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Retail Banking in the United States 2008
Mintel, Sep 2008, Pages: 93
This report examines the trends, opportunities and challenges faced by the U.S. retail banking industry. Historic developments in the industry itself as well as the broad U.S. economy have left the retail banking industry in an unprecedented state in 2008. The effects of the credit crunch, increased gasoline prices, decreased home values, and the overall state of the financial services industry and their impact on retail banking are all examined.
Note: At the time this report was published the banking industry was in a great deal of flux. Several banks are included in the consumer survey which have either failed or been purchased by other banks. However, these banks were retained in the summary of the results for this report.
Here are some of the major themes of this report:
-For the past 16 years, assets of retail banks and the number of retail banking institutions have been moving in opposite directions as assets increase and the number of institutions decreases.
-Recessionary pressures from a declining Dollar, the credit crisis, historic increases in energy prices and the collapse of the housing market represent significant challenges to the retail banking industry.
-The relationship between retail banks' reliance on consumer lending revenues, the availability of consumer credit and the retail banking landscape is evolving.
-The disruption of outside forces on the retail banking industry has created the potential for new and effective marketing strategies.
-Non-traditional media channels represent significant opportunities to reach new retail banking customers.
-Consumers are interacting with their banks via the internet at ever increasing rates, with different needs and activities varying by demographic sub-groups
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