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Email and Online Marketing in Financial Services - US - November 2010

In the consumer survey for this report, it is learned that over half of all adults 18+ who have access to the internet have either shopped for or purchased a financial product within the past year. Products likely to have been purchased are auto insurance, homeowners insurance, credit cards, checking accounts and savings accounts, although the list of products is actually a long one. However, consumers have several concerns when shopping for these types of products:

  • There is a certain tension that exists in purchasing financial products online—on the one hand it is a convenient process which allows the consumer to make the best decisions for their needs, but on the other there are serious concerns about how well their privacy and personal information is being protected. Will it be given or sold to third parties? Will the institutions use their private information to sell them other products?
  • Additionally, consumers are still not in a good place in terms of their own financial circumstances. So many are also buying online for another reason—to compare prices and to make purchase decisions based on the best value for what they need
  • The industry has not been stagnant in developing campaigns specific to the online and email channels. In fact, certain lines, such as auto insurance and banking, have been very active in developing some outstanding creatives for their online advertising. Specific examples of these and other online ads and emails from Mintel Comperemedia’s database are included in this report

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Table of contents

  1. Scope and Themes

      • What you need to know
        • Data sources
          • Consumer survey data
            • Abbreviations
              • Terms
                • Companies mentioned in this report:
                • Executive Summary

                  • Industry overview
                    • About 80% of the adult population is online
                      • About 40% learn about new financial products through the internet
                        • Figure 1: How respondents initially heard about/shopped/researched financial products in the past year, August 2010
                      • Many cite advantages to online shopping
                        • Eight in 10 see drawbacks
                          • Reassurance is key
                            • Privacy is a hot-button issue for consumers
                              • Things are very uncertain for consumers at this time
                                • Advertising has been especially creative for auto insurance
                                  • Social Media usage is growing
                                  • Insights and Opportunities

                                      • Key points
                                        • Behavioral tracking is in vogue
                                          • But companies need to be extremely cautious about privacy concerns
                                            • Where is this headed?
                                              • The opportunity? Transparency is key
                                              • Inspire Insights

                                                  • Trend: Rebuilding Trust
                                                    • Consumers want ethical advertising—and it might work!
                                                    • Market Size and Forecast

                                                      • Key points
                                                        • The U.S. population will grow 5% by 2015
                                                          • Figure 2: U.S. population, by age, 2010-15
                                                        • About 80% of adult population uses the internet
                                                          • Figure 3: Internet usage, by gender, age, household income, educational attainment, and Hispanic origin, 2010
                                                      • Marketing Channels

                                                        • Key points
                                                          • Search engines are key to reaching prospects
                                                            • Figure 4: How respondents initially learned about financial products, August 2010
                                                            • Figure 5: How respondents initially learned about financial products, by gender, August 2010
                                                            • Figure 6: How respondents initially learned about financial products, by age, August 2010
                                                            • Figure 7: How respondents initially learned about financial products, by household income, August 2010
                                                            • Figure 8: How respondents initially learned about financial products, by race/Hispanic origin, August 2010
                                                          • More than half of shoppers/buyers go online to learn more
                                                            • Figure 9: Where respondents shopped for financial products, August 2010
                                                            • Figure 10: Where respondents shopped for financial products, by gender, August 2010
                                                            • Figure 11: Where respondents shopped for financial products, by age, August 2010
                                                            • Figure 12: Where respondents shopped for financial products, August 2010
                                                            • Figure 13: Where respondents shopped for financial products, by race/Hispanic origin, August 2010
                                                          • An average of two hours is spent online
                                                            • Figure 14: Time spent using the internet the last time shopped for financial product, by gender, August 2010
                                                            • Figure 15: Time spent using the internet the last time shopped for financial product, by age, August 2010
                                                            • Figure 16: Time spent using the internet the last time shopped for financial product, by household income, August 2010
                                                            • Figure 17: Time spent using the internet the last time shopped for financial product, by race/Hispanic origin, August 2010
                                                          • Internet changed buying habits of adults under 45
                                                            • Figure 18: Influence of internet on media consumption, by generation, February 2009-March 2010
                                                            • Figure 19: Sources used for learning about investments and finance during past two years, June 2010
                                                            • Figure 20: Attitudes towards financial advisors and advertising, by age, July 2010
                                                            • Figure 21: Attitudes towards financial advisors and advertising, by household income, July 2010
                                                        • Market Drivers

                                                          • Key points
                                                            • Unemployment stubbornly high
                                                              • Unfortunately, more bankruptcies
                                                                • Figure 22: Total consumer bankruptcies, 2001-10
                                                              • New housing starts, auto sales weak
                                                                • Figure 23: New private housing starts, in millions, 2000-10
                                                              • Consumer debt at $11.7 trillion
                                                                • Figure 24: Consumer debt, in trillions, 1Q1999-1Q 2010
                                                            • Brand Qualities

                                                              • Key points
                                                                • Trust and being well-known prompt purchases
                                                                  • Figure 25: What respondents look for when buying financial products online, by gender, August 2010
                                                                  • Figure 26: What respondents look for when buying financial products online, by age, August 2010
                                                                  • Figure 27: What respondents look for when buying financial products online, by household income, August 2010
                                                                  • Figure 28: What respondents look for when buying financial products online, by race/Hispanic origin, August 2010
                                                                • Trust correlates to better customer satisfaction
                                                                  • Figure 29: Customer satisfaction with financial products companies, among current and former customers, December 2009
                                                              • Innovations and Innovators

                                                                • Key points
                                                                  • AmericaRebuilds.com by Principal Financial Group
                                                                    • Progressive’s Name Your Price® Plan
                                                                      • Progressive’s Loyalty Rewards Program
                                                                        • USAA Auto CircleTM
                                                                          • Nationwide’s Discount FinderSM
                                                                            • HSBC’s “un-way” of selling life insurance
                                                                              • Mastercard’s MarketPlace
                                                                              • Marketing Strategies

                                                                                • Key points
                                                                                  • Overview
                                                                                    • Online advertising—Insurance
                                                                                      • Figure 30: Progressive Name Your Price ® Online advertisement, 2010
                                                                                      • Figure 31: Liberty Mutual Online advertisement, 2010
                                                                                      • Figure 32: Allstate home and auto insurance Online advertisement, 2010
                                                                                      • Figure 33: Allstate Mayhem Online advertisement, 2010
                                                                                      • Figure 34: Geico Well Hello Online advertisement, 2010
                                                                                      • Figure 35: USAA Auto CircleTM Online advertisement, 2010
                                                                                      • Figure 36: New York Life agent Online advertisement, 2010
                                                                                      • Figure 37: American Family Insurance Unique Family Online advertisement, 2010
                                                                                      • Figure 38: State Farm Benjamin Franklin Online advertisement, 2010
                                                                                      • Figure 39: Travelers Duck Duck Online advertisement, 2010
                                                                                      • Figure 40: Nationwide Insurance Discount FinderSM Online advertisement, 2010
                                                                                    • Online advertising—banking and investments
                                                                                      • Figure 41: ING Electric Orange Checking Online advertisement, 2010
                                                                                      • Figure 42: ING Sharebuilder Mutual Funds Online advertisement, 2010
                                                                                      • Figure 43: ING Orange Savings Account Online advertisement, 2010
                                                                                      • Figure 44: Fidelity Turn Here Online advertisement, 2010
                                                                                      • Figure 45: Fidelity Latest Thinking Online advertisement, 2010
                                                                                      • Figure 46: Chase Sapphire Credit Card Online advertisement, 2010
                                                                                      • Figure 47: Bank of America Home Loan Guide Online advertisement, 2010
                                                                                    • Email advertising—insurance companies
                                                                                      • Figure 48: Geico Auto Insurance Email advertisement, 2010
                                                                                      • Figure 49: Geico Sweepstakes Auto Insurance Email advertisement, 2010
                                                                                      • Figure 50: MetLife Term Life Insurance Email advertisement, 2010
                                                                                    • Email advertising—banking and investments
                                                                                      • Figure 51: Capital One Simple Savings Account Email advertisement, 2010
                                                                                      • Figure 52: ING Electric Orange Checking Email advertisement, 2010
                                                                                      • Figure 53: Regular Checking Account from Citibank Email advertisement, 2010
                                                                                      • Figure 54: Wells Fargo Savings Account Email advertisement, 2010
                                                                                    • Social Media
                                                                                      • An intersection of search engine optimism (SEO) and social
                                                                                        • Progressive’s Help Flo campaign
                                                                                          • The Geico Safety Poster & Video Contest
                                                                                            • Allstate’s Good HandsSM community
                                                                                              • Nationwide’s Facebook page
                                                                                                • Bank of America’s Twitter
                                                                                                  • BB&T’s use of Facebook
                                                                                                    • MSU Federal Credit Union on Facebook, Twitter
                                                                                                      • Vanguard on Facebook
                                                                                                        • Fidelity Investments on Facebook, Twitter
                                                                                                        • The Consumer

                                                                                                          • Key points
                                                                                                            • Overview
                                                                                                              • About 45% shopped for financial products during past year
                                                                                                                  • Figure 55: Financial products shopped for in past year, by gender, August 2010
                                                                                                                • Those 25-34 are most active shoppers
                                                                                                                    • Figure 56: Financial products shopped for in past year, by age, August 2010
                                                                                                                    • Figure 57: Financial products shopped for in past year, by household income, August 2010
                                                                                                                    • Figure 58: Financial products shopped for in past year, by race/Hispanic origin, August 2010
                                                                                                                  • About half bought financial products during the past year
                                                                                                                    • Figure 59: Financial products purchased in past year, by gender, August 2010
                                                                                                                    • Figure 60: Financial products purchased in past year, by age, August 2010
                                                                                                                    • Figure 61: Financial products purchased in past year, by household income, August 2010
                                                                                                                    • Figure 62: Financial products purchased in past year, by race/Hispanic origin, August 2010
                                                                                                                  • Convenience, price comparisons online advantages
                                                                                                                      • Figure 63: Biggest advantages of using internet to search for new financial products, by gender, August 2010
                                                                                                                      • Figure 64: Biggest advantages of using internet to search for new financial products, by age, August 2010
                                                                                                                      • Figure 65: Biggest advantages of using internet to search for new financial products, by household income, August 2010
                                                                                                                      • Figure 66: Biggest advantages of using internet to search for new financial products, by race/Hispanic origin, August 2010
                                                                                                                    • But there are drawbacks
                                                                                                                        • Figure 67: Biggest drawbacks of using internet to search for new financial products, by gender, August 2010
                                                                                                                        • Figure 68: Biggest drawbacks of using internet to search for new financial products, by age, August 2010
                                                                                                                        • Figure 69: Biggest drawbacks of using internet to search for new financial products, by household income, August 2010
                                                                                                                        • Figure 70: Biggest drawbacks of using internet to search for new financial products, by race/Hispanic origin, August 2010
                                                                                                                      • Reassurance is key
                                                                                                                          • Figure 71: Changes that can be made to make purchasing financial products online more appealing, by gender, August 2010
                                                                                                                          • Figure 72: Changes that can be made to make purchasing financial products online more appealing, by age, August 2010
                                                                                                                          • Figure 73: Changes that can be made to make purchasing financial products online more appealing, by household income, August 2010
                                                                                                                          • Figure 74: Changes that can be made to make purchasing financial products online more appealing, by race/Hispanic origin, August 2010
                                                                                                                      • The Consumer—The Issue of Privacy

                                                                                                                        • Key points
                                                                                                                          • Privacy is a red-hot issue for consumers
                                                                                                                            • Figure 75: Attitudes towards privacy and companies’ use of personal information, by gender, July 2010
                                                                                                                            • Figure 76: Attitudes towards privacy and companies’ use of personal information, by age, July 2010
                                                                                                                          • Privacy means control of own information
                                                                                                                            • Figure 77: Descriptors of the word ‘privacy’, (net agree – top 2 boxes), by gender, July 2010
                                                                                                                            • Figure 78: Descriptors of the word ‘privacy’, top 2 box, by gender, July 2010
                                                                                                                        • The Consumer—Internet Usage

                                                                                                                          • Key points
                                                                                                                            • Two thirds use websites, 38% banking websites
                                                                                                                              • Figure 79: Visited any websites in last 30 days, by gender, April 2009-June 2010
                                                                                                                              • Figure 80: Visited any websites in last 30 days, by age, April 2009-June 2010
                                                                                                                              • Figure 81: Used or visited banking and financial websites in last 30 days, by gender, April 2009-June 2010
                                                                                                                              • Figure 82: Used or visited banking and financial websites in last 30 days, by age, April 2009-June 2010
                                                                                                                              • Figure 83: Frequency of visits to banking and other financial websites in last 30 days, by gender, April 2009-June 2010
                                                                                                                              • Figure 84: Frequency of visits to banking and other financial websites in last 30 days, by age, April 2009-June 2010
                                                                                                                            • Nearly 65% used internet at home in last week
                                                                                                                              • Figure 85: Used internet at home in last seven days, by gender, April 2009-June 2010
                                                                                                                              • Figure 86: Used internet at home in last seven days, by age, April 2009-June 2010
                                                                                                                              • Figure 87: Number of hours on internet at home in last seven days, by gender, April 2009-June 2010
                                                                                                                              • Figure 88: Number of hours on internet at home in last seven days, by age, April 2009-June 2010
                                                                                                                            • More than 70% prefer websites that protect privacy
                                                                                                                                • Figure 89: Attitudes towards the internet, by gender, April 2009-June 2010
                                                                                                                                • Figure 90: Attitudes towards the internet, by age group, April 2009-June 2010
                                                                                                                            • Cluster Analysis

                                                                                                                                • Dabblers
                                                                                                                                  • Demographics
                                                                                                                                    • Characteristics
                                                                                                                                      • Opportunity
                                                                                                                                        • The Unconcerned
                                                                                                                                          • Demographics
                                                                                                                                            • Characteristics
                                                                                                                                              • Opportunity
                                                                                                                                                • Privatizers
                                                                                                                                                  • Demographics
                                                                                                                                                    • Characteristics
                                                                                                                                                      • Opportunity
                                                                                                                                                        • Cluster characteristics
                                                                                                                                                          • Figure 91: Online financial marketing clusters, August 2010
                                                                                                                                                          • Figure 92: Biggest advantages of using internet to search for new financial products, by online financial marketing clusters, August 2010
                                                                                                                                                          • Figure 93: Biggest drawbacks of using the internet to search for new financial products, by online financial marketing clusters, August 2010
                                                                                                                                                          • Figure 94: Attractive attributes for purchasing financial products online, by online financial marketing clusters, August 2010
                                                                                                                                                          • Figure 95: Changes that can be made to help customers feel more secure when buying financial products online, by online financial marketing clusters, August 2010
                                                                                                                                                        • Cluster demographics
                                                                                                                                                          • Figure 96: Online financial marketing clusters, by gender, August 2010
                                                                                                                                                          • Figure 97: Online financial marketing clusters, by age group, August 2010
                                                                                                                                                          • Figure 98: Online financial marketing clusters, by household income, August 2010
                                                                                                                                                          • Figure 99: Online financial marketing clusters, by race/Hispanic origin, August 2010
                                                                                                                                                          • Figure 100: Online financial marketing clusters, by Hispanic origin, August 2010
                                                                                                                                                        • Cluster methodology
                                                                                                                                                        • Appendix—Other Consumer Tables

                                                                                                                                                              • Figure 101: Types of accounts owned, by gender, April 2009-June 2010
                                                                                                                                                              • Figure 102: Types of accounts owned, by age, April 2009-June 2010
                                                                                                                                                          • Appendix—Simmons Mosaic Analysis

                                                                                                                                                              • Key points
                                                                                                                                                                • Affluent segments heaviest users of internet websites
                                                                                                                                                                  • Figure 103: Whether visited websites in last 30 days, by Mosaic segment, April 2009-June 2010
                                                                                                                                                                  • Figure 104: Whether used or visited banking and financial websites in last 30 days, by mosaic segment, April 2009-June 2010
                                                                                                                                                                  • Figure 105: Number of times visited banking and financial information websites in last 30 days, by mosaic segment, April 2009-June 2010
                                                                                                                                                                  • Figure 106: Whether used internet at home in last seven days, by mosaic segment, April 2009-June 2010
                                                                                                                                                                  • Figure 107: Attitudes towards the internet, percent agree, by mosaic segment, April 2009-June 2010
                                                                                                                                                              • Appendix—Trade Associations

                                                                                                                                                                Companies Covered

                                                                                                                                                                • Bank of America Corporation
                                                                                                                                                                • BB&T Corporation
                                                                                                                                                                • Capital One Financial Corporation
                                                                                                                                                                • Chase Home Finance
                                                                                                                                                                • Citibank
                                                                                                                                                                • Citigroup Inc.
                                                                                                                                                                • Federal Trade Commission
                                                                                                                                                                • Fidelity National Financial Inc.
                                                                                                                                                                • Goldman Sachs Group, Inc., The
                                                                                                                                                                • Government Employees Insurance Company
                                                                                                                                                                • HSBC USA Inc.
                                                                                                                                                                • ING Bank, fsb
                                                                                                                                                                • Insurance Information Institute Inc.
                                                                                                                                                                • JPMorgan Chase & Co
                                                                                                                                                                • LIMRA International
                                                                                                                                                                • Merrill Lynch & Co. Inc
                                                                                                                                                                • MetLife, Inc. (Metropolitan Life Insurance Company)
                                                                                                                                                                • Morgan Stanley
                                                                                                                                                                • Mortgage Bankers Association (MBA)
                                                                                                                                                                • National Association for Stock Car Auto Racing (NASCAR)
                                                                                                                                                                • Principal Financial Group, Inc.
                                                                                                                                                                • SunTrust Banks Inc.
                                                                                                                                                                • Teachers Insurance and Annuity Association - College Retirement Equities Fund
                                                                                                                                                                • The American Bankers Association
                                                                                                                                                                • The Progressive Corporation
                                                                                                                                                                • U.S. Bancorp
                                                                                                                                                                • U.S. Bureau of Labor Statistics
                                                                                                                                                                • US Department of Commerce
                                                                                                                                                                • Wells Fargo & Company

                                                                                                                                                                Email and Online Marketing in Financial Services - US - November 2010

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