Table of Contents
Scope and Themes
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- What you need to know
- Scope of this report
- Consumer research methodology
- Abbreviations and terms
- Abbreviations
- Terms
Executive Summary
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- Top industry trends
- Economic and financial overview
- Service channels
- Are Wal-Mart and other retailers a threat?
- Mintel’s consumer survey – what do consumers think of their banks?
- Dispelling common notions regarding Hispanic consumers
- Do I like my bank?
- The bundled-service myth
- Should I switch banks?
- What would make me change my bank?
- The Wal-Mart threat
- Big-bank customers vs. those of other financial institutions
The Retail Banking Environment
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- Economic influences
- Introduction
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- Figure 1: Higher bank loss provisions contribute to earnings decline, Q2 2006-Q2 2007
- Uncertain housing market
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- Figure 2: Private housing starts, 1993-2006
- Are businesses righting the economic ship?
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- Figure 3: Capital spending, 2000-07
- Consumers in debt
- Credit card debt
- Mortgages
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- Figure 4: Noncurrent mortgages and HELOCs, 2004-07
- Foreclosures
Trends and Factors Driving Retail Banking
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- Banking industry developments
- Trends in number of banks and banking assets
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- Figure 5: Number of banks, and share of assets at the largest banks, 1990-2006
- Figure 6: Change in number of banks, 2001-06
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- Figure 7: Asset size distribution among banks, 2001-06
- Investigation of banking fees
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- Figure 8: Estimated fee-based overdraft loan fees paid by consumers, 2004 and 2006
- Demographic factors
- Population changes
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- Figure 9: Projected population of the United States, by race and hispanic origin: 2000-50
- Hispanic buying power
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- Figure 10: Hispanic disposable income in the ten states with the largest Hispanic markets, 2006
- The bank/customer relationship
- Does “customer delight” exist?
- Branches
- A web of opportunity (and threats)
- Identity theft, security, and fraud
- Technological innovations
- Young consumers and technology
- “Wal-Martization” of banking
- Using data to sell new products and services
Market Size and Trends
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- Total assets
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- Figure 11: Assets of FDIC-insured banking organizations, 12/91-06/07
- Figure 12: Total assets of FDIC-insured banking organizations, and number of institutions, 1990 – Q2 2007
- Assets by organization
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- Figure 13: Top 20 U.S. banking institutions, by total assets, 06/30/2007
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- Figure 14: Top ten bank and thrift holding companies by deposits, June 30, 2007
- Figure 15: Number of banks with total assets over $20 billion, 2003-07
Advertising and Promotion
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- Online
- Direct mail
- Top ten overall banking mailers, April 2006-June 2007
- Top ten checking mailers, April 2006-June 2007
- Notable checking account mailers, 2007
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- Figure 16: Wachovia Bank, 2007
- Figure 17: ING Direct mail creative, media ID 20070702-11072
- Top ten debit card mailers, April 2006-June 2007
- Notable debit card mailers, 2007
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- Figure 18: Wamu debit mastercard direct mail creative, 2007
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- Figure 19: Citibank direct mail creative, 2007
- Top ten online banking services mailers, April 2006-June 2007
- Notable online banking services mailers, 2007
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- Figure 20: Bank of America direct mail creative, 2007
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- Figure 21: Fifth Third Bank direct mail creative, 2007
- Building loyalty through savings advertising
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- Figure 22: Keycorp print creative, 2007
- Targeting Hispanic consumers
- Television
- Citi
- Bank of America
- National City
- Chase
The Banking Consumer
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- Banked and unbanked
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- Figure 23: Retail banking account use, by gender and age, August 2007
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- Figure 24: Retail banking account use, by race/ethnicity, August 2007
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- Figure 25: Retail banking account use, by education, August 2007
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- Figure 26: Retail banking account use, by marital status, August 2007
- Where do consumers bank?
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- Figure 27: Primary financial services provider, by gender, August 2007
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- Figure 28: Primary financial services provider, by age, August 2007
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- Figure 29: Primary financial services provider, by household income, August 2007
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- Figure 30: Primary financial services provider, by race/ethnicity, August 2007
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- Figure 31: Primary financial services provider, by region, August 2007
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- Figure 32: Primary financial services provider, by education level, August 2007
- Primary method used to pay household bills
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- Figure 33: Method of paying household bills, by gender, August 2007
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- Figure 34: Method of paying household bills, by age, August 2007
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- Figure 35: Method of paying household bills, by household income, August 2007
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- Figure 36: Method of paying household bills, by race/ethnicity, August 2007
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- Figure 37: Method of paying household bills, by education level, August 2007
- Consumer banking and the Internet
- Length of online billpay use
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- Figure 38: Use of online billpay, by gender, August 2007
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- Figure 39: Use of online billpay, by age group, August 2007
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- Figure 40: Use of online billpay, by household income, August 2007
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- Figure 41: Use of online billpay, by education, August 2007
- Services conducted primarily online
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- Figure 42: Services conducted primarily online, by gender, August 2007
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- Figure 43: Services conducted primarily online, by age group, August 2007
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- Figure 44: Services conducted primarily online, by household income, August 2007
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- Figure 45: Services conducted primarily online, by race/ethnicity, August 2007
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- Figure 46: Services conducted primarily online, by education, August 2007
- Noteworthy attributes of large bank customers
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- Figure 47: Attributes of large bank customers, August 2007
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- Figure 48: Attributes of large bank customers, use of online billpay, August 2007
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- Figure 49: Attributes of large bank customers, August 2007
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- Figure 50: Attributes of large bank customers, communications preference, August 2007
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- Figure 51: Attributes of large bank customers, August 2007
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- Figure 52: Have switched banks in the last 12 months, August 2007
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- Figure 53: Preferences of large bank customers – switching behavior, August 2007
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- Figure 54: Number of banking relationships, August 2007
Consumer Communication and the Banking Relationship
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- Figure 55: Communications preference, by gender, August 2007
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- Figure 56: Communications preference, by age group, August 2007
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- Figure 57: Communications preference, by household income, August 2007
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- Figure 58: Communications preference, by race/ethnicity, August 2007
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- Figure 59: Communications preference, by education level, August 2007
- Preference for ways of communicating with a bank for selected services
- Getting a mortgage
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- Figure 60: Preferred ways of communicating with a bank for: Getting a mortgage, by gender, August 2007
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- Figure 61: Preferred ways of communicating with a bank for: Getting a mortgage, by age, August 2007
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- Figure 62: Preferred ways of communicating with a bank for: Getting a mortgage, by household income, August 2007
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- Figure 63: Preferred ways of communicating with a bank for: Getting a mortgage, by race/ethnicity, August 2007
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- Figure 64: Preferred ways of communicating with a bank for: Getting a mortgage, by education, August 2007
- Financial planning
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- Figure 65: Preferred ways of communicating with a bank for: Financial planning, by gender, August 2007
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- Figure 66: Preferred ways of communicating with a bank for: Financial planning, by age, August 2007
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- Figure 67: Preferred ways of communicating with a bank for: Financial planning, by household income, August 2007
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- Figure 68: Preferred ways of communicating with a bank for: Financial planning, by race/ethnicity, August 2007
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- Figure 69: Preferred ways of communicating with a bank for: Financial planning, by education, August 2007
- Setting up an IRA
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- Figure 70: Preferred ways of communicating with a bank for: Setting up an IRA, by gender, August 2007
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- Figure 71: Preferred ways of communicating with a bank for: Setting up an IRA, by age, August 2007
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- Figure 72: Preferred ways of communicating with a bank for: Setting up an IRA, by household income, August 2007
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- Figure 73: Preferred ways of communicating with a bank for: Setting up an IRA, by race/ethnicity, August 2007
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- Figure 74: Preferred ways of communicating with a bank for: Setting up an IRA, by education, August 2007
- Setting up an educational savings account
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- Figure 75: Preferred ways of communicating with a bank for: Setting up an educational savings account, by gender, August 2007
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- Figure 76: Preferred ways of communicating with a bank for: Setting up an educational savings account, by age, August 2007
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- Figure 77: Preferred ways of communicating with a bank for: Setting up an educational savings account, by income, August 2007
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- Figure 78: Preferred ways of communicating with a bank for: Setting up an educational savings account, by race/ethnicity, August 2007
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- Figure 79: Preferred ways of communicating with a bank for: Setting up an educational savings account, by education, August 2007
- Retirement planning
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- Figure 80: Preferred ways of communicating with a bank for: Retirement planning, by gender, August 2007
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- Figure 81: Preferred ways of communicating with a bank for: Retirement planning, by age, August 2007
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- Figure 82: Preferred ways of communicating with a bank for: Retirement planning, by household income, August 2007
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- Figure 83: Preferred ways of communicating with a bank for: Retirement planning, by race/ethnicity, August 2007
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- Figure 84: Preferred ways of communicating with a bank for: Retirement planning, by education, August 2007
- To refinance my mortgage
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- Figure 85: Preferred ways of communicating with a bank: To refinance my mortgage, by gender, August 2007
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- Figure 86: Preferred ways of communicating with a bank: To refinance my mortgage, by age, August 2007
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- Figure 87: Preferred ways of communicating with a bank: To refinance my mortgage, by income, August 2007
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- Figure 88: Preferred ways of communicating with a bank: To refinance my mortgage, by race/ethnicity, August 2007
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- Figure 89: Preferred ways of communicating with a bank for: Refinancing my mortgage, by education, August 2007
- To apply for a HELOC
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- Figure 90: Preferred ways of communicating with a bank for: Obtaining a home equity line of credit, by gender, August 2007
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- Figure 91: Preferred ways of communicating with a bank: To get a home equity line of credit, by age, August 2007
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- Figure 92: Preferred ways of communicating with a bank: To get a home equity line of credit, by income, August 2007
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- Figure 93: To get a home equity line of credit, by race/ethnicity, August 2007
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- Figure 94: Preferred ways of communicating with a bank: To get a home equity line of credit, by education, August 2007
- Consumer thoughts about their banking relationship
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- Figure 95: Consumer thoughts about their banking relationship, by gender, August 2007
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- Figure 96: Consumer thoughts about their banking relationship, by age, August 2007
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- Figure 97: Consumer thoughts about their banking relationship, by income, August 2007
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- Figure 98: Consumer thoughts about their banking relationship, by race/ethnicity, August 2007
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- Figure 99: Consumer thoughts about their banking relationship, by education, August 2007
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Consumer Loyalty and Factors Driving Loyalty
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- Changing primary banks in the last 12 months
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- Figure 100: Change in primary bank, by gender, August 2007
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- Figure 101: Change in primary bank, by age, August 2007
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- Figure 102: Change in primary bank, by income, August 2007
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- Figure 103: Change in primary bank, by race/ethnicity, August 2007
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- Figure 104: Change in primary bank, by education, August 2007
- Potential causes for changing primary banks in the future
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- Figure 105: Potential reasons for switching banks, by gender, August 2007
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- Figure 106: Potential reasons for switching banks, by age, August 2007
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- Figure 107: Potential reasons for switching banks, by income, August 2007
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- Figure 108: Potential reasons for switching banks, by race/ethnicity, August 2007
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- Figure 109: Potential reasons for switching banks, by education, August 2007
- Number of banking relationships
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- Figure 110: Number of banking relationships, by gender, August 2007
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- Figure 111: Number of banking relationships, by age, August 2007
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- Figure 112: Number of banking relationships, by income, August 2007
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- Figure 113: Number of banking relationships, by race/ethnicity, August 2007
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- Figure 114: Number of banking relationships, by education, August 2007
Banking with Wal-Mart
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- Figure 115: Demographic characteristics of Wal-Mart customers vs. the U.S. population overall, Spring 2007
- Conducted banking services at Wal-Mart in the last year
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- Figure 116: Banking services at Wal-Mart, by gender, August 2007
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- Figure 117: Banking services at Wal-Mart, by age, August 2007
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- Figure 118: Banking services at Wal-Mart, by income, August 2007
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- Figure 119: Banking services at Wal-Mart, by education, August 2007
- Would you leave your current bank for Wal-Mart?
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- Figure 120: Leave current bank for Wal-Mart, by gender, August 2007
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- Figure 121: Leave current bank for Wal-Mart, by age, August 2007
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- Figure 122: Leave current bank for Wal-Mart, by income, August 2007
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- Figure 123: Leave current bank for Wal-Mart, by race/ethnicity, August 2007
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- Figure 124: Leave current bank for Wal-Mart, by education, August 2007
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Future and Forecast
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- Future trends
- Market readjustment
- Real estate woes
- Fees as income
- Technology
- Redefining customer service
- Market forecast
- Assets at FDIC-insured banking organizations
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- Figure 125: Forecast of total assets at FDIC-insured banking organizations, at current and constant prices, 2006-11
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- Figure 126: Graph: Forecast of total assets at FDIC-insured banking organizations, at current and constant prices, 2006-11
Appendix: Trade Associations
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