The calm before the storm

What subtle changes in consumer mindset tell us about the future of banking


With regard to a bank’s service offering, there are three key factors that are driving the banking experience and that banks are currently challenged with:

Banks are facing challenges concerning key experience factors

Andreas Pratz, Johannes Gärtner, Mischa Koller, Timm Niethammer, and Natalie Jehle have conducted a consumer survey across fifteen European countries to analyze changes in the consumers’ mindset and derive their impact on the future of banking.

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Current payment behaviors

Our survey found no post-Covid cash revival, but no acceleration of cash decline either. When asked about their general preference for payments when shopping or paying for services, 37% of respondents named cash as preferred payment option - the same percentage we found in 2020 during a time with lockdowns in most countries.

In countries where cash has been less popular, the relevant proportion favoring cash bottoms out at around 20% - and even lower for the younger population. In countries which previously had a high level of cash preference, this continues to decline.

One in five consumers leave the house for shopping at least regularly without their purse, and an additional 15% rely at least rarely just on mobile payments which hands advantage to FinTechs and any kind of wallets.

Traditional current account providers are facing challenges from various quarters

Traditional current account providers are facing challenges from various quarters

Open Banking

Only 20% of consumers are willing to share data in exchange for benefits. The same number of respondents named traditional banks and card issuers as most trusted providers for data sharing. In contrast to this, almost one in two people would still open a bank account with non-banks. However, the willingness to bank with non-bank players varies strongly by country:

Willingness to bank with non-bank players

Today’s Open Banking use cases are strongly focused on Account Information Services (AIS) and consumer use cases.

Moving forward, the financial services industry should aim to establish further use cases beyond today’s focus on financial services. They should also include B2B use cases as a key lever for acceleration.

Sample and methodology

The third edition of our analysis includes an online consumer survey of 5,750 participants across fifteen countries between September and October 2022.

Jan Jürgens also contributed to this report.

Contact us

Andreas Pratz

Andreas Pratz

Partner, Strategy& Germany

Johannes Gärtner

Johannes Gärtner

Director, Strategy& Germany