The 2020 Challenge: Primary Status and Demographics in the New Decade
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).
This study seeks to understand how consumers determine their relationship with their PFI and how the evolving demographics of 2020s U.S. should change how financial institutions approach consumer segmentation.