatory Trends: The key regulatory trends in this theme are the increasing state intervention overall, fertility policy, immigration policy, and financial inclusion.

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Demographics in Banking – Mapping Demographic Differences

The demographic shifts that play out across various dimensions of financial services to capture both migration pathways and future drivers of banking growth include provider preference, channel usage, product research, financial goals, credit cards, mortgages, and retirement planning among others.

Provider preference: The single biggest demographic shift for incumbent banks will likely be the inversion in provider preferences among older and younger customers. Openness to digital wallets is the most striking provider preference among 18–24-year-olds, nearly double that of the general population.

Channel Usage: To drive retention, traditional providers must ensure consumer behavior doesn’t outpace their channel capabilities. Daily use of telephone and video banking, meanwhile, is slightly more than twice as high in the younger demographic versus the general population, speaking to a day-to-day channel preference of mobile-first with rich remote advisory support.

Channel Usage Analysis

Channel Usage Analysis

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Demographics in Banking – Competitive Landscape

The key companies making their mark in demographics in banking theme include –

Payments: Alphabet, Klarna, PayPal, Revolut, and Tencent are the key payment companies in the demographics of the banking theme.

Retail Banking: The key retail banking companies in this theme are Apple, Affirm, JPMorgan Chase, Tink, TSB, and Quicken Loans (Rocket Mortgage).

Wealth Managers: Betterment, Purpose ESG, and Pension Bee are some of the leading wealth managers of this theme.

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Scope

• The single biggest demographic shift for incumbent banks will likely be the inversion in provider preferences. In the US, for example, customers aged between 18–24 are nearly half as likely to prefer traditional providers (31%) versus the general population (56%) for the primary current account relationship.

• When looking at preferred research methods for financial products, 34% of respondents in the US aged 18–24 are likely to rely on family and friends versus 26% for the general population. This speaks to declining trust in traditional providers (and traditional sources of media), and growing reliance on family and friends as information sources.

• In the US, daily use of mobile banking – which we define as use of the bank’s proprietary mobile channel (web and/or app) – is nearly twice as high among 18–24-year-olds than the general population (37% versus 21%). However, daily branch use among 18–24-year-olds is more than twice as high as the general population (17% vs 7%). This underlines how dangerous it is to assume how consumers will behave based solely on underlying demographics.

Key Highlights

  • The single biggest demographic shift for incumbent banks will likely be the inversion in provider preferences. In the US, for example, customers aged between 18–24 are nearly half as likely to prefer traditional providers versus the general population for the primary current account relationship.
  • When looking at preferred research methods for financial products, many respondents in the US aged 18–24 are likely to rely on family and friends versus some of them from the general population. This speaks to declining trust in traditional providers (and traditional sources of media), and growing reliance on family and friends as information sources.

Reasons to Buy

  • Understand how big demographic shifts around birth rates, migration, and aging are intersecting with technological, socioeconomic, macroeconomic, and regulatory changes to shape the future of financial services.
  • Learn which disruptive technologies can mediate the impact of demographic trends most and why.
  • Interrogate how socioeconomic and macroeconomic trends create distinct consumer sub-segments with specific drivers for acquisition and retention.
  • Learn how key regulatory trends around open data, data privacy, financial inclusion, fertility policy, and immigration policy play out differently across specific socioeconomic groups, genders, wealth brackets, and geographies.
  • Review the latest consumer survey data on how the interplay of demographic shifts impacts consumers’ key drivers of product selection, preferred touchpoints for different tasks, and overall dimensions of net satisfaction.

Amazon
Google
Facebook
Apple
Alphabet
Tinkoff Bank
AIB
Capital One
WeBank
MYbank
Monzo
NatWest
RBS
Danske Bank
DBS
TSB
BBVA
Citibank
mBank
Revolut
Credit Agricole
Barclays
CreditLadder
NovaCredit
Experian
Equifax
TransUnion
Tink
Bud
Plaid
TrueLayer
Cornami
Decentriq
Immuta
Inpher
Statice

Table of Contents

  • 1 Executive Summary
  • 2 Players
  • 3 Demographic Briefing
  • 4 Trends

    • 4.1 Technology trends
    • 4.2 Macroeconomic and social trends
    • 4.3 Regulatory trends

  • 5 Mapping Demographic Differences
  • 6 Companies

    • 6.1 Payments
    • 6.2 Retail banking
    • 6.3 Wealth managers

  • 7 Glossary
  • 8 Further Reading
  • 9 Our Thematic Research Methodology
  • 10 About GlobalData
  • 11 Contact Us

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