RFG - Fall 2002 Research Issues

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Strategic Planning Study Group (SPSG)

Spring 2003 Research Issues

Consumer Segments
Delivery Channels
Checking Accounts
Online Banking
Equity Products
Deposit and Investment Accounts
Loans and Mortgages
Small Business
Competitive Update
Key Financial Trends
Regulatory/Legislative Update

Consumer Segments
SPSG will investigate how product, service and channel usage, along with balances, differ among RFG's six consumer segments: Credit Driven, Fee Driven, Middle Market, Low Income Depositor, Middle Income Depositor and Upscale. The study will explore the correlations between life cycle events (marriage, home purchase, births, etc.) and financial service product ownership as well as purchase intentions. In addition to age and income, we will explore additional variables that significantly increase effective target marketing.

Delivery Channels
Always ranked among the highest topics in importance, consumer delivery channel behavior will be examined and trended. The study will explore what consumers want and need from their branches. Frequency and type of monthly behavior will be measured for different employee-assisted and electronic channels. This ongoing tracking includes lobby, supermarket branches, drive-up, proprietary ATMs, foreign ATMs, debit cards, direct deposit, online banking, online bill payment, audio voice response and telephone bill payment. SPSG will examine frequency and type of ATM/check card usage (PIN vs. signature), determine the level of product understanding prevalent among consumers and the likelihood of altering consumer behavior regarding its use. The study will look at how consumer preference for payment methods have changed and reasons for the changes.

Checking
Always a topic of strong interest, consumers will be asked what types of checking accounts they have and the types of institutions where they are held. The survey will explore the extent of product/service ownership associated with different types of checking accounts, and the level of satisfaction associated with each. In addition to determining the prevalency of closed account activity, for those having done so recently, we will research those factors most important in the selection of a new provider. Consumers use of multiple checking accounts will be trended and the location of free checking accounts will be identified in terms of primary or secondary financial institution.

Online Banking
The survey will examine which consumer groups are banking online and what type of financial activities they are currently conducting, as well as those they intend to conduct within the year. Trend data will be reported. RFG will research use of bill payment services offered by financial institutions, as well as the use of other methods used to pay bills electronically (ACH transfers, online at merchant sites, direct debit, etc.) We will investigate the factors contributing to consumers' recent adaptation of bill pay. We will ask online bankers what elements they would prefer to have included in their e-statements. Consumers will be asked what level of level of activity in relation to product purchase they are willing to perform online.

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Equity Products
Home ownership and future purchase intent will be trended. SPSG will look at who has home equity loans and lines of credit and the purposes for which they are being used. The survey will investigate the length of time consumers take to activate their line of credit and what factors impact this. The research will present several equity features to determine the level of importance of each to consumers when selecting their equity lender. Consumer preference for fixed, flexible, or some combination of payments will be explored, along with the value they place on credit card access to an equity line of credit.

Deposit and Investment Accounts
SPSG will explore the types of new deposit/investment accounts consumers will open in the next 12 months, and to which existing accounts they plan to add. We will revisit the changes consumers have made in existing and ongoing deposit accounts and investments, where they are safekeeping their money, and if prior investment habits have been altered, either temporarily or permanently. The rate and term needed for CD purchase or renewal will be reviewed, and differences between new vs. renewed will be examined. The research will determine current CD owners' level of awareness of their market rates and terms. The study will look into consumer perceptions regarding the negotiability of CD rates/terms. Consumers recently having moved money from the stock market will be asked what they did with it. SPSG will delve into the question of what drives multiple institution usage and how prevalent it is among consumers. We will inquire if consumers use of a greater or lesser number of financial institutions than they did 5 years ago. SPSG will examine what products are associated with single account institutional use.

Loans and Mortgages
SPSG will provide a profile consumers who have refinanced their mortgages. For consumers who have refinanced more than once, we will determine if they were more or less rate sensitive with their recent refinance than with their last refinance. The survey will ask consumers the typical time span from their last mortgage or refinance and what the last mortgage was use for (purchase or refinance). The research will examine the impact refinancing has had on home equity usage.

Small Business
The fall study will provide an update on traditional and non-traditional competitors as they vie for the small business market. The strategies and tactics being employed to grow new business in this arena will be explored.

Competitive Update
SPSG brings together competitive information from a variety of sources nationwide to keep program members abreast of the most recent marketing strategies and tactics being employed nationally.

Key Financial Trends
Continuous tracking of key economic statistics relating to marketing of financial services will provide insight to consumers’ borrowing and investment decisions for the upcoming months.

Regulatory/Legislative Update
SPSG monitors key regulatory and legislative issues that will impact financial services marketing. Anticipate and prepare for impending changes by identifying potential product issues.

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