Sorry for interrupting, this website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Learn more
Accept & Close

Marketing Financial Services - US - June 2017

"The financial services industry is changing rapidly, and there are more alternatives to traditional institutions and traditional ways of transacting business than ever before. However, the industry is still struggling with trust, and institutions are searching for ways to overcome those issues and build loyal, long-term relationships with their customers. The key to successfully marketing financial services is to take a customer-centric approach, creating partnerships with customers that are built on an understanding of financial needs and a personalization of solutions."
- Robyn Kaiserman, Senior Financial Services Analyst

This Report discusses the following key topics:

  • Customer service is a weak point with young customers
  • Young men are most vulnerable to switching tactics
  • Trust continues to be an issue

This Report covers what consumers are looking for from their financial services providers and the efforts those providers are making to reach out to them. Also discussed are the communication channels consumers most respond to and how institutions can work to combat the erosion of trust in the industry.

What you get

What's included

Why buy from us?

Succeed

Our reports will provide you with market data, consumer research and competitive intelligence to succeed in your market.

Instant Access

Buy now and you'll have instant access to the information you need to make the right decisions.

Opportunities

Find out what's next in the markets that matter to you: where opportunities lie and what challenges you will face.

Trusted

A business Superbrand, Mintel is a source you can trust. We have been defining and refining the Market Intelligence mix since 1972.

Table of contents

  1. Overview

    • What you need to know
      • Definition
      • Executive Summary

        • The issues
          • Customer service is a weak point with young customers
            • Figure 1: Customer satisfaction, by generation, March 2017
          • Young men are most vulnerable to switching tactics
            • Figure 2: Interest in switching, by gender and age, March 2017
          • Trust continues to be an issue
            • Figure 3: Trust in banks, by generation, March 2017
          • The opportunities
            • Improve customer service
              • Figure 4: Banking behaviors, by gender and age, March 2017
            • Parents may be especially interested in robo-advice
              • Figure 5: Attitudes toward finance and financial services, by parental status, March 2017
            • Customize credit card reward programs
              • Figure 6: USAA cashback email ad, 2016
              • Figure 7: Attitudes toward finance and financial services, by demographics, March 2017
            • Blacks and Hispanics need insurance
              • Figure 8: Location of accounts, Hispanic origin and race, March 2017
            • What it means
            • The Market – What You Need to Know

              • Historic and projected sales performance
                • Consumer confidence is trending up
                  • Unemployment remains low and personal savings is higher
                  • Market Size and Forecast

                    • Historic and projected sales performance
                      • Figure 9: Best- and worst-case forecast of personal finance market value, at current prices, 2011-21
                      • Figure 10: Total US market value of personal finance, at current prices, 2011-21
                  • Market Factors

                    • Unemployment remains low
                      • Figure 11: US unemployment rate, January 2012-April 2017
                    • Personal savings rate is up
                      • Figure 12: Personal savings rate
                  • Key Players – What You Need to Know

                    • Digital ad spending is up
                      • Television advertising sales expected to decline
                        • The value of email
                          • Wells Fargo and the banking industry – How do banks rebuild trust?
                            • AI is coming
                            • What’s In?

                              • Digital ad spending is up
                                • Figure 13: Total Twitter followers by company, Q4 2016 vs Q4 2017
                              • The value of email
                                • Figure 14: USAA email ad, 2017
                                • Figure 15: Discover email ad, 2017
                            • What’s Struggling?

                              • Wells Fargo and the banking industry – How do banks rebuild trust?
                                • Figure 16: Attitudes toward finance and financial services, by generation, March 2017
                              • Consumer thoughts on trust
                                • Consumers may want texts and emails, but don’t respond
                                  • Figure 17: Banking behaviors, by generation, March 2017
                                  • Figure 18: Citibank and US Bank email ads, 2017
                                • Television advertising sales expected to decline
                                  • Figure 19: US television advertising sales and fan chart forecast, at current prices, 2011-21
                                  • Figure 20: US sales and forecast of market, at current prices, 2011-21
                              • What’s Next?

                                • Artificial Intelligence
                                  • Capital One and Alexa
                                    • Bank of America and Erica
                                      • Grange Insurance
                                        • Figure 21: Grange Insurance Alexa announcement email ad, 2017
                                      • Branch design continues to evolve
                                        • Bank of America
                                        • The Consumer – What You Need to Know

                                          • Reputation is almost as important as proximity to home
                                            • Satisfaction with customer service is highest with investment companies
                                              • Opportunities to reach out to younger consumers
                                                • Hispanics more likely to have accounts with online banks
                                                  • Blacks and Hispanics need insurance
                                                  • Location of Accounts

                                                    • Hispanics more likely to have accounts with online banks
                                                      • Figure 22: Location of accounts, by Hispanic origin, March 2017
                                                    • Blacks and Hispanics need insurance
                                                      • Figure 23: Location of accounts, by Hispanic origin and race, March 2017
                                                  • Financial Decision Making

                                                    • Regardless of age, men make most of the financial decisions
                                                      • Figure 24: Financial decision making, by gender and age, March 2017
                                                  • Important Features of Financial Institutions

                                                    • Reputation is almost as important as proximity to home
                                                      • Figure 25: Most important features of financial institution, March 2017
                                                    • Reputation is most important to Hispanic Millennials
                                                      • Figure 26: Most important features of financial institution, by Hispanic generation, March 2017
                                                    • Parents value accessibility
                                                      • Figure 27: Most important features of financial institution, by parental status, March 2017
                                                  • Source of Financial Information

                                                    • Men are more likely to seek out information
                                                      • Figure 28: Source of financial information, by gender, March 2017
                                                    • Reaching Hispanic Millennials
                                                      • Figure 29: Source of financial information, by generation and Hispanic origin, March 2017
                                                  • Customer Satisfaction

                                                    • Satisfaction with customer service is highest with investment companies
                                                      • Figure 30: Customer satisfaction, by type of financial institution, March 2017
                                                    • Satisfaction is highest among older consumers
                                                      • Figure 31: Customer satisfaction, by gender and age, March 2017
                                                  • Interest in Contact

                                                    • Opportunities to reach out to younger consumers
                                                      • Figure 32: Interest in contact, by generation, March 2017
                                                    • Parents want more contact with institutions
                                                      • Figure 33: Interest in services, by parental status, March 2017
                                                  • Responses to Messages

                                                    • Men are more likely to respond
                                                      • Figure 34: Response to messages, by gender, March 2017
                                                    • Young consumers are more responsive
                                                      • Figure 35: Response to messages, by generation, March 2017
                                                    • Online banking customers are more attuned to social media
                                                      • Figure 36: Follow institution on social media, by type of financial institution, March 2017
                                                  • Attitudes toward Finance and Financial Services

                                                    • Switching activity
                                                      • Men more willing to switch
                                                        • Figure 37: Attitudes toward finance and financial services, by gender, March 2017
                                                      • Customers of online banks are most responsive to incentives
                                                        • Figure 38: Attitudes toward finance and financial services, by type of institution where account is held, March 2017
                                                        • Figure 39: Ally Bank online ad, 2017
                                                        • Figure 40: Capital One 360 email ad, 2016
                                                      • Institutions need to match – or better – reward offers to get consumers to switch
                                                        • Investment education will spur robo-advisers’ growth
                                                          • Figure 41: Attitudes toward robo-advisers, by gender and age, March 2017
                                                      • CHAID Analysis

                                                        • Methodology
                                                          • Dads with young children more likely to be influenced by incentives
                                                            • Figure 42: Attitudes toward finance and financial services – CHAID – Tree output, March 2017
                                                            • Figure 43: Banking behaviors– CHAID – Table output, March 2017
                                                        • Cluster Analysis

                                                            • Figure 44: Marketing financial services clusters, March 2017
                                                          • Disengaged Consumers
                                                            • Characteristics
                                                              • Opportunities
                                                                • Young Loyalists
                                                                  • Characteristics
                                                                    • Opportunities
                                                                      • Curious Interesteds
                                                                        • Characteristics
                                                                          • Opportunities
                                                                          • TURF Analysis

                                                                            • Consumers get information from a wide variety of sources
                                                                              • Figure 45: TURF analysis – Sources of financial information, March 2017
                                                                          • Appendix – Data Sources and Abbreviations

                                                                            • Data sources
                                                                              • Sales data
                                                                                • Consumer survey data
                                                                                  • Consumer qualitative research
                                                                                    • Direct marketing creative
                                                                                      • Abbreviations
                                                                                        • Abbreviations
                                                                                        • Appendix – TURF Analysis

                                                                                          • Methodology
                                                                                            • Figure 46: Table – TURF analysis – Sources of financial information, March 2017
                                                                                        • Appendix – Market Breakdown

                                                                                          • Direct marketing
                                                                                            • Figure 47: Percentage change in mail volume, MoM, YoY, April 2016-April 2017
                                                                                          • Bank account acquisition efforts
                                                                                            • Checking accounts
                                                                                              • Savings accounts
                                                                                                • Credit card acquisition efforts
                                                                                                  • Mail volume
                                                                                                    • Figure 48: Mailers’ percentage of market share, January 2017-April 2017
                                                                                                  • Credit card mailing response rates

                                                                                                  Companies Covered

                                                                                                  To learn more about the companies covered in this report please contact us.

                                                                                                  Marketing Financial Services - US - June 2017

                                                                                                  US $3,995.00 (Excl.Tax)