RFI Global Survey Data Point to Both Opportunity and Risk
Twenty-five years ago, 85% of US households said they preferred to do business with a single financial services company if it could meet the majority of their investment and insurance needs. Banks and credit unions, the only financial services firms that could provide credit as well as investment and insurance services, were uniquely positioned to capitalize on this opportunity. But few were able to meld these separate lines of business into a unified consumer offering.
Ten years ago, it seemed like that ship had sailed, as interest in consolidation started waning. But last year’s RFI Global’s MacroMonitor survey revealed a sharp increase in interest in consolidating financial affairs, refreshing interest in this opportunity. But in the intervening years nonbank brokerage firms have extended their offerings into credit and are positioned to elbow banks and credit unions from passage.
A related finding from last year’s RFI Global survey points to the risk that banks and credit unions take if they do not lean into the consolidation opportunity. An increasing number of consumers are looking to reduce the number of financial relationships to simplify their finances. Financial institutions need to embrace integrated delivery of wealth management to defend the core business of deposits and loans.
About MacroMonitor
RFI Global’s MacroMonitor offers the most extensive data set of US households. The study goes into field every 2 years and has been running since 1978.
The 2024/25 study is comprised of 5,000 household interviews, which were conducted online via desktop and mobile.
Respondents, all of whom are decision-making heads of households, are recruited via a probability-based sampling methodology.
Probability-based sampling, by design, mirrors the composition of US households. To enhance precision, the sample undergoes additional refinement through the derivation of the weight variable. This variable encompasses various demographic profiles including age, gender, race, and household characteristics such as family status, income, education level, and home ownership, as well as geographic attributes like region and area of residence.
In addition to the 4,000 interviews conducted as part of the core sample, a further 1000 interviews are conducted as oversamples. This includes Ultra-High Financial Assets, Young, Hispanic, Black, and Asian Households, all of which ensure robust samples of key household profiles and allow for greater granularity when segmenting the data.
About RFI Global
RFI Global is the only global data and insights company focusing exclusively on financial services. We empower financial service leaders with the market intelligence they need to drive innovation, enhance customer experience and accelerate growth. Partnering with the world’s top financial institutions, our expert team delivers tailored insights through a unique hybrid syndicated approach, drawing from over 200,000 consumer and 60,000 business interviews each year. Find out more about RFI Global here: Data and Insights for Banking and Financial Services | RFI Global