Online
Event Profiles Results of First Ever Consumer Service Fee Study Shows
Where Consumers See Value and What They Will Pay for Lifestyle
Financial Services.
SAN
ANSELMO, Calif. (June 13, 2012) -- This week, Market
Rates Insight will host two webinars that will
reveal the results of the first Nationwide Integrated Study on
Service Fees designed to gauge consumer acceptance of fee-based
services from banks and credit unions. The survey reveals that a new
category of “lifestyle financial services” is emerging that
presents new revenue potential for financial institutions from
non-interest income. The webinars will be presented Wednesday,
June13, at 11:00 AM ET and Thursday, June 14, at 3:00 PM ET.
Market
Rates Insight conducted the Nationwide Integrated Study on Service
Fees in April, polling more than 1,500 consumers nationwide about
their attitudes about various services offered by financial
institutions. What the survey revealed was that consumers have a
higher perceived value for services that provide convenience and
enhance their lives, such as credit score monitoring, identity theft
alerts, mobile banking services, personalized couponing services, and
person-to-person payments. The Study also shows that these “lifestyle
financial services” offer a higher perceived value and promote
greater customer loyalty.
Among
other findings, the Study shows that consumers are willing to pay on
average $3.63 for lifestyle financial services, and credit union
members indicated a higher likelihood to use such services (68.7%)
than bank customers (66.3%). Foremost among the services that
consumers indicated they would seek from financial institution is
Identity Theft Alerts. More than 82 percent of those surveyed
indicated they would be likely to buy Identity Theft Alert services
from their bank or credit union at an average monthly fee of $4.07.
Ranking second was Credit Score Reporting, with more than 73 percent
indicating they were likely to buy this service at an average fee of
$3.39 per month.
“Our
new Study on Service Fees makes clear that there is a huge
opportunity for financial institutions to realize new revenue from
this new category of financial services that consumers say they
want,” said Dr. Dan Geller, Executive Vice President of Market
Rates Insight and the architect of the study. “Banks and credit
unions continue to feel the pressure from low interest rates. This
study not only points to a new revenue source, but also to a new way
to build customer loyalty by offering services that will determine
who consumers will trust with their money.
For
more information and to register for these free webinars, visit
http://www.marketratesinsight.com
or send email to webinar@marketratesinsight.com.
About
Market Rates Insight
For
more than two decades, Market Rates Insight (MRI) has been helping
clients price with precision by providing banks, thrifts, credit
unions, and other financial institutions with comprehensive market
intelligence on deposits, loans, and fees. MRI uses deposit surveys,
mortgage and consumer loan surveys, fees and features studies, new
product alerts, benchmarking and market share analysis to give
subscribers the intelligence needed to strategically position
products, optimize pricing and react to emerging trends. MRI’s
products include web-enabled, customizable report programming,
proprietary product research tools, searchable databases, market
alerts, and online dashboards that aggregate key client data to
provide real-time interactive views on how they rank against their
specific competitors.
Market
Rates Insight is located in San Anselmo, California. For more
information, see http://www.marketratesinsight.com.
Photos
available upon request
For
additional information contact:
Tom
Woolf
Market
Rates Insight
(415)
259-5638
