New
fee optimization study reveals perceived value of new financial
services and how to optimize fees with service bundles to generate
new revenue.
SAN
ANSELMO, Calif. (May 30, 2013) -- Market
Rates Insight, Inc., a leader in financial services
intelligence for deposits, personal loans, mortgages, and fees, has
completed the analysis phase of its latest consumer research and fee
optimization study, "Growth and Revenue Potential for Emerging
Financial Services." The study examines 13 emerging financial
services and assesses consumer attitudes about the importance and
value of each service, segmented by banks and credit unions as well
as demographic groups. The study findings will be reviewed in a
webinar to be hosted by Market Rates Insight on June 18.
This
study is the only one of its kind to measure consumer attitudes about
banking fees and services and was conducted nationwide to help banks
and credit unions better understand consumers and identify new
revenue sources from fee-based services and service bundles. Banks
and credit unions are facing new challenges from non-banking
competitors offering banking services, and they need to identify new
ways to attract and keep customers. This study provides empirical
data on the importance and value of emerging services to help
financial institutions create service offerings that attract and
retain customers while building revenue.
Some
of the preliminary findings reveal that identity theft alerts
(70.8%), credit score reporting (71.4%), payment protection services
(64.6%), and same-day bill pay (58.7%) currently ranked with the
highest consumer demand. Other services such as eldercare services,
prepaid reloadable cards, and location-based coupons showed the
greatest growth potential with consumers.
This
study also reveals for the first time how consumers value certain
combinations of services. Consumers typically value service bundles
more than individual services, and will pay a premium for bundled
services. The study reveals which combination of services command
higher fees because of increased consumer demand.
"For
the foreseeable future deposit rates will remain flat and loan demand
will stay soft, so financial institutions will have to rely in fee
revenues for income growth. But to convert services from 'free to
fee,' banks and credit unions will have to identify new services that
consumers want and are willing to pay for. Our new study shows banks
and credit unions how to use service fees to expand profits and
penetration with both existing and new customers."
The
"Growth and Revenue Potential lf Emerging Financial Services"
study is being offered in both an Essential and Premium package. The
Essential package includes copies of the complete 150-page study and
a competitive survey of 10 financial institutions and their adoption
of the 13 emerging financial services. The Premium package includes
the survey and competitive data, as well as an optimization analysis
of service bundles, an online optimization consultation, copies of
the Emerging Trend Spotlight quarterly update, and access to trend
analysis and service integration online seminars.
For
more information about the study or the upcoming webinar, contact
Market Rates Insight at info@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'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. MRI provides advanced toolsets for deposits uses deposit
surveys, mortgage and consumer loans, and loan surveys, fees and
features pricing in addition to studies, new product alerts,
benchmarking and market analyses to give subscribers the intelligence
needed to strategically position products, optimize pricing and react
to emerging trends.
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
