A first-of-its-kind study of 2,555 adult Americans conducted by Cornerstone Advisors shows that consumers who access banking services directly from brands say that they spend more money with the brand than they did before (32%) and that they regularly choose that brand over their competitors (30%).
Brands may want to put financial services at the top of their strategic planning list for 2023. The potential big winners vary by category but include Amazon, Apple, Chanel, Chevrolet, Coach, CVS, Fitbit, Ford, Gucci, The Home Depot and Walgreens.
With the recent volatile macroeconomic environment as backdrop, it is more important than ever to build trust and generate spend from your most loyal customers. Credit solutions, in particular, will be increasingly relevant as brands look to generate meaningful returns from their embedded finance product and drive loyalty through meaningful, value-added financial products for their customers.
