Which Home Equity Line of Credit offer is most
attractive to consumers?
What is the best way to convert consumers to online
banking?
Is there fee income potential in flexible funds
transfers (within & between institutions)?
Which consumers are rate watchers?
How do consumers determine who their PFI will be?
Does a Health Savings Account have new product
potential for consumers?
Financial Trends & Competitive Update
Prior to examining consumer research results, 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. Market Segmentation
How do deposit, loan and investment product usage and product balances differ
among RFG’s six consumer segments? Who are your best targets for which
products? What does anticipated product purchase for the next 12 months look
like? In what ways can an eleven segment consumer model improve marketing
efficiency? Delivery Channels
How are consumer channel preference patterns and usage frequency changing?
Trends will be examined for all transaction channels. What is the profile of
each of the channel users? Which transaction channels do different consumer
groups favor?
For what primary purposes do consumers visit
their branches and what changes are occurring?
What do consumers consider an acceptable wait
time at a branch? In what ways do consumers typically obtain cash, do methods
differ among consumer groups?
What key factor defines which institution
consumers consider their primary or most important financial service provider? Online Banking
What does the profile of the online banker look like? With what frequency do
consumers conduct different online financial transactions? When consumers
engage in online financial activities, on which do they spend the majority of
their time? How did online bankers first become aware of the availability of
these services?
What types of changes have been occurring in
monthly consumer bill payment methods?
What percent of individuals pay for an online bill pay service? How likely are
consumers to switch financial institutions to get free bill pay?
How likely are consumers to transfer funds
between their own as well as other accounts within the same institution, and
between institutions? Which transfers are they most likely to make?
How many consumers receive e-mail alerts? Which
alerts do they opt-in to receive? Has consumer attitude toward online stock
trading been changing? In the next 12 months, which online services are
consumers most likely to use? Checking
What are consumers’ attitudes regarding identity theft protection? What is
their overall interest level in coverage? What, if anything, would consumers
be willing to pay for comprehensive protection? Who currently has the coverage
and do they pay a fee for it? From what source did they obtain their coverage?
How are the different types of checking accounts
distributed among consumer groups (free, relationship, interest-bearing,
balance requirements, etc.)? Deposit and Investment Services
Who will open and who will add to deposit/investment accounts in the next 12
months? How do consumers plan to open their next deposit or investment account
(in-person, via phone or online)? For what purposes are consumers currently
saving? What are consumers’ most important financial goals?
How actively do consumers watch interest rates on
their deposit accounts? How many consumers have high rate savings, checking or
money market accounts? How many consumers have special features on currently
owned CDs (bump rate, no penalty, etc.)? How many have executed their bump
rate CD option, and what interest rate increase did they receive when they
did?
In order to commit to term for six months, one
year and two years, what CD interest rate would consumers need? In order to
get specific CD enhancements (bump or rising rate, no penalty withdrawal,
etc.), would consumers be willing to accept a lower interest rate? What CD
features do they value most?
How do stock market conditions continue to affect
consumers’ investing behavior?
What are consumers’ current liquid positions and how do they plan to allocate
this money over the longer term? How conservative are consumer attitudes
towards their investments and what type of institution are they using as their
non-retirement investment provider? What are the reasons consumers give for
not using their PFI for purchasing stocks or mutual funds?
What is the consumer level of interest in a
Health Savings Account (HSA)? Which features of this account are most
important or valuable to consumers? Would consumers consider making necessary
changes to their work insurance policy to qualify for an HSA Account? Loan and Mortgage Products
What type of loans do consumers plan on applying for in the next 12 months and
what application method do they plan to use? What factors do consumers
consider most important when selecting a lending institution for their home
mortgage?
Who owns home equity products and what features
are typically associated with them? Do consumers hold their equity products at
the same institution as their mortgage and did they open the loan or line at
the same time as they obtained their mortgage? What other products do
consumers have at this institution? For what specific purposes are loans and
lines used?
In making tradeoffs between interest rates and
introductory offer rates, which home equity line of credit offer fares best?
Do consumers differ in the importance placed on each factor?
What factors (or features offered) contributed to
the decision to open their most recent credit or charge card? How do personal
vs. business charge card behaviors differ among consumers? How do consumers
describe their general practices in handling monthly credit card balances? Small Business
What type of financial service products do small businesses anticipate opening
in the next 12 months? What attributes do small business customers consider
most important and do they differ by firm size? What does this profile look
like? Do product and service usage of small business products differ by types
of businesses?
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