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Consumer Attitudes toward Marketing Channels in Financial Services - US - August 2013

“Changing demographics, changing technology, and consumers’ increasing demand to be able to access information whenever they want using whatever method they want are driving massive changes in the way financial services companies market their products and services. The most successful companies will be those that do the best job of staying abreast of or, even better, ahead of those changes.”

– Robyn Kaiserman, Financial Services Analyst

Some questions answered in this report include:

  • What customer segments are most likely to own financial products and what kind do they own?
  • What types of marketing channels are most likely to elicit a response to a financial services marketing message?
  • How has the proliferation of electronic media affected the way people access information from financial services providers?
  • How is social media changing the way financial services companies are reaching their audience?
  • How do customers prefer to communicate with their financial services providers?

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Table of contents

  1. Scope and Themes

    • What you need to know
      • Data sources
        • Sales data
          • Consumer survey data
            • Direct marketing creative
              • Abbreviations and terms
                • Abbreviations
                • Executive Summary

                    • The market
                      • Figure 1: Ownership of financial products, June 2013
                    • Consumers not likely to purchase another product from current provider
                      • Figure 2: Interest in ads and products from own primary financial provider, by type of provider, June 2013
                    • Market drivers
                      • Mobile channels increasing in importance as smartphone/tablet ownership increases
                        • Figure 3: Incidence of smartphone ownership, November 2011 and June 2013
                        • Figure 4: Incidence of tablet computer ownership, by age, February 2012 and June 2013
                      • The consumer
                        • Television is still the preferred channel
                          • Figure 5: Financial Services marketing channels consumers are most likely to notice, June 2013
                        • How consumers prefer to communicate with financial companies
                          • Figure 6: Influence of direct mail/email on communication with financial company, by gender, June 2013
                          • Figure 7: Interest in channels for communications from financial provider, by type of provider, June 2013
                        • What we think
                        • Issues and Insights

                            • Getting people into the branch
                              • Issues
                                • Insights
                                  • Reaching young people
                                    • Issues
                                      • Insights
                                        • Taking advantage of all marketing channels
                                          • Issues
                                            • Insights
                                              • How does the growth of minority groups influence the use of marketing channels?
                                                • Issues
                                                  • Insights
                                                  • Trend Applications

                                                      • Inspire trend: Open Diary
                                                        • Inspire trend: Experience is All
                                                          • Mintel futures: Access Anything, Anywhere
                                                          • Market Size and Forecast

                                                            • Key points
                                                              • Newspapers
                                                                  • Figure 8: Aggregated newspaper website audience, November 2011-November 2012
                                                                • Online readership increases
                                                                  • Figure 9: Top U.S. print media websites, by market share, June 2013
                                                                • Social media use continues to grow
                                                                  • Facebook
                                                                    • Figure 10: Demographics of Facebook users, 2012
                                                                    • Figure 11: Number of global Facebook users, by region, April 2013
                                                                  • Twitter
                                                                      • Figure 12: Demographics of twitter users, 2012
                                                                      • Figure 13: Twitter ad revenues, worldwide, 2010-15
                                                                      • Figure 14: U.S. net Twitter digital ad revenues, by mobile vs. desktop, 2012-15
                                                                    • YouTube
                                                                      • Figure 15: Frequency of YouTube visits by U.S. internet users, March 2013
                                                                  • Market Drivers

                                                                    • Key points
                                                                      • Device ownership
                                                                        • Figure 16: Smartphone ownership, Nov 2011, June 2013
                                                                        • Figure 17: Tablet ownership, by age, Feb 2012, June 2013
                                                                      • Television watching is declining
                                                                        • Figure 18: Hours: minutes of television watched per week, by age, Q1 2011-Q1 2013
                                                                      • Minorities own electronic devices – and these groups are growing
                                                                        • Figure 19: Electronic device ownership, by race/Hispanic origin, June 2013
                                                                        • Figure 20: U.S. population growth, percent change, by race/ethnicity, 2015-55
                                                                    • Competitive Context

                                                                      • Key points
                                                                        • Newspapers are holding their own
                                                                          • Figure 21: Number and circulation of daily and Sunday newspapers, 2000-11
                                                                        • iPads taking ad dollars from print magazines
                                                                          • Figure 22: Ad pages/iPad ad unit growth, first half 2012, first half 2013
                                                                      • Segment Performance

                                                                        • Key points
                                                                          • Direct mail
                                                                            • Figure 23: Total volume of direct mail/advertising direct mail pieces delivered by USPS, 2003-12
                                                                            • Figure 24: Volume of advertising-based mail as percentage of total mail volume, 2003-12
                                                                            • Figure 25: Percentage who are likely to notice direct mail, by age, June 2013
                                                                            • Figure 26: Response rates by selected media, 2012
                                                                            • Figure 27: Incidence of response to direct mail/email from financial company, by gender, June 2013
                                                                          • Email
                                                                            • Figure 28: Interest in receiving information via different channels, by type of provider, June 2013
                                                                          • Television
                                                                            • Figure 29: Marketing channels most likely to be noticed, June 2013
                                                                            • Figure 30: DVR market penetration, July 2008-March 2012
                                                                            • Figure 31: DVR market penetration, by income, August 2011- March 2012
                                                                            • Figure 32: U.S. television ad spending, 2011-17
                                                                          • Radio
                                                                            • Figure 33: Air and digital radio spending, $billions, 2010-16
                                                                          • Online display advertising
                                                                            • Figure 34: Net U.S. digital display advertising revenues at major ad-selling companies, 2011-15
                                                                            • Figure 35: Net U.S. digital display ad revenue growth at major online companies, 2011-15
                                                                          • Biggest online display advertisers
                                                                            • Figure 36: 10 largest display ad advertisers, by impressions (MM), January-December 2012
                                                                          • Mobile advertising
                                                                            • Figure 37: Preferences for types of mobile ads, by age, January 2013
                                                                            • Figure 38: Awareness and use of mobile banking apps, April 2013
                                                                        • Innovations and Innovators

                                                                          • Key points
                                                                            • Scavenger hunts drive website traffic
                                                                              • Credit union finds use for Pinterest
                                                                                • Flo is a social media star
                                                                                • Marketing Strategies

                                                                                  • Key points
                                                                                    • Ad spending
                                                                                      • Figure 39: Top 10 financial services companies’ total ad spending/internet ad spending, 2011-12
                                                                                    • Digital ad spending continues to grow, but more slowly
                                                                                      • Figure 40: U.S. financial services digital ad spending, 2011-17
                                                                                      • Figure 41: Percent change/percent of total digital ad spend, financial services industry, 2011-16
                                                                                    • Mobile advertising
                                                                                      • Figure 42: Top five industries in U.S. mobile marketing spending, 2010-15
                                                                                      • Figure 43: Growth in mobile spending, by format, 2011-16
                                                                                    • Social media
                                                                                      • Facebook
                                                                                        • Figure 44: Top 10 U.S. banks, by Facebook “likes,” Q2 2013
                                                                                      • Twitter
                                                                                        • Figure 45: Top 10 U.S. banks, by number of Twitter followers, Q2 2013
                                                                                      • Video
                                                                                        • Figure 46: Interest in getting information from bank, credit union, or financial adviser via video, by age, June 2013
                                                                                        • Figure 47: Watch financial services video on social media, by age, October 2012
                                                                                      • Who is on YouTube?
                                                                                        • Figure 48: Top 10 U.S. financial institutions, by number of YouTube views, Q2 2013
                                                                                      • Overview of the brand landscape
                                                                                        • Brand analysis: Bank of America
                                                                                          • Online initiatives
                                                                                            • Figure 49: Bank of America online ad, 2013
                                                                                            • Figure 50: Bank of America online ad, 2013
                                                                                          • TV presence
                                                                                            • Television
                                                                                              • Figure 51: Bank of America television ad, 2013
                                                                                              • Figure 52: Bank of America television ad, 2013
                                                                                            • Print and other
                                                                                              • Direct mail
                                                                                                • Figure 53: Bank of America direct mail ad, 2013
                                                                                              • Email
                                                                                                • Figure 54: Bank of America email ad, 2013
                                                                                                • Figure 55: Bank of America email ad, 2013
                                                                                              • Brand analysis: Progressive Insurance
                                                                                                • Online initiatives
                                                                                                  • Figure 56: Progressive online ad, 2013
                                                                                                  • Figure 57: Progressive online ad, 2013
                                                                                                • TV presence
                                                                                                  • Television
                                                                                                    • Figure 58: Progressive television ad, 2013
                                                                                                    • Figure 59: Progressive television ad, 2013
                                                                                                  • Print and other
                                                                                                    • Direct mail
                                                                                                      • Figure 60: Progressive direct mail ad, 2013
                                                                                                      • Figure 61: Progressive direct mail ad, 2013
                                                                                                    • Print
                                                                                                      • Figure 62: Progressive print ad, 2013
                                                                                                      • Figure 63: Progressive print ad, 2013
                                                                                                    • Email
                                                                                                      • Figure 64: Progressive email ad, 2013
                                                                                                    • Brand analysis: Visa
                                                                                                      • Online initiatives
                                                                                                        • Figure 65: Visa online ad, 2012
                                                                                                        • Figure 66: Visa online ad, 2013
                                                                                                      • TV presence
                                                                                                        • Figure 67: Visa television ad, 2013
                                                                                                        • Figure 68: Visa television ad, 2013
                                                                                                      • Brand analysis: E*TRADE
                                                                                                        • Online initiatives
                                                                                                          • Figure 69: E*TRADE online ad, 2013
                                                                                                          • Figure 70: E*TRADE online ad, 2013
                                                                                                        • TV/YouTube presence
                                                                                                          • Figure 71: E*TRADE television ad, 2013
                                                                                                          • Figure 72: E*TRADE television ad, 2013
                                                                                                        • Print and other
                                                                                                          • Direct mail
                                                                                                            • Figure 73: E*TRADE direct mail ad, 2013
                                                                                                            • Figure 74: E*TRADE direct mail ad, 2013
                                                                                                          • Email
                                                                                                            • Figure 75: E*TRADE email ad, 2013
                                                                                                            • Figure 76: E*TRADE direct mail ad, 2013
                                                                                                          • Print
                                                                                                            • Figure 77: E*TRADE print ad, 2013
                                                                                                            • Figure 78: E*TRADE print ad, 2013
                                                                                                        • Attitudes Toward Financial Services Ads

                                                                                                          • Key points
                                                                                                            • Figure 79: Attitudes toward financial services ads, by gender, June 2013
                                                                                                            • Figure 80: Attitudes toward financial services ads, by age, June 2013
                                                                                                            • Figure 81: Attitudes toward financial services ads, by gender and age, June 2013
                                                                                                            • Figure 82: Attitudes toward financial services ads, by race, June 2013
                                                                                                        • Marketing Channels Most Likely to be Noticed

                                                                                                          • Key points
                                                                                                              • Figure 83: Marketing channels most likely to be noticed, by gender, June 2013
                                                                                                              • Figure 84: Marketing channels most likely to be noticed, by age, June 2013
                                                                                                              • Figure 85: Marketing channels most likely to be noticed, by race/Hispanic origin, June 2013
                                                                                                          • Influence of Ads on Communication with Companies

                                                                                                            • Key points
                                                                                                                • Figure 86: Influence of direct mail/email on communication with financial company, by gender, June 2013
                                                                                                                • Figure 87: Influence of direct mail/email on communication with financial company, by age, June 2013
                                                                                                                • Figure 88: Influence of direct mail/email on communication with financial company, by race/Hispanic origin, June 2013
                                                                                                            • Response to Financial Services Ads

                                                                                                              • Key points
                                                                                                                  • Figure 89: Method used to respond to financial services ad, by gender, June 2013
                                                                                                                  • Figure 90: Method used to respond to financial services ad, by age, June 2013
                                                                                                                  • Figure 91: Method used to respond to financial services ad, by race/Hispanic origin, June 2013
                                                                                                              • Interaction with Financial Institutions

                                                                                                                • Key points
                                                                                                                  • Figure 92: Attitudes and behaviors relating to customer touchpoints, by gender, June 2013
                                                                                                                  • Figure 93: Attitudes and behaviors relating to customer touchpoints, by age, June 2013
                                                                                                                  • Figure 94: Attitudes and behaviors relating to customer touchpoints, by income, June 2013
                                                                                                              • Interest in Communications from Financial Provider

                                                                                                                • Key points
                                                                                                                    • Figure 95: Satisfaction with and interest in receiving information via different channels, by type of provider, June 2013
                                                                                                                  • From primary bank
                                                                                                                    • Figure 96: Satisfaction with and interest in receiving information from primary bank via different channels, by gender, June 2013
                                                                                                                    • Figure 97: Satisfaction with and interest in receiving information from primary bank via different channels, by age, June 2013
                                                                                                                  • From primary credit union
                                                                                                                    • Figure 98: Satisfaction with and interest in receiving information from primary credit union via different channels, by gender, June 2013
                                                                                                                    • Figure 99: Satisfaction with and interest in receiving information from primary credit union via different channels, by age, June 2013
                                                                                                                  • From primary credit card provider
                                                                                                                    • Figure 100: Satisfaction with and interest in receiving information from primary credit card provider via different channels, by gender, June 2013
                                                                                                                    • Figure 101: Satisfaction with and interest in receiving information from primary credit card provider via different channels, by age, June 2013
                                                                                                                    • Figure 102: Satisfaction with and interest in receiving information from primary credit card provider via different channels, by race/Hispanic origin, June 2013
                                                                                                                  • From primary insurance company
                                                                                                                    • Figure 103: Satisfaction with and interest in receiving information from primary insurance company via different channels, by age, June 2013
                                                                                                                    • Figure 104: Satisfaction with and interest in receiving information from primary insurance company via different channels, by income, June 2013
                                                                                                                    • Figure 105: Satisfaction with and interest in receiving information from primary insurance company via different channels, by race/Hispanic origin, June 2013
                                                                                                                • Attitudes Toward Providing Personal Information

                                                                                                                  • Key points
                                                                                                                    • Figure 106: Attitudes toward providing personal information, by gender, June 2013
                                                                                                                    • Figure 107: Attitudes toward providing personal information, by age, June 2013
                                                                                                                    • Figure 108: Attitudes toward providing personal information, by gender and age, June 2013
                                                                                                                    • Figure 109: Attitudes toward providing personal information, by race, June 2013
                                                                                                                • Call Center Influence on Purchase Behavior

                                                                                                                  • Key points
                                                                                                                    • Figure 110: Incidence of purchase based on information from call center, June 2013
                                                                                                                • Appendix – Other Useful Consumer Tables

                                                                                                                  • Key points
                                                                                                                    • Ownership of financial products
                                                                                                                        • Figure 111: Financial products owned, by gender, June 2013
                                                                                                                        • Figure 112: Financial products owned, by age, June 2013
                                                                                                                        • Figure 113: Financial products owned, by gender and age, June 2013
                                                                                                                        • Figure 114: Financial products owned, by income, June 2013
                                                                                                                        • Figure 115: Financial products owned, by race/Hispanic origin, June 2013
                                                                                                                    • Appendix – Trade Associations

                                                                                                                      Companies Covered

                                                                                                                      • Ally Financial Inc.
                                                                                                                      • American Express Company (The)
                                                                                                                      • Bank of America Corporation
                                                                                                                      • Capital One Financial Corporation
                                                                                                                      • Citibank
                                                                                                                      • Facebook, Inc.
                                                                                                                      • Goldman Sachs Group, Inc., The
                                                                                                                      • Google, Inc.
                                                                                                                      • Johnson & Johnson
                                                                                                                      • JPMorgan Chase & Co
                                                                                                                      • MasterCard Incorporated
                                                                                                                      • Merrill Lynch & Co. Inc
                                                                                                                      • Pepsi-Cola North America
                                                                                                                      • The New York Times Company
                                                                                                                      • The PNC Financial Services Group
                                                                                                                      • Twitter, Inc.
                                                                                                                      • Visa U.S.A. Inc.
                                                                                                                      • Wells Fargo & Company

                                                                                                                      Consumer Attitudes toward Marketing Channels in Financial Services - US - August 2013

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