The Battle Royal for Consumer Deposits: Sizing Interfirm A2A Transfers

Over the last decade, more financial services choices and a competitive environment have created a war for deposits.

Boston, January 28, 2021 –Financial services provided by banks, investment firms, and fintech counterparts are overlapping due to the combined forces of regulatory, technological, and economic changes in today’s market. Increasingly, consumers are looking to their financial services providers to help them with all aspects of their financial lives, and they have the power and tools at their fingertips (or better yet, in their pockets) to consider banking and investment alternatives. Understanding the winners and losers in this war for deposits is critical to any financial institution seeking to shore up its long-term business strategy.

This Impact Report, part one of a three-part series, sizes the interfirm A2A transfers market and examines the flow of funds between U.S. FIs and the financial accounts used by U.S. consumers. Aite Group conducted an online quantitative study of 16,452 U.S. consumers ages 18 or older in Q2 2020. Of those, 2,199 had a debit card and made at least one transfer between accounts at different FIs in the 12 months prior to the start of the COVID-19 pandemic. This study is commissioned by Visa Inc.

This 55-page Impact Report contains 20 figures and 15 tables. Clients of Aite Wealth Management and Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Acorns, Ally, AIG, American Express, Ameriprise, Bank of America, Betterment, Charles Schwab, Chime, Citigroup, Discover, E-Trade, Edward Jones, Fidelity, Goldman Sachs, JPMorgan Chase, Marcus, Morgan Stanley, Moven, Robinhood, Stash, USAA, US Bank, and Wells Fargo.  

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