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Fall 2011 Research Issues
New Research Highlights
Key
Financial Trends & Competitive Update
The Evolution of Checking
Market
Segmentation
Delivery
Channels & Online Banking
Deposit, Investment & Insurance Products
Lending &
Equity Products
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What is the extent of
consumer awareness to checking account changes being
made by financial institutions? How have they reacted?
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Which requirements are
consumers willing to meet to maintain a “free” checking
account?
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How sensitive are consumers
to possible requirements/fees imposed on their debit
card use? What changes would they be willing to accept?
Will changes cause consumers to alter their payment
behavior?
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To what extent have
consumers’ spending and savings habits been affected by
the recession?
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How has electronic access to
banking services changed the way consumers conduct their
banking business?
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Do consumers respond to
ads/offers on social network sites? What type of offers
should financial institutions make?
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Will consumers utilize “smart
ATMs” for depositing funds (cash and/or checks)?
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What opportunities can be
uncovered for customer prospecting based on
comprehensive customer profiles of the five largest
banks?
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.
The Evolution of Checking:
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What is the extent of consumer awareness
regarding checking account changes made by their PFI?
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What did affected consumers do when their
financial institution added requirements or eliminated/stopped offering
totally free checking? Who stayed and who left?
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Which requirements are consumers willing to
meet to maintain a “free” checking account?
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What factors would cause consumers to switch
PFIs? Why did they close their most recent checking account?
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Is one type of financial institution more
likely to sustain a future customer defection than another (major vs.
other financial institutions)?
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Have recent security breaches heightened
consumer concern about identity theft? How many are covered by ID
protection insurance? What do they pay for coverage and from whom do
they purchase it?
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For which ID theft coverage services would
consumers be willing to pay? How likely would they be to purchase
coverage as part of their checking account features?
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What sources do consumers rely on to gather
information for opening a new checking account with a new provider?
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To what degree has the average consumer
been personally impacted by the recession? What impact has the
downturn had on consumer spending and saving habits?
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How can we use behavioral differences
based on attitudes toward financial services and generational
differences to better target the needs of key consumer segments?
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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 (purchase predictions
are derived from product to product correlations, broken out by
consumer segments).
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How has consumer sentiment toward
“bailout banks” changed?
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How do the sources consumers use to
gather information prior to account opening differ between product
types? Is your institution using the best sources to promote each of
your products?
Delivery Channels & Online Banking:
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At what rate is consumer remote deposit
capture growing and who would be most likely to use it if offered by
their PFI?
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How does the importance of “full service
delivery” differ by consumer segment and specific transaction? To
what extent has electronic delivery altered the importance of full
service delivery to consumers?
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Faced with possible changes to the
continued use of their debit card, what reaction will consumers have
to the following: a fee per use, a purchase limit per use, a monthly
or yearly charge, or a checking account balance requirement? Which
requirement do they find least objectionable? How many would stop
using their card or seek another provider if requirements were
imposed?
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For those consumers who would stop using
their debit card if requirements were imposed, what form of payment
are they most likely to use instead: cash, checks or credit cards?
Deposits, Investments & Insurance Services:
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What does the retirement plan rollover
market look like and where do baby boomers plan to rollover their
balances?
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In today’s rate environment, what
attitude do consumers have regarding deposit rate shopping?
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How have consumer attitudes toward
investing in the stock market changed and what actions have they
taken based on these attitudes?
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What is the level of consumer interest in
asset allocation, asset management and ShareBuilder accounts?
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How are Internet only savings accounts
faring in today’s rate environment?
Lending & Equity Products:
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How do you reach the potential auto loan
market most effectively?
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What does the market for a 10-year fixed rate
mortgage look like?
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In the eyes of the home owner, how has the
value of their home changed in the last year? How much equity do
consumers have in their homes?
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Which credit card features are most
attractive to consumers?
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Would consumers eligible for a reverse
mortgage prefer the standard HECM, the HECM Saver (both of which require
no payment until the home is sold), or a standard home equity line of
credit that requires monthly payments to the lender?
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