Strategic
Planning Study Group (SPSG)
Loan and
Mortgage Products
Home ownership and future purchase intent will be trended. Recent
mortgage refinance activities will be examined along with how easy
consumers felt the refinance process was. SPSG will look at who has
home equity loans and lines of credit (HELOCs) and for what purposes
they are being used. Consumers will be asked to rate the importance
of a number of factors in selecting a HELOC lender (i.e., getting a
lower rate based on an outstanding balance, credit rating or amount
of line, having no rate floor, no up-front fees, etc.) When coupled
with a special low introductory rate of interest on a HELOC,
consumer acceptance of an early termination fee will be tested. The
survey will examine how three specific attributes influence consumer
preference for making purchase decisions regarding a HELOC: interest
rate (from 3.75% to 4.50%), introductory offer rate (from none to
1.99% for the first 4 months) and annual fee (from none to $35
starting in the second year). Consumer preference for fixed,
flexible or some combination of payments will be trended, along with
the value they place on credit card access to an equity line of
credit.
Deposit and Investment
Services
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. For CDs, the survey revisits the rate and
term for which consumers would be willing to commit. The survey will
trend the changes consumers have made in existing and ongoing
deposit accounts and investments, where, and in which type of
accounts they are “safekeeping” their money, and what length of
market rally would coax them back into investing. Consumers will be
asked if prior investment habits been altered, either temporarily or
permanently and what their personal financial goals are over the
next several years. The research will pose the question of when
consumers begin to save for children’s college expenses, if they
have an emergency savings fund, and what their attitude toward
financial planning is. SPSG will trend whether or not consumers
believe their primary financial institution is a viable source from
which to purchase stocks and mutual funds. Consumer preferences will
be examined in regard to fixed, variable and indexed annuities as
well as their level of interest in specific types of investment
accounts: asset allocation, asset management and sharebuilder
accounts.
Insurance
Consumers will be asked which insurance policies they own/plan on
owning, and how/where they prefer to discuss and purchase these
policies. The survey will find out how likely consumers are to
purchase insurance from their primary financial institution.
Associations will be made between types of insurance products and
other financial service products owned.
Small Business
RFG’s proprietary small business banking online customer database
will be used to examine products and services currently used by
small businesses and their future usage plans. Small business
banking customers will be asked which financial service providers
they typically use and for the major reasons for using them.
Financial activities performed online and online features they
consider important for their business banking purposes will be
explored. Transaction channels used and frequency will be examined.
The depth of small business customers' banking relationships and the
reasons they don’t maintain mixed relationships with the same
institution will be examined.
New Account Openings
SPSG will examine the most recently opened consumers account, where
it was opened and what channel was used to do so. The survey will
determine if consumers were responding to a special offer, and if
so, whether they qualified for that offer. Consumers will be asked
if a cross-sell attempt was made, and if so, for what type of
product/service. The survey will tap consumer perception regarding
the cross-sell appropriateness for their personal financial
situation, and whether the attempt resulted in a purchase.
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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© 2000-2012, Open Solutions Inc. All rights reserved.
Raddon Financial Group is a business
unit of Open Solutions Inc.
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