MAKING THE SWITCH: CHECKING ACCOUNT PATH TO PURCHASE

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1 MAKING THE SWITCH: CHECKING ACCOUNT PATH TO PURCHASE Contact to learn more

2 IMPORTANCE OF CHECKING ACCOUNT ACQUISITION ANCHOR PRODUCT Checking accounts represent 20% of total consumer banking profits (roughly $25B) and serve as the anchor relationship between a bank and its customers CROSS SELL About 6 in 10 new bank customers open at least one additional loan, credit card, investment or deposit account after opening a checking account SLOW GROWTH The overall checking account market has grown slowly at ~1% in recent years 2

3 METHODOLOGY SAMPLE n = 1,743 total respondents 868 Switchers 375 First Timers 500 Abandoners TIMING January 15th March 5th, 2014 TECHNIQUES RESEARCH PARTNERS Comprehensive Survey + Online Behavioral Analysis 3

4 CONSUMER MINDSET Brand preferences are set before consumers are in market Majority of switchers open an account within one month of shopping ONLINE RESEARCH TRIGGERS TO APPLY Many consumers don t actively research checking product online within the shopping period Most consumers still prefer to open in branch Digital influences offline & online acquisitions OTHER INFLUENCES Consumers are influenced from recommendations by family and friends Both product features & brand perception are key priorities

5 MARKETING & NEGATIVE EXPERIENCES DRIVE SWITCHERS INTO MARKET 20% 40% Life Event Negative Experience Ad/Offer/Promotion 40% [Q02 - Still thinking about that earliest moment, what are the TOP reasons that made you first start to think about switching your primary checking account to a new bank?] 5

6 2 IN 3 HAVE ONE BANK IN MIND DURING THE INITIAL WANTING PERIOD 100% 90% 80% 70% 60% 50% 13% 23% 32% Wasn't sure which bank Had a few banks in mind Had a bank in mind Knew exactly which bank 40% 30% 20% 32% 10% 0% Switchers [Q22: When you first considered switching banks which one of the following statements best describes your mindset about banks?] 6

7 AND OFTEN CHOOSE THEIR INITIAL BANK PREFERENCE 90% of consumers who start with one bank in mind end up opening an account with that bank [Q23: Was [current bank name] the one you originally had in mind when you first decided to open a new checking account?] 7

8 IMPLICATION #1: A strong brand is key to being considered

9 CONSUMER MINDSET Brand preferences are set before consumer are in market Majority of switchers open an account within one month of shopping ONLINE RESEARCH TRIGGERS TO APPLY Many consumers don t actively research checking product online within the shopping period Most consumers still prefer to open in branch Digital influences offline & online acquisitions OTHER INFLUENCES Consumers are influenced from recommendations by family and friends Both product features & brand perception are key priorities

10 30% OF SWITCHERS SEARCH FOR INFORMATION 18% of Switchers search branded terms (vs. 17% of control group), and 18% use generic search (vs. 19% of control group) Source: Compete panel, online behavioral data (90 days prior to acquisition) 10

11 SOME CONSUMERS USE BANK ONLINE TOOLS 26% of Switchers use online bank tools vs. 21% of control group Bank Site Tools: Deposit account product information pages, other product information pages, branch locator & application pages Source: Compete panel, online behavioral data (90 days prior to acquisition) 11

12 EVEN FEWER CONSUMERS USE AFFILIATE SITES Only 15% of Switchers visit bank comparison sites prior to opening an account vs. 12% of control group Source: Compete panel, online behavioral data (90 days prior to acquisition) 12

13 MOST SWITCHERS USE FEWER THAN FIVE ONLINE TOUCHPOINTS 53% 30% 12% 5% 1-5 touchpoints 6-10 touchpoints touchpoints 51+ touchpoints Source: Compete panel, online behavioral data (90 days prior to acquisition) 13

14 IMPLICATION #2: Marketers can t rely on consumers to raise their hands

15 CONSUMER MINDSET Brand preferences are set before consumer are in market Majority of switchers open an account within one month of shopping ONLINE RESEARCH TRIGGERS TO APPLY Many consumers don t actively research checking product online within the shopping period Most consumers still prefer to open in branch Digital influences offline & online acquisitions OTHER INFLUENCES Consumers are influenced from recommendations by family and friends Both product features & brand perception are key priorities

16 SWITCHERS LEAN HEAVILY ON RECOMMENDATIONS Recommendations from family/friends/coworkers 44% Read or searched for information 32% Recommendations from representatives or thought about prior experiences 26% Saw/received ad/promotion 23% [Q07: Which of the following, if any, had an influence in deciding to make [current bank name] your primary bank?] 16

17 ADVERTISING DOES PLAY A ROLE, DIGITAL MORE SO THAN TV OR PRINT OF CONSUMERS WHO CITED ADS/PROMOTIONS AS AN INFLUENCER Direct mail All Digital (online, mobile, online video) TV Bank location/atm Newspaper Radio Magazine While making a purchase Outdoor Mall ATM Elevator or gas station Cinema 16% 14% 11% 10% 9% 9% 7% 6% 5% 3% 3% 21% 32% 31% [Q08 (S): You said that an ad had influenced your decision to switch to [bank]. Which specific types of ads influenced your decision?] 17

18 MESSAGE TO KEY ATTRIBUTES & FEATURES BRAND Good reputation High quality service PRODUCT Low fees Low minimum balance CONVENIENCE Branches near where I live Lots of ATMs [Q25: When deciding to switch banks, which of the following were important to you?] 18

19 IMPLICATION #3: Activate brand advocates and align messaging to key brand attributes & product features

20 CONSUMER MINDSET Brand preferences are set before consumer are in market Majority of switchers open an account within one month of shopping ONLINE RESEARCH TRIGGERS TO APPLY Many consumers don t actively research checking product online within the shopping period Most consumers still prefer to open in branch Digital influences offline & online acquisitions OTHER INFLUENCES Consumers are influenced from recommendations by family and friends Both product features & brand perception are key priorities

21 BANK LOCATION AND CONVENIENCE CLOSE THE DEAL The bank was in the right location Convenience / ease 21% 21% Perfect combination of features 16% Had time available Needed a checking account open by a specific date Limited time offer 8% 9% 11% Other 5% Convinced by a bank representative Told to do it by spouse/family member/friend 4% 4% [Q16: Now think about the exact moment when you decided to open the checking account. What was the one specific thing that got you to open the new checking account with [bank]?] 21

22 MOST CONSUMERS OPEN NEW ACCOUNTS IN-BRANCH 73% of Switchers open their checking account at a physical branch [Q23: Was [current bank name] the one you originally had in mind when you first decided to open a new checking account?] 22

23 PRIMARILY DUE TO COMFORT OF TALKING TO A PERSON OF CONSUMERS WHO OPENED THEIR NEW ACCOUNT IN-BRANCH I feel more comfortable talking to a person 61% Had questions Habit, I always open accounts that way 40% 38% I thought it would be easier/faster 26% I needed to go to the branch/call a teller anyway Didn t know I could Worried about security 18% 17% 16% I tried to but ran into issues Other 1% 5% [Q21: Earlier you said you did some online research before opening your new account, and that you opened the account on the phone/ in person (based on answer to s10). Why didn t you open the account online?] 23

24 IMPLICATION #4: Emphasize bank location and convenience; Recognize influence of digital on branch conversions

25 BRAND PREFERENCE IS SET BEFORE SHOPPPING 25

26 BANK REPUTATION WITH MANY PATHS TO CONVERSION ONLINE RESEARCH RECOMMENDATIONS ADS & PROMOTIONS BANK EXPERIENCE PRODUCT FEATURES 26

27 STAY ALWAYS-ON THROUGHOUT THE PATH TO PURCHASE A strong brand is key to being considered Marketers can t rely on consumers to raise their hands ONLINE RESEARCH CONSUMER MINDSET OTHER INFLUENCES TRIGGERS TO APPLY Activate brand advocates and align messaging to key brand attributes & product features Emphasize bank location and convenience; Recognize influence of digital on branch conversions 27

28 Learn More Contact

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