RFG - Spring 2002 Research Issues

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Strategic Planning Study Group (SPSG)

Spring 2002 Research Issues

Delivery Channels
Online Banking & e-Commerce
Checking Accounts
Mortgage and Home Equity Lending
Deposit and Investment Accounts
Retirement Savings
Consumer Lending
Small Business
Competitive Update
Key Financial Trends
Regulatory/Legislative Update

Delivery Channels
Monthly behavior will be measured and trended for 13 different employee-assisted and electronic channels. Channels included in this ongoing tracking are lobby, grocery store branches, drive-up, proprietary ATMs, foreign ATMs, debit cards, direct deposit, on-line banking, on-line bill payment, audio voice response and telephone bill payment. We will also trend how consumers conduct their day-to-day business.

Delivery Channel Behavior was rated highest in importance out of 18 categories that SPSG program members were asked to rank. The Spring 2002 research survey will address topics such as debit card rewards programs, PIN versus signature debit transactions and routine purchase behavior. Consumers will identify the most effective debit card reward.

On-line Banking and e-Commerce
The Spring 2002 research survey seeks to determine if there has been a shift toward on-line banking after the events of September 11, 2001. We will measure the trends of Internet usage and Internet purchases to see if these areas continue to grow.

We will update our benchmark data on consumers' interest in a variety of on-line services including lending, investments, insurance, check imaging and on-line statements.

With the increasing amount of consumers who purchase items on-line, we will determine how many consumers are utilizing Verified by VISA. This service enhances the users VISA card by providing a password consumers use when making purchases on-line. Will Verified by VISA increase on-line purchases and thus on-line banking? Will this product increase consumers' confidence in making purchases on-line?

Last year we saw that the use of on-line services has grown in a stair step pattern since 1996. We will continue to track this growth and will also address the reasons why consumers are reluctant to use on-line services. We will also address the consumer's attitudes towards on-line bill payment.

One of the greatest challenges financial institutions faced last year was whether or not they should begin an account aggregation service. It will be interesting to see whether the account aggregation trend remains flat like it has since 2000 or if more consumers have gained an interest in the service.

Checking Accounts
Checking still remains a strong topic, ranking third amongst SPSG program members. Over the past year we have seen an increase in Free Checking usage and in Spring 2002 we will continue to address the growing interest in this product.

Consumers will be asked to describe the free checking competition between their local financial institutions and to describe their primary checking account. We will also determine the number of consumers that have courtesy coverage as part of their primary checking account and how valuable it is or would be to them.

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Mortgage and Home Equity Lending
After the events of September 11, 2001 we saw the mortgage rates decline allowing many consumers to either purchase a home or refinance. In the Spring 2002 research survey we will determine the last time consumers obtained a mortgage for either a home purchase or refinance.

Home equity products continue to be ranked highly by SPSG members. The Spring 2002 analysis will trend the growth of home equity product usage. We will also look at the reasons consumers obtained a home equity product and the most important feature they considered to select the equity product.

Home equity product conjoint analysis will identify the trade-off between interest rate and teaser rates. Marketers can use this information to optimize their equity offers.

Deposit and Investment Accounts
This Spring's SPSG survey will measure the demand for new deposit products over the next 12 months. We will see whether the trend for opening insured CDs continues to increase.

Consumers will describe how stock market volatility may have affected their investment plans. We will also take a look at how consumers are allocating their savings and investing dollars today compared to last year.

Consumers will identify their preferences between certificates of deposit and money market accounts. For institutions concerned with growing certificates of deposit, we will ask consumers to identify what type of CD enhancements appeal to them.

We will continue to monitor the continually fluctuating on-line trading trend and we will also determine the importance of different on-line trading factors. The survey will also identify whether the trend for Asset Management Accounts continues to decline.

Retirement Savings
The Spring 2002 research survey will address the Economic Growth and Tax Relief Reconciliation Act of 2001. This act will increase Traditional and Roth IRA contribution limits over the next seven years.

The research survey will measure the consumer's awareness of this new act and whether the changes will effect their yearly retirement contribution.

Consumer Lending
The Spring 2002 survey will access the demand for varying loan products over the next 12 months. We will also identify how the concerns from recent events have effected the likelihood of households reading direct mail solicitations.

The aftershock of September 11, 2001 continues to be seen as many auto dealers have been offering special rates and terms to consumers to increase auto sales. We will identify the number of consumers who have recently purchased a new automobile and the method of payment used.

Out of the consumers who have purchased a new automobile over the past six months, we will determine how many were offered the 0% financing and were eligible. We will also have consumers indicate the rate and term of their new automobile purchase.

Small Business
The Spring 2002 SPSG study will provide an update on traditional and non-traditional competitors as they vie for the small business market. What strategies and tactics are being employed to grow new business in this arena?

Competitive Update
We compile competitive information from numerous sources around the country to keep you on top of the marketing strategies and tactics that are being employed in all regions of the country.

Key Financial Trends
On going tracking of key economic statistics that relate to the marketing of financial services will help you gain insight to consumers' borrowing and investment decisions for the upcoming months.

Regulatory/Legislative Update
We stay on top of key regulatory and legislative issues that will impact financial services marketing. Learn how to prepare for impending changes and identify various product issues.

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