The data: From Q1 to Q2 2025, search share of voice (SOV) declined steeply for some banking sites. For example, Wells Fargo fell from 3.83% to 1.21% and NerdWallet from 3.66% to 1.68%. At the same time, StudentAid.gov entered the top five and ConsumerFinance.gov entered the top 10.

Digging into the data: The website for the Consumer Financial Protection Bureau (CFPB), Consumerfinance.gov, fields consumer complaints about financial products and services. Studentaid.gov is the Department of Education’s website for federal student loans. Nerdwallet is a financial services product comparison and consumer education website.

• The federal government said the Office of Federal Student Aid would start collecting on defaulted federal loans in May by reducing federal government payments to delinquent borrowers and possibly by garnishing wages. The student aid site includes information about repayment plans, payment schedules, and what to do in the event of a default.
• The CFPB announced in Q2 that it would not enforce or supervise certain regulations issued during the Biden administration and will consider rewriting and reissuing proposals for public comment. The CFPB relaxed enforcement of rules related to nonbanks; open banking; small business lending; and buy now, pay later.

Our take: Product-focused websites, like comparison sites and those offered by financial institutions (FIs), become less relevant when consumers and businesses are concerned about the impact of events on their finances that nonbank websites address more effectively. The SOV data for Q4 could favor FIs given the government shutdown this fall: FIs that cater to affinity groups quickly moved during the shutdown to be a financial resource and concretely address their customers’ financial concerns.

Since FIs can’t control events that drive people’s need for information, they should be prepared to offer education and advice tailored to their customers’ needs and anticipate other resources to which they should direct customers. If an FI is only a place to buy and administer financial products and services, it can’t be positioned as a trusted advisor.