The analysis provides insights into how consumers view and use technology-enabled investing and savings options. It also shows that fintech startups such as Acorns, Chime, SoFi, and Robinhood are the most successful in building brand recognition among US households.

The research does, however, also recognize the achievements of conventional banks, such JP Morgan Wealth Plan and Marcus by Goldman Sachs, in encouraging current clients to try their hand at banking.

Perspectives

Hearts & Wallets measures growth since 2015 and looks at customer knowledge, interest in, and trial of 55 technology-powered saving and investing options, including new fintech and robo offers as well as products from established financial services companies.
 

The nation's knowledge of technology-driven investment and saving options has increased dramatically, with over 80% of households now aware of these options, up from 36% in 2015.

The six skills offered by these solutions are as follows: conventional organizations prioritize investment, planning, and human advisors, while new entrants largely focus on saving, lending, and cryptocurrency.

Remarkably, 69 percent of households are aware of new entrants, compared to 59 percent for traditional enterprises, indicating that knowledge of new entrants outpaces that of new offerings from established organizations. Among younger households, specifically those under 35, this trend is especially noticeable.

When it comes to consumer awareness, Robinhood is at the top of the group with 40%, closely followed by Chime (39%), SoFi (34%), and Acorns (31%). Notably, in terms of awareness levels, new entrants surpass established enterprises.

JP Morgan Wealth Plan has the highest awareness rating among traditional firm solutions (19%), followed by Marcus by Goldman Sachs (15%). There are differences in awareness statistics between age and wealth groups.

With a strong 42% awareness rating among households with investable assets over $1 million, Robinhood is the most well-known product. It also has the highest awareness rate (39%) among households with assets between $100,000 and less than $1 million. Similarly, among households with investable assets over $1 million, Marcus by Goldman Sachs is the most well-known brand.
 

The rush for money

"People are becoming more and more aware of these new solutions," says Laura Varas, the creator and CEO of Hearts & Wallets. Consumers are open to "cash" and saving options with greater interest rates because they seem novel after ten years of low interest rates. Offerings with a strong emphasis on these "new" skills in their positioning and marketing are drawing more attention than those with less attention, but scale is crucial in turning attention into a trial.

The co-author of the report and subject matter expert on Hearts & Wallets, Amber Katris, continued, saying, "Traditional financial services firms should analyze the competitive opportunities and threats of increasing consumer consideration of new solutions, especially firms currently without such offerings."

When weighed against your company's strengths and present competitive position, partnering to deliver these services might make sense because it can give the scale needed to turn awareness into a profitable trial.