Boston, March 16, 2021 – While only a minority of U.S. consumers transfer funds between accounts held at different financial institutions over a 12-month period, this group of U.S. consumers is a key segment for FIs to understand. Consumers transferring money regularly between FIs earn more and own more financial assets compared to regular consumers. Putting in the effort to understand and improve service for these consumers is good for profitability and can help the firm attract Gen Z and millennial consumers.

This Impact Report, part two of a three-part series, provides annual estimates of the number and value of interfirm A2A transfers by generation along with the reasons for the transfer and channels used. The report also looks at the consumers to better understand their financial profile, FI relationships, account ownership, and how they manage their investments. It is based on a Q2 2020 Aite Group and Visa Inc. survey of U.S. consumers ages 18 or older. In total, 16,452 U.S. consumers completed the survey’s questionnaire, and 2,199 had a debit card and made at least one transfer between accounts at different FIs in the 12-month period prior to the start of the COVID-19 pandemic.

This 42-page Impact Report contains 22 figures and 20 tables. Clients of Aite Group’s 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.