Table of Contents
Scope and Themes
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- What you need to know
- Data sources
- Consumer survey data
- Advertising and promotions
- Abbreviations and terms
- Abbreviations
- Terms
- Companies mentioned in this report
Executive Summary
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- Industry overview
- The economy is still a challenge
- Trust is still an issue
- Regulatory environment is going to change the revenue mix
- Technology is key
- Opportunities exist in segmented markets
- What consumers look for
Insights and Opportunities
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- Key points
- Building financial literacy
- Mobile Banking
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- Figure 1: Growth of online banking customers, 2007-08
- Integrated online money management tools
- Mass affluents
- Retirement planning
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- Figure 2: Sources of retirement planning assistance, by age, September 2009
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- Figure 3: Institutions people use to set up IRAs, September 2009
- Dissatisfaction with banks is less than with other institutions
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- Figure 4: Percentage of customers who were “highly satisfied” with financial institutions, 2007-09
Inspire Insights
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- Trend: Transparency and Trust
- Implications
- Trend: Location, location, location
- Implications
- Trend: Experience is All
- Implications
Market Size and Forecast
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- Key points
- The number of banks is shrinking
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- Figure 5: Number of bank failures 1998-2008
- Assets of top organizations
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- Figure 6: Top 25 U.S. banking institutions, by assets, as of December 2008
Competitive Context
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- Key points
- The economy is still fragile
- Credit crunch still limiting growth
- New fee structures to begin
- Brand image and customer service are most important to consumers
- Customer loyalty and commitment continue their decline
Marketing Channels
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- Key points
- Non-traditional marketing is increasing
- Cross-selling with direct mail and email
Market Drivers
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- Key points
- What will happen to TARP?
- FDIC Fund is underfunded
- New banking regulations on the way
Leading Companies
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- Key points
- Leading companies
- JPMorgan Chase
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- Figure 7: JPMorgan Chase snapshot, as of 12/31/08
- Figure 8: JPMorgan Chase Historical Assets, YE 2005-YE 2008
- Bank of America
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- Figure 9: Bank of America snapshot, as of 12/31/08
- Figure 10: Bank of America historical assets, YE 2005-YE 2008
- Citigroup
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- Figure 11: Citigroup snapshot, as of 12/31/08
- Figure 12: Citicorp Historical Assets, YE 2005-YE 2008
- Wells Fargo/Wachovia
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- Figure 13: Wells Fargo/Wachovia snapshot, as of 12/31/08
- Figure 14: Wells Fargo Historical Assets, YE 2005-YE 2008
- U.S. Bank
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- Figure 15: U.S. Bank snapshot, as of 12/31/08
- Figure 16: U.S. Bank Historical Assets, YE 2005-YE 2008
- Bank of New York Mellon
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- Figure 17: Bank of New York Mellon snapshot, as of 12/31/08 (except as noted)
- Figure 18: Bank of New York Mellon Historical assets, YE 2005-YE 2008
- SunTrust
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- Figure 19: SunTrust snapshot, as of 12/31/08
- Figure 20: SunTrust Historical Assets, YE 2005-YE2008
- HSBC
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- Figure 21: HSBC as of 12/31/08
- Figure 22: HSBC Historical assets, YE 2005-YE 2008
- State Street Bank and Trust
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- Figure 23: State Street as of 12.31.08
- Figure 24: State Street Historical Assets, YE 2005-YE 2008
- Goldman Sachs
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- Figure 25: Goldman Sachs as of 12/31/08
- Figure 26: Goldman Sachs Historical Assets, YE 2005-YE2008
Innovation and Innovators
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- Key points
- Technology is making banking even easier
- Contactless banking
- Biometric ATMs
- iPhones as bank branches
- PNC’s Virtual Wallet
Competitive Strategy – Heat Map
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- Age
- Region
- Income
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- Figure 27: Heat map of targeting strategies for banking competitors, by age, region and income, October 2009
Advertising and Promotion
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- Key points
- Incentives for opening new accounts are quite popular
- Focusing less on product, more on image
- Overview
- Print Ads
- HSBC
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- Figure 28: HSBC print ad, 2009
- American Express
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- Figure 29: American Express print ad, 2009
- Direct mail
- Citibank
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- Figure 30: Citibank direct mail ad, 2009
- Key Bank
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- Figure 31: Key Bank direct mail ad, 2009
- Independence Bank
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- Figure 32: Independence Bank direct mail ad, 2009
- American Express
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- Figure 33: American Express direct mail ad, 2009
- Chase
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- Figure 34: JP Morgan Chase direct mail ad, 2009
- Chase
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- Figure 35: Chase email ad, 2009
- Wells Fargo
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- Figure 36: Wells Fargo email ad, 2009
- Broadcast ads
- PNC Bank
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- Figure 37: PNC broadcast ad, 2009
- Ally Bank
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- Figure 38: Ally Bank broadcast ad, 2009
- Bank of America
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- Figure 39: Bank of America broadcast ad, 2009
- Citizens Bank
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- Figure 40: Citizens Bank broadcast ad, 2009
- US Bank
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- Figure 41: US Bank broadcast ad, 2009
- Chase
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- Figure 42: JP Morgan Chase broadcast ad, 2009
The Consumer
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- Key points
- Bank penetration
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- Figure 43: Bank penetration, by gender and age, September 2009
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- Figure 44: Bank penetration, by household income, September 2009
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- Figure 45: Bank penetration, by race/Hispanic origin, September 2009
- Where are they banking?
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- Figure 46: Where respondents are banking, by gender, September 2009
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- Figure 47: Where respondents are banking, by age, September 2009
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- Figure 48: Where respondents are banking, by race/Hispanic origin, September 2009
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- Figure 49: Where respondents are banking, by household income, September 2009
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- Figure 50: Where respondents are banking, by region, September 2009
- How they pay their bills
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- Figure 51: How bills are paid, August 2007, September 2009
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- Figure 52: How bills are paid by gender, August 2007, September 2009
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- Figure 53: How bills are paid, by age, August 2007, September 2009
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- Figure 54: How bills are paid, by race/Hispanic origin, August 2007, September 2009
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- Figure 55: How bills are paid, by age, September 2009
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- Figure 56: How bills are paid, by household income, September 2009
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- Figure 57: How bills are paid, by region, September 2009
- How they communicate with their banks
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- Figure 58: How customers prefer to communicate with their banks, August 2007, June 2008, September 2009
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- Figure 59: How customers prefer to communicate with their banks, by gender, August 2007, September 2009
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- Figure 60: How customers prefer to communicate with their banks, by age, September 2009
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- Figure 61: How customers communicate with their banks, by race/Hispanic origin, September 2009
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- Figure 62: How customers communicate with their banks, by household income, September 2009
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- Figure 63: How customers communicate with their banks by region, September 2009
- What features are important?
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- Figure 64: Important features in a bank, August 2007, September 2009
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- Figure 65: Important features in a bank by gender, August 2007, June 2008, September 2009
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- Figure 66: Important features in a bank, by race/Hispanic origin, August 2007, June 2008, September 2009
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- Figure 67: Important features in a bank, by gender, September 2009
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- Figure 68: Important features in a bank, by age, September 2009
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- Figure 69: Important features in a bank, by race/Hispanic origin, September 2009
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- Figure 70: Important features in a bank, by household income, September 2009
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- Figure 71: Important features in a bank, by region, September 2009
- Switching to other banks or bank alternatives
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- Figure 72: Switching banks or using bank alternatives, August 2007, September 2009
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- Figure 73: Have conducted banking services at Walmart in past 12 months, by age, August 2007, September 2009
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- Figure 74: Have conducted banking services at Walmart in past 12 months, by household income, August 2007, September 2009
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- Figure 75: Would consider leaving their bank for Walmart if offered same services, by age, August 2007, September 2009
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- Figure 76: Would consider leaving their bank for Walmart if offered same services, by household income, August 2007, September 2009
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- Figure 77: Switching banks or using bank alternatives, by gender, September 2009
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- Figure 78: Switching banks or using bank alternatives, by age, September 2009
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- Figure 79: Switching banks or using bank alternatives by race/Hispanic origin, September 2009
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- Figure 80: Switching banks or using bank alternatives, by household income, September 2009
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- Figure 81: Switching banks or using bank alternatives, by region, September 2009
- Attitudes towards consumers’ banking relationships
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- Figure 82: Attitudes towards consumer banking, June 2008, September 2009
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- Figure 83: Attitudes towards consumer banking, by gender, September 2009
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- Figure 84: Attitudes towards consumer banking, by age, September 2009
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- Figure 85: Attitudes towards consumer banking, by race/Hispanic origin, September 2009
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- Figure 86: Attitudes towards consumer banking, by household income, June 2008
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- Figure 87: Attitudes towards consumer banking, by household income, September 2009
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- Figure 88: attitudes towards consumer banking, by region, September 2009
- Reasons why they consider switching
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- Figure 89: Reasons to consider switching, August 2007, June 2008, September 2009
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- Figure 90: Reasons to consider switching, by gender, September 2009
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- Figure 91: Reasons to consider switching, by age, September 2009
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- Figure 92: Reasons to consider switching, by race/Hispanic origin, September 2009
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- Figure 93: Reasons to consider switching, by household income, September 2009
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- Figure 94: Reasons to consider switching, by region, September 2009
- Who banking consumers trust to be their advisors
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- Figure 95: Preference as to where financial activities are conducted, by type of vendor, September 2009
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- Figure 96: Preferred vendor for financial planning, by age, September 2009
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- Figure 97: Preferred vendor for financial planning, by household income, September 2009
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- Figure 98: Preferred vendor for retirement planning, by age, September 2009
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- Figure 99: Preferred vendor for retirement planning, by household income, September 2009
Cluster Analysis
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- Bank loyalists
- Other transactors
- Personal switchables
- Credit unionists
- Characteristic tables
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- Figure 100: Banking clusters, September 2009
- Figure 101: Preferred bill payment method, by banking clusters, September 2009
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- Figure 102: Preferred communication with bank/credit union, by banking clusters, September 2009
- Figure 103: Attitudes and perceptions of banks, by banking clusters, September 2009
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- Figure 104: reasons to potentially switch banks, by banking clusters, September 2009
- Figure 105: Preferred place to do business, by banking clusters, September 2009
- Demographic tables
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- Figure 106: Banking clusters, by gender, September 2009
- Figure 107: Banking clusters, by age group, September 2009
- Figure 108: Banking clusters, by household income group, September 2009
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- Figure 109: Banking clusters, by race, September 2009
- Figure 110: Banking clusters, by Hispanic origin, September 2009
- Cluster methodology
Custom Consumer Groups
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- Key points
- Bank account penetration
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- Figure 111: Bank account penetration, by gender and age, September 2009
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- Figure 112: Bank account penetration, by race/Hispanic origin and age, September 2009
- Online banking
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- Figure 113: Method used for paying bills, by marital status and presence of children, September 2009
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- Figure 114: Method used for paying bills, by gender and age, September 2009
- Communicating with their bank
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- Figure 115: How they communicate with their bank, by gender and presence of children, September 2009
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- Figure 116: How they communicate with their bank, by gender and age, September 2009
- Where people prefer to conduct business
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- Figure 117: Where prefer to conduct financial planning business, by gender and age, September 2009
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- Figure 118: Where prefer to conduct retirement planning business, by gender and age, September 2009
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- Figure 119: Where prefer to set up iras, by gender and age, September 2009
- Who switches banks – and why
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- Figure 120: Propensity to switch banks, by gender and household income, September 2009
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- Figure 121: Reasons to consider switching banks, by gender and household income, September 2009
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- Figure 122: Reasons to consider switching banks, by race/Hispanic origin and household income, September 2009
Appendix: Trade Associations
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