Consumers’ growing willingness to get their financial services from non-FI providers is spurring consumer brands to embed financial elements in their products and services. But this new form of finance will mean dramatic changes for incumbent and startup FIs.

Gen Xers have taken a hit from the pandemic. But in midcareer and with bigger-than-average households, they remain too important a cohort for marketers to ignore. Thus, it’s essential see how their finances, shopping behavior, and digital usage shape up amid the pandemic.

Hispanic consumers have endured exceptional financial volatility—mostly bad—during the pandemic. Even in normal times, this population is a moving target, with its diverse components evolving in financial strength, degrees of acculturation, and digital engagement.

The Hispanic population’s collective purchasing power is large and will get larger. But marketers can’t ignore the fact that many Hispanic consumers’ finances have taken a severe hit during the pandemic. A rebound to pre-pandemic conditions would still leave Hispanics with below-average income and wealth.

The financial services sector will continue to increase its investments in digital advertising this year despite the pandemic. Shifting consumer behavior toward digital banking services and heightened interest in personal finance has given financial services companies good reasons to continue advertising.

US adults share a variety of personal finance concerns amid the pandemic-induced recession.

Finances are top of mind for many

Marketers must look past some familiar stereotypes of millennial life—about their digital usage, shopping behavior, finances and attitudes toward homeownership—to grasp the realities of how this cohort has evolved.

Despite the decline in total ad spending in the US this year, the financial services industry will increase its digital ad outlays. Why? The pandemic has caused many consumers to reassess their personal finances and change how they bank, leading the financial services industry to continue spending on digital ads during the pandemic.

Along with struggles surrounding their work/life balance, kids’ screen time and childcare, parents find plenty to worry about. And the coronavirus pandemic has aggravated already high stress levels.

Personalized financial insights could spur customers to take control of their finances in real time. Just 18.8% of respondents call the feature “extremely valuable”—making it the category’s least sought-after tool. While offering personalized insights could be an opportunity to keep customers engaged, no surveyed neobanks and just 32% of FIs support it.