Table of Contents
Scope and Themes
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- What you need to know
- Scope of this report
- Consumer survey data
- Abbreviations and terms
Executive Summary
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- Industry highlights
- Marketing trends
- Changing landscape
- Consumer trends
Insights and Opportunities
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- Retail banks vs. Financial services conglomerates
- Marketing messaging
- Under-served online market
Fast Forward Trends
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- Trend 1: Boom comes to an End?
- What we’ve seen
- Implications
- Trend 2: Trust in Me
- What we’ve seen
- Implications
- Trend 3: Attention Economy
- What we’ve seen
- Implications
Market Size and Forecast
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- Key points
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- Figure 1: Assets and numbers of FDIC-insured institutions, 1992-2008
- Figure 2: Assets and numbers of FDIC-insured institutions, Q1 2004-Q1 2008
- Assets by top organizations
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- Figure 3: Top 25 U.S. banking institutions, by total assets, June 2008
Competitive Context
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- Key points
- Overall economic outlook
- The credit crunch’s impact on retail banking
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- Figure 4: U.S. credit market growth, by quarter, Q1 2007-Q1 2008
- Downturn in consumer confidence, increased gas prices and the collapsing of the real estate market
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- Figure 5: Consumer Confidence Index, 1997-2008
- Figure 6: Confidence in banking, 1997-2008
- Turmoil in the overall financial services industry increases pressure on retail banking
Marketing Channels
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- Key points
- Mass media
- Direct marketing
- Non-traditional channels
- Podcasts and text messages
Market Drivers
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- Key points
- Tightening of lending practices
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- Figure 7: Net percentage of domestic respondents tightening standards for mortgage loans, Q2 2007-Q3 2008
- Figure 8: Net percentage of domestic respondents tightening standards on consumer loans, Q2 2007-Q3 2008
- Growth of mobile communications
- A retiring population
Companies and Brands
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- Bank snapshots
- JPMorgan Chase
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- Figure 9: JPMorgan Chase snapshot, 2008
- Figure 10: JPMorgan Chase historical assets, 2004-07
- Bank of America
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- Figure 11: Bank of America snapshot, 2008
- Figure 12: Bank of America assets, 2004-07
- Citibank
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- Figure 13: Citibank snapshot, 2008
- Figure 14: Citibank sssets, 2004-07
- Wachovia
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- Figure 15: Wachovia snapshot, 2008
- Figure 16: Wachovia assets, 2004-07
- Wells Fargo
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- Figure 17: Wells Fargo snapshot, 2008
- Figure 18: Wells Fargo assets, 2004-07
- Washington Mutual
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- Figure 19: Washington Mutual snapshot, 2008
- Figure 20: Washington Mutual assets, 2004-07
- U.S. Bank
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- Figure 21: U.S. Bank snapshot, 2008
- Figure 22: U.S. Bank assets, 2004-07
- SunTrust Bank
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- Figure 23: SunTrust Snapshot, 2008
- Figure 24: SunTrust assets, 2004-07
- National City
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- Figure 25: National City snapshot, 2008
- Figure 26: National City assets, 2004-07
- State Street
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- Figure 27: State Street snapshot, 2008
- Figure 28: State Street assets, 2004-07
Innovation and Innovators
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- Bank of America’s innovation agenda
Competitive Strategy—Heatmap
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- Age
- Region
- Income
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- Figure 29: Heatmap—Targeting strategies of U.S. banks, by age, region and income, 2008 YTD
Advertising and Promotion
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- Notable banking direct mail campaigns
- Chase
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- Figure 30: Chase Direct Mail Advertisement, 2008
- ING
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- Figure 31: ING Direct Mail Advertisement, 2008
- National City
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- Figure 32: National City Direct Mail Advertisement, 2008
- Notable print advertisements
- Chase
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- Figure 33: Chase Print Advertisement, 2008
- Washington Mutual
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- Figure 34: Washington Mutual Print Advertisement, 2008
- Citibank
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- Figure 35: Citibank Print Advertisement, 2008
- Television advertising
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- Figure 36: Bank Of America Bank Corporate Television Advertisement, 2008
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- Figure 37: Bank Of America Mobile Banking Television Advertisement, 2008
- Figure 38: Capital One Bank Financial Corporate Television Advertisement, 2008
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- Figure 39: Chase Bank (Checking/Current Account) Television Advertisement, 2008
- Figure 40: Chase Bank (Corporate) Television Advertisement, 2008
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- Figure 41: Commerce Bank Corporate Television Advertisement, 2008
- Figure 42: National City Bank (Checking Account) Television Advertisement, 2008
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- Figure 43: U.S. Bank (Corporate) Television Advertisement, 2008
The Consumer—Banking Relationships
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- Bank account penetration
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- Figure 44: Prevalence of bank accounts, by age, June 2008
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- Figure 45: Prevalence of bank accounts, by household income, June 2008
- Which banks?
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- Figure 46: Primary bank, by age, June 2008
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- Figure 47: Primary bank, by household income, June 2008
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- Figure 48: Primary bank, by ethnicity and Hispanic origin, June 2008
- Banking and/or financial activities
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- Figure 49: Banking and/or financial activities, by gender, June 2008
- Online banking and/or financial activities
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- Figure 50: Primarily online banking and/or financial activities, by gender, June 2008
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- Figure 51: Primarily online banking and/or financial activities, by gender, June 2008
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- Figure 52: Primarily online banking and/or financial activities, by age, June 2008
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- Figure 53: Primarily online banking and/or financial activities, by household income, June 2008
- Communication with your bank
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- Figure 54: Preferred channel for communication with your bank, by gender, June 2008
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- Figure 55: Preferred channel for communication with your bank, by age, June 2008
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- Figure 56: Preferred channel for communication with your bank, by ethnicity and Hispanic origin, June 2008
- Communications from your bank
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- Figure 57: Preferred channel for communication from your bank, by gender, June 2008
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- Figure 58: Preferred channel for communication from your bank, by ethnicity and Hispanic origin, June 2008
The Consumer—Attitudes and Behavior
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- General attitudes towards banking
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- Figure 59: General attitudes towards banking, by gender, June 2008
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- Figure 60: General attitudes towards banking, by ethnicity and Hispanic origin, June 2008
- Attitudes towards consumers’ banking relationship
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- Figure 61: Attitudes towards consumers’ banking relationship, by gender, June 2008
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- Figure 62: Attitudes towards consumers’ banking relationship, by age, June 2008
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- Figure 63: Attitudes towards consumers’ banking relationship, by ethnicity and Hispanic origin, June 2008
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- Figure 64: Attitudes towards consumers’ banking relationship, by household income, June 2008
- Attitudes towards the economy
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- Figure 65: Attitudes towards the economy, by gender, June 2008
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- Figure 66: Attitudes towards the economy, by age, June 2008
- Patterns in consumer loyalty
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- Figure 67: Consumer switching, by age, June 2008
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- Figure 68: Consumer switching, by ethnicity and Hispanic origin, June 2008
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- Figure 69: Reasons for consumer switching, by gender, June 2008
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- Figure 70: Reasons for consumer switching, by age, June 2008
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- Figure 71: Reasons for consumer switching, by ethnicity and Hispanic origin, June 2008
- Channel preference
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- Figure 72: Consumer channel preference, June 2008
The Consumer—Brands and Advertising
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- Brand awareness
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- Figure 73: Brand awareness, by gender, June 2008
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- Figure 74: Brand awareness, by age, June 2008
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- Figure 75: Brand awareness, by household income, June 2008
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- Figure 76: Brand awareness, by ethnicity and Hispanic origin, June 2008
- Claimed advertising awareness
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- Figure 77: Advertising awareness, by gender, June 2008
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- Figure 78: Advertising awareness, by age, June 2008
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- Figure 79: Advertising awareness, by household income, June 2008
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- Figure 80: Advertising awareness, by ethnicity and Hispanic origin, June 2008
- Brand attributes and imagery maps
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- Figure 81: Brand imagery map, Bank of America, June 2008
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- Figure 82: Brand imagery map, Washington Mutual, June 2008
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- Figure 83: Brand imagery map, Wells Fargo, June 2008
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- Figure 84: Brand imagery map, Wachovia, June 2008
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- Figure 85: Brand imagery map, Chase, June 2008
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- Figure 86: Brand imagery map, Citibank, June 2008
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- Figure 87: Brand imagery map, U.S. Bank, June 2008
- Net promoter score
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- Figure 88: Net Promoter Score, June 2008
Cluster Analysis
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- Cluster 1: Unhappy bankers
- Cluster 2: Credit crunch sanguines
- Cluster 3: Bank enthusiasts
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- Figure 89: Bank account clusters, June 2008
- Figure 90: Agreement with statements about banks, by bank account clusters, June 2008
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- Figure 91: Perceptions of brand attributes, by bank account clusters, June 2008
- Figure 92: Bank account clusters, by gender, June 2008
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- Figure 93: Bank account clusters, by age, June 2008
- Figure 94: Bank account clusters, by household income, June 2008
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- Figure 95: Bank account clusters, by race, June 2008
Custom Consumer Groups
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- Banking and/or financial activities
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- Figure 96: Banking and/or financial activities, by gender and age, June 2008
- Communication with your bank
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- Figure 97: Preferred channel for communication with your bank, by gender and presence of children, June 2008
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- Figure 98: Preferred channel for communication with your bank, by gender and age, June 2008
- General attitudes towards banking
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- Figure 99: General attitudes towards banking, by gender and presence of children, June 2008
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- Figure 100: General attitudes towards banking, by ethnicity and Hispanic origin and household income, June 2008
- Attitudes towards the economy
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- Figure 101: Attitudes towards the economy, by gender and presence of children, June 2008
- Patterns in consumer loyalty
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- Figure 102: Consumer switching, by gender and presence of children, June 2008
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- Figure 103: Consumer switching, by marital status and presence of children, June 2008
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- Figure 104: Reasons for consumer switching, by gender and presence of children, June 2008
Appendix: Trade Associations
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