Research Studies

For decades, American retail banking has revolved around the baby boomer generation. But now, based on 2020 Census data, boomers are the minority cohort. Younger generations have overtaken boomers – and overwhelmingly moved their business toward the largest banks. Seventy percent of millennial and Gen Z consumers claim a large bank as their primary financial institution (PFI).

When efforts to mitigate the COVID-19 pandemic halted economic activity, consumer loan demand and application activity skyrocketed. Financial institutions will be managing these effects for some time since higher loan demand could linger for several years.

The COVID-19 pandemic has caused turmoil and disruption to small businesses. Amid lockdown orders and shifts in consumer behavior, many small businesses have shifted to survival mode and are fighting to keep their doors open. Financial institutions have played a critical role in helping small businesses navigate the pandemic.

The COVID-19 pandemic has continued to put pressure on the U.S. consumer, impacting their banking behavior and expectations. Among the changes has been a hastening of already existing trends, like the transition to mobile banking. Oher changes are more subtle, like how consumers select a primary financial institution (PFI).