How important
are weekend and/or extended hours to consumers?
What value do
consumers place on e-mail alerts?
What impact
does a PIN debit transaction fee have on usage?
How reasonable
are NSF fees to consumers and how have they altered their
behavior to avoid such fees?
How long from
home purchase or refinance activity do consumers wait to open
equity products?
In selecting a
deposit account, what are the tradeoffs consumers make between
Account Access (branch vs. electronic), Check Access (none,
limited or unlimited), Interest Rate, and Balance Requirements
to avoid a fee?
Financial Trends & Competitive Update Prior to examining
consumer research results, SPSG sets the stage by reviewing key economic
statistics affecting the marketing of financial services. Competitive
information from a variety of sources concerning the most recent marketing
strategies and tactics being employed nationally will be examined. Following
this introduction, consumer responses to questions in the following areas will
be explored.
Market Segmentation How does deposit,
loan and investment product usage and product balances differ among RFG’s six
consumer segments? What does anticipated product purchase for the next 12
months look like? Using already known product usage on customers, how can we
predict the most appropriate products to promote to specific segments to
improve our marketing hit rates?
Delivery Channels How are consumer
channel preference patterns and usage frequency changing? Trends will be
examined for all transaction channels. Would consumers be more inclined to
select a financial institution that offered extended or weekend hours? What
are the most common times consumers cite for conducting transactions in
person (such as deposits and withdrawals) at their financial institution?
Assuming that additional hours for banking were available, what do consumers
consider the most ideal times to conduct transactions in person? What do
consumers tell us are the most ideal times for them to open an account
in person at their financial institution?
Are
consumers aware whether or not their primary financial institution charges a
fee for PIN Debit/Check card purchases (as opposed to signature use)? If
their PFI were to impose a $0.30 fee for every PIN purchase consumers made,
how would this impact their card usage? What affect would a $0.50 PIN fee
have on their behavior?
How
do consumers perceive free reward programs in which the institution offer
points redeemable for gifts or loan rate reductions based on the use of
products and services? Would it cause them to use more products/services at
the institution to gain more points?
What
differences in attitude do consumers exhibit regarding pricing, service
quality, convenience, delivery methods and loyalty.
Online Banking What is the
personal value of e-mail alerts to consumers? What online products and
services are consumers most likely to use in the next year?
Checking What is the most
important reason consumers give for opening a new checking account? When
opening a new checking account is warranted by a job change or a change of
residence, do consumers typically try to find an office of their former PFI in
their new location?
What
type of service problems caused consumers to open their newest checking
account? Will a single bad experience cause the move, or does it take more
than one incident?
What
type of service fee issues caused consumers to open their newest checking
account? To which products/services did the fee relate?
Are
consumers aware of the approximate fee their primary financial institution
charges to customers who overdraw their accounts? Do consumers perceive NSF
fees as moderate? Have they changed the manner in which they handle their
Checking/Debit account to avoid fees?
If
employers provide direct deposit of payroll checks into checking accounts,
what reasons do consumers give for not participating?
Deposit and Investment Services How would consumers
compare the following different deposit product features and what tradeoffs
would they be most likely to make between them? Their choices are between
different combinations of the following four features:
Account
Access:
§Products
that are offered by financial institutions that have local branches where they
can visit to open and make deposits and withdrawals
§Products
that are offered by Internet banks where they can only open and access the
account by the Internet, mail, or by phone
Check Access
§No checks
are offered (similar to a savings account)
§Three
checks are allowed per month (similar to a money market account).
§An
unlimited number of checks (similar to a regular checking account)
Interest Rate
n
2.50%n2.75%n3.00%
n3.25%
Minimum Balance
§$0 – No
minimum balance or fees
§$10,000
minimum balance to avoid a $12 fee
§$25,000
minimum balance to avoid a $25 fee
What
do consumers think about high rate, low minimum balance accounts that are
available only through the Internet, by mail or by phone?
How
prevalent are flexible spending accounts (FSAs) that set aside pre-tax wages
for out-of-pocket medical expenses? What kind of family health care coverage
do consumers carry, and what is their current annual deductible amount?
What percent of consumers
are currently enrolled in Health Savings accounts (HSAs)? How many would
consider changing their insurance policies to a higher deductible one in order
to qualify for a Health Savings Account? What do consumers see as the primary
value of an HSA?
How widespread is identity
theft protection insurance? What does it cost consumers and from whom do they
get coverage?
How are the different types of checking accounts
distributed among consumer groups (free, relationship, interest-bearing,
balance requirements, etc.)?
Loan and Mortgage Products In an increasing
interest rate environment, what type of equity lending products do consumers
prefer most? Typically, how long from the time a consumer refinances or takes
out a mortgage do they open a home equity loan or line of credit?
Small Business What type of
financial service products do small businesses anticipate opening in the next
12 months? What business and personal (retail) products and
services do small business banking customers use? Does the preferred method
of conducting financial transactions differ by company size or type of
business? What extra value does a mixed banking relationship have for
financial service providers?
What
do small businesses see as the most important factors in selecting/retaining a
financial institution for their banking needs?
