Banking on Banks 2024: Credit and Debt - A generational challenge for banks and insurers

With the challenges of the current financial landscape starting to ease for many, we are now looking at how priorities are shifting among individuals.

We’re also looking at the level of customer service those individuals have come to expect from financial institutions and insurance companies today and as they try to shake off the worst of the cost of living crisis.

This year, for the first time, we move beyond Europe to include the USA to understand the picture on a more global level. The research covers 7,000 nationally representative adults across countries including Italy, Germany, France, the UK, Austria, and the USA.

These findings will be highlighted in a series of four Banking on Banks reports throughout the year, each dedicated to the topics of: credit and debt, data sharing, environmental social and governance (ESG) issues, and the customer journey.

These reports will include actionable insights for financial providers in meeting evolving consumer expectations and demands.

The first of our series explores credit and debt. This includes highlighting the economic backdrop that consumers face, which financial products and services – specifically credit - are needed and why so many are being turned down from accessing these products.

We sum up by highlighting generational and cultural divides, the role of data, and how banks and insurance companies can meet widening consumer expectations.