|
Fall 2008 Research Issues
New Research Highlights
Key
Financial Trends & Competitive Update
Market Segmentation
Delivery Channels
Online Banking
Checking Products
Deposit, Investment & Insurance Products
Lending &
Equity Products
-
How have
rising gas, energy and food costs impacted consumers'
saving, borrowing, and investment
patterns?
-
With
institution closings and negative press, what
comfort level do
consumers currently have regarding
financial institutions?
Does it vary with type of institution?
-
What interest rate would
coax a consumer to open an account at an Internet-only
bank?
-
What
perceptions do consumers have regarding the
real estate market
downturn? Has it caused them to alter their plans to
buy, sell or take out/increase an equity product?
-
How do
consumers perceive the economy
will affect their personal situation over the next 6 months?
-
What type
of savings-stimulation programs,
like "Keep the Change" (B of A), do consumers prefer?
Financial Trends &
Competitive Update:
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.
-
How do deposit, loan and investment product usage and
product balances differ among RFG’s six consumer segments? Based on
current product ownership, which additional products are consumers most
likely to purchase?
-
What is the consumer view of the economy over the next 6
months? Comparatively, do consumers perceive their personal situation will
be improving or worsening?
-
How can we use behavioral differences based on attitudes
toward financial services to better target the needs of three key
lifestyle segments: loyalty conscious, price conscious and technology
conscious?
-
What reasons do consumers give for
abandoning the online account opening process?
-
Which type of e-mail or text message
alerts are consumers most interested in receiving? Who currently
receives, or plans on receiving, text alerts from their financial
institution?
-
In what specific ways do consumers
use the Internet to gather financial product and service information?
-
Is the size of the Web-enabled cell
phone market growing? What are the barriers to consumer use of
Web-enabled phones? What reasons do they cite for their lack of
interest in them?
Checking Products:
-
In a world of
tradeoffs, when choosing a new checking account, what requirements
would consumers accept regarding minimum balances or direct deposit in
order to receive ATM surcharge refunds or free ATM network access? To
which checking account requirements are they most amenable?
-
How familiar are
consumers with the actual dollar amount of NSF fees? What behavioral
changes have they made in handling their checking account to avoid NSF
fees? What level of awareness do consumers have in regard to how their
financial institution handles overdrawn accounts?
Delivery Channels:
-
How often do
consumers pay each of the following fees when using ATMs owned by
other financial institutions: 1) surcharge fee, and 2) network fee?
-
How many consumers
understand their financial institution’s position on charging or not
charging ATM network fees, and their position on whether or not they
refund ATM surcharge fees.
-
How are consumer
channel preference patterns and usage frequency continuing to change?
Deposits, Investments and Insurance:
-
What is the current participation level in
savings-stimulation programs like “Keep the Change” (B of A), “Way to
Save” (Wachovia) and “Savings for Success” (WAMU)? What level of interest
do non-participants have in each of these types of accounts?
-
At what interest rate, if any, would
consumers currently be willing to extend the term of their deposit funds,
or is liquidity what they really seek?
-
How many basis points are needed to lure CD
holders from one institution to another and how does this vary by
different CD terms?
-
Can special CD options drive longer-term
commitments?
-
What is the impact on the consumer of rising
gas, energy and food costs? Where have they reduced or cut back and how
have higher prices impacted their saving/investing patterns?
-
For those so-inclined, how much higher would
the interest rate have to be to coax consumers to move their funds to an
Internet-only bank?
-
What comfort level do consumers have with
placing their savings or investments with different types of financial
institutions? Is deposit insurance becoming increasingly important among
consumers?
-
What level of comfort do consumers have
regarding the safety of insurance protection provided by the major
insurers (FDIC, NCOA, SIPC, PBGC and private deposit insurance companies)?
Do their perceptions vary across insurers?
-
What specific needs drive consumers to seek
the assistance of a financial advisor for their retirement planning?
Lending & Equity Products:
-
What is the consumer reaction to the recent volatility in
the stock and financial markets? Is there a perception of increased
difficulty to secure loans, mortgages and refinancing? How many feel this
will affect them personally?
-
What is the consumer perception of the changes in their real
estate market and what do they feel these changes have made on their home
value? Has the downturn in the real estate market caused them to alter
their plans to buy, sell or take out equity?
-
What plans do consumers have for future equity loans and
lines?
-
What is the impact on the consumer of rising gas, energy and
food costs? Where have they reduced or cut back and how have higher prices
impacted their borrowing patterns?
|
_____ |
