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Santader's survey found that while U.S. consumers now place less emphasis on owning a home, many are placing a greater priority on maintaining vehicle access.

Stubborn inflation, rising prices, tighter budgets. These six words have described the economic landscape for the American consumer over the past several years. Yet, American consumers have proven resilient in the face of economic headwinds. They have adapted to conditions by shifting their spending priorities, making trade-offs, and, in some cases, adjusting the way they live. As a result, the American consumer has been managing through this inflationary period and is remaining optimistic about the future.

With the Federal Reserve now starting what is expected to be a series of interest rate cuts, a new economic phase will begin for today’s consumer. To better support customers and to help them navigate future dynamics, financial services providers should evaluate their current offerings to ensure they are meeting evolving needs. To do so, they must understand how Americans have responded to recent financial challenges.

Spending cuts and trade-offs

Santander U.S. has tracked the financial behaviors of middle-income American households over an 18-month period, and our research shows that the American consumer is making the necessary trade-offs to navigate today’s environment.

Americans have reworked their budgets to manage inflation. For instance, nine in 10 consumers indicated they were cutting back in some area of spending and 64% noted they have made significant budget cuts to avoid spending through their savings. Notably, to combat rising grocery and gas prices, a majority of middle-income Americans reported pulling back on summer spending in areas such as vacations, eating out, and entertainment.

They also have delayed major purchases. For example, more than half of middle-income households postponed purchasing a vehicle in the past year. By making these trade-offs, many consumers have continued to make ends meet while working toward their long-term financial goals. Eight in 10 middle-income households have remained current on their bills, and 72% said they are on the right track toward financial prosperity. Achieving financial prosperity includes being able to cover living expenses, handle emergencies, and pursue life goals without significant trade-offs.

Shifting consumer mindsets and priorities

As spending habits have shifted, so to have consumers’ preferences and mindsets. American households are experiencing a transformational change in how they view financial success. Traditional hallmarks that have defined prosperity for generations of Americans, such as home ownership, are no longer the priorities they used to be. As home prices continue to soar, the majority of middle-income Americans no longer view owning a home as a necessary pathway to financial prosperity. Instead, renting is considered a more realistic alternative for many households. For today’s consumer, affordability outweighs home equity, with six in 10 renters believing having an affordable home, even if renting, is more important to achieving financial prosperity than the historic “American dream” of homeownership.

As consumers place less emphasis on owning a home, many are placing a greater priority on maintaining vehicle access, as cars are vital for getting to and from work and accessing expanded employment opportunities. With few middle-income Americans having commuting alternatives, three in four said not having access to a vehicle would impair their financial situation, and 70% indicated they would be willing to sacrifice other budgetary items to maintain access to a vehicle.

With this shift in consumer behaviors and attitudes, Santander has adapted our products and services to address consumers’ current needs. In recent years, we have exited the retail mortgage space, while prioritizing our multifamily housing lending business to enable more housing options that consumers need and demand. Like Blackstone, Santander was selected to enter into a joint venture with the Federal Deposit Insurance Corporation (FDIC) to provide critical financing and servicing support for rent-controlled and rent-stabilized multifamily loans that were part of the failed Signature Bank’s portfolio.

And given the importance of vehicles to American households, we continue to expand our auto lending business to ensure we are able to provide needed vehicle financing to customers ranging from first-time buyers to those with less-than-perfect credit to super-prime borrowers. In this effort, we join the ranks of banks such as Capital One, among other national banks, who are catering to customers across the entire credit spectrum.

The next cycle

So, what comes next? This cut by the Federal Reserve is likely to be the beginning of a series of moves to reflect a long-awaited cooling in inflation. While price stability is a welcome sign, it won’t represent the finish line for consumers but rather the beginning of the next chapter.

Many consumers have delayed big purchases–they will need help financing them. Many consumers have missed out on opportunities to grow their savings–they will need simple and accessible options that can help them meet their goals.

If the past few years have taught us anything, the consumer will take action and be resilient, no matter the conditions. Financial services providers that are able to evolve with consumers’ changing needs and preferences will be critical partners in helping them achieve their goals and their vision of financial prosperity.

Tim Wennes is the CEO of Santander U.S.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.