Recent research from more than 1,000 U.S. consumers reveals key insights on national “Get to Know Your Customers Day”

RALEIGH, N.C. — January 19, 2023 — Brooks Bell, the consulting firm with deep expertise building insight-driven organizations in the financial services market, today released its latest research-driven report, “Brooks Bell 2023 Banking Trends.” The report provides business decision makers with data-driven insights from a deep-dive into consumer behavior and anticipated actions in the new year.

“Understanding what customers need in 2023 starts with understanding how the uncertainty of 2022 impacted their finances,” said Gregory Ng, CEO of Brooks Bell. “Taking it a step further by conducting a self-evaluation of your organization’s processes and tools is key to delivering a better user experience. Financial service providers must be ready to match the accelerating pace of consumer expectations with better solutions, and the smartest will use the opportunity of the new year to experiment with new and improved operations.”

Brooks Bell surveyed more than 1,000 U.S. consumers in late 2022. Key findings include:

• More than half (52%) of consumers said they expect to see their financial situation improve in 2023 — and have saving and budgeting top of mind in the new year. Americans are hopeful as we kickoff 2023, with 91% saying they do not foresee needing to increase their credit card debt this year. 

• The majority of Americans (54%) had trouble managing their household budgets in 2022. Gen X had the most difficulty, with 1 in 4 saying they found the task “extremely difficult.” 

• 89% of Americans decreased spending due to inflation in 2022. Categories most affected included groceries (51%) and transportation (37%), followed by discretionary spending in retail (37%) and entertainment (37%).

• 28% of savings accounts decreased (and 14% of Americans have no savings accounts at all). Gen Z appear to be the biggest savers — just over half (51%) say their savings grew in 2022. No other generation had a majority of respondents saying the same.

• 67% of Americans hold a balance of over $20 in a P2P mobile payment app. While the reasons vary, most said they simply wanted some funds available outside of their bank accounts, and nearly half (43%) indicated holding a P2P balance makes transfers faster.

To download the full report and uncover more insights on consumer sentiment toward banking in 2023, including opportunities for personalization, visit this link.

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About Brooks Bell Inc.

Brooks Bell is a consulting firm with deep expertise in the financial services market, building insight-driven organizations with 10 of the top 50 financial institutions in the U.S. across brokerage, credit card, retail banking, and global investment industries. Its world-class optimization programs enable companies to leverage data, human-centered design and technology to deliver a better customer experience. Their engagements are focused on generating consumer insights that can be utilized effectively throughout organizations, and at the speed of change seen in customer expectations today. Founded in 2003, Brooks Bell enables teams to take full ownership of their testing, personalization, analytics and user research programs to become masters of their own experimentation success. Learn more at www.brooksbell.com. 

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