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Spring 2010 Research Issues
New Research Highlights
Key
Financial Trends & Competitive Update
The Future of Checking
Market
Segmentation
Delivery
Channels & Online Banking
Deposit, Investment & Insurance Products
Lending &
Equity Products
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How are consumers likely to
respond when financial institutions ask them to
opt in for overdraft coverage?
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Which
checking account pricing
changes do consumers find acceptable and which would cause
them to seek another checking provider?
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Who's using
social media Web sites
and what level of involvement is right for your
institution?
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What opportunities can be
uncovered by looking at comprehensive profiles of
Big Four customers?
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Who's using
mobile banking and what
type of mobile delivery methods do they prefer?
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How much longer do consumers
feel the economic downturn
will last?
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.
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What changes have consumers made, or what
specific behaviors have they engaged in to avoid non-sufficient funds or
overdraft fees? How prevalent are these changes compared to the past and
what are the implications for the future?
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If a financial institution were to drop
“totally free checking” in favor of certain requirements (direct deposit,
minimum balances, or fees), which requirements would they accept and which
would cause them to seek another institution?
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In a world of trade-offs, what choices would
consumers make between different checking account balance levels (low to
high) and various checking fees (low to high)?
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What is the best way to reach prospective
customers for checking accounts?
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What is the best possible media to use
for marketing specific accounts?
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How do deposit, loan and investment
product usage and product balances differ among RFG’s eleven mutually
exclusive consumer segments? What is the current demand for deposit,
loan and investment products among these consumer segments and which
segments are the best targets for individual products?
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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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In what ways have economic conditions
impacted consumers and what are their expectations for the coming
year? How long do consumers feel the current economic downturn will
continue?
Delivery Channels & Online Banking:
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What is the current level of consumer
awareness regarding overdraft coverage or courtesy pay? What type of
overdraft coverage have consumers experienced? Would they like their
financial institution to cover overdrafts for checks, debit card
purchases and ATM withdrawals?
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When financial institutions seek consumer
permission to cover ATM or debit card transactions, how will they
respond? Why will some consumers opt-in and others fail to do so? Are
there any modifying coverage conditions that would influence their
likelihood to opt-in (daily cap on fees, one free OD, small negative
balance covered without a fee, etc.)?
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How would consumers prefer to be notified
regarding their options for future overdraft coverage for ATM and
debit card purchases?
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Would a debit card purchase denial affect
a consumer’s future use of the debit card?
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How widely are overdraft protection plans
used, and is their usage likely to increase in the future? Going
forward, will consumers find more value in short-term loan programs
(where they borrow against their next payroll direct deposit)?
How many consumers are involved in credit or debit card rewards
programs? What degree of influence do rewards programs have on usage
(frequency of use and overall dollar volume)? What affect would an
annual fee for these programs have on their continued usage?
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What predominant method do mobile bankers
use to communicate with their financial institution? What will it take
to break down the barriers to rapid expansion for mobile banking? What
is the profile of the mobile banker, what is the current penetration,
and what will its future growth be?
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What is the profile of social networking
Website users? What type of messages do they feel would be an
appropriate posting for their financial institution?
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How are consumer channel preference
patterns and usage frequency continuing to change?
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Where is the greatest growth occurring in
financial activities performed online, and what is the growth
potential for the next year? What type of e-mail or text alerts are
consumers most likely to sign up for in the next 12 months?
Deposits, Investments & Insurance Services:
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For those with money sitting in a
liquid/readily available account earmarked for future movement, what
will the tipping factor be for them to invest in the stock market or
move to another deposit account or investment opportunity – higher
rates on deposits, signs of economic recovery, more stability in the
stock market, more confidence in their employment situation, etc.? Are
they more likely to seek deposit or investment accounts for these
funds? If interest rate is the tipping factor, what rate would entice
them to commit to term?
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What proportion of consumers have
negotiated an interest rate with their financial institution?
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Are Internet only savings accounts
growing in today’s economic environment? How much higher would the
interest rate have to be to coax consumers to move their funds to an
Internet-only bank?
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What would consumers who were investing
in an insured deposit account choose: a CD or a money market account?
Lending & Equity Products:
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Which loans will consumers need first when
the economy turns around?
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How many consumers have been affected by
credit actions taken by their financial institution or Credit Card
Company? What type of actions were involved and how recently were these
actions taken?
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Is there a pent-up need emerging for vehicle
purchases? Can financial institutions position themselves to capture
future car loans?
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What is the level of consumer interest in a
packaged account that combines banking services like checking, savings and
loan products (including mortgages) for which they would receive special
discounts, rates and fees?
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How does the length of time left on a
mortgage influence likelihood to refinance? What is the level of interest
in a 10-year, fixed-rate mortgage loan and what is the profile of those
who are interested?
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What is the best way to reach prospective
customers for specific loan accounts? To insure the best results, should
you use the same marketing media for equity products as you would for
refinancing?
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How do today’s credit card balances compare
with previous balances?
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