Table of Contents
Overview
-
- What you need to know
- Definition
Executive Summary
-
- The issues
- Satisfaction is high, recommendations are low
-
- Figure 1: Would recommend provider to others, by type of provider, September 2017
- Most want a branch close to home
-
- Figure 2: Important features in a bank or credit union, by gender and age, September 2017
- Trust is important to building loyalty
-
- Figure 3: Attitudes toward loyalty, by generation, September 2017
- The opportunities
- Hispanics are less likely to have any financial accounts
-
- Figure 4: Account ownership, by Hispanic origin, September 2017
- Half of parents need life insurance
-
- Figure 5: Account ownership, by parental status, September 2017
- Expand online and mobile capabilities
-
- Figure 6: Important features in a financial service provider, by generation, September 2017
- What it means
The Market – What You Need to Know
-
- Number of institutions continues to decline
- Growth of alternative institutions
Market Factors
-
- Number of institutions continues to decline
-
- Figure 7: Number of banks and credit unions, 1997-June 30, 2017
- Growth of alternative institutions
-
- Figure 8: Attitudes toward online/mobile services, by gender and age, June 2017
Key Players – What You Need to Know
-
- Most are satisfied with their FSIs
- Trust is still a concern
- Many wouldn’t recommend their provider
- Growth of AI
- Branch evolution
What’s Working?
-
- Most are satisfied with their FSIs
-
- Figure 9: Satisfaction with financial services institutions, September 2017
What’s Struggling?
-
- Many wouldn’t recommend their provider
-
- Figure 10: Would recommend provider, by type of provider, September 2017
- Trust is still a concern
-
- Figure 11: Attitudes toward loyalty, by generation, September 2017
- How do consumers define trust?
What’s Next?
-
- Growth of AI
- Branch evolution
What Are Consumers Saying About Brands?
-
- Negative comments outweigh positive comments
-
- Figure 12: Trusted brands, September 2017
- Positive comments:
- Negative comments:
The Consumer – What You Need to Know
-
- Low fees and convenience are most important
- Money market customers want more
- Young men are especially vulnerable
- Rates are the most common reason for switching
- Older customers rely on trust; younger customers want incentives
- Banks need to work to keep young Hispanic customers
Account Ownership
-
- Money market owners have more different accounts
-
- Figure 13: Account ownership, by accounts owned, September 2017
-
- Figure 14: US Bank cross-selling mobile ad, 2015
Important Features in a Bank or Credit Union
-
- Low fees and convenience are most important
-
- Figure 15: Important features, September 2017
- Easy access is more important to parents
-
- Figure 16: Important features, by parental status, September 2017
- Money market customers want more
-
- Figure 17: Important features, by type of account owned, September 2017
-
- Figure 18: Valley National Bank email ad, 2017
- What do consumers want?
-
- Figure 19: SELCO mobile ad, 2017
- Making customers feel valued is crucial
TURF Analysis
-
- Methodology
-
- Figure 20: TURF analysis – Important features in financial services provider, September 2017
Switching Behavior
-
- Young men are especially vulnerable
-
- Figure 21: Switched banks/credit unions, credit cards, or investment company, by gender and age, September 2017
- Nearly one quarter of young Hispanics have switched banks or credit unions
-
- Figure 22: Switched banks or credit unions, by Hispanic origin, September 2017
- Millennials are most likely to switch investment companies
-
- Figure 23: Switched investment companies, by generation, September 2017
- Millennials most at risk to switch insurance provider
-
- Figure 24: Switched auto, homeowner’s/renter’s, life insurance, by generation, September 2017
- Parents are twice as likely to switch auto insurers
-
- Figure 25: Switched auto insurance providers, by parental status, September 2017
- Rates are the most common reason for switching
-
- Figure 26: Reason for switching financial services provider, by type of provider, September 2017
-
- Figure 27: State Farm mobile ad, 2017
- Men want better technology
-
- Figure 28: Reason for switching financial services provider, by gender, September 2017
- Trust is an issue for parents
-
- Figure 29: Reason for switching financial services provider, by parental status, September 2017
Attitudes toward Loyalty
-
- Older customers rely on trust; younger customers want incentives
-
- Figure 30: Attitudes toward loyalty, by generation, September 2017
-
- Figure 31: Barclaycard online ad, 2017
- Banks need to work to keep young Hispanic customers
-
- Figure 32: Attitudes toward loyalty, by Hispanic origin and generation, September 2017
- Older consumers most likely to recommend insurance providers
-
- Figure 33: Attitudes toward loyalty, by generation, September 2017
Appendix – Data Sources and Abbreviations
-
- Data sources
- Consumer survey data
- Consumer qualitative research
- Direct marketing creative
- Abbreviations
Back to top