Integrated Study on Service Fees

Transcription

1 Integrated Study on Service Fees Nearly seven out of ten bank customers and credit union members are likely to use the services we examined. The importance of these services to the majority of current bank customers and credit union members is likely to become the deciding factor in their selection of a financial institution. Preview Only For additional information, contact: Dr. Dan Geller Direct: dan.geller@marketratesinsight.com 275 Greenfield Ave. San Anselmo, CA Phone: , Fax: info@marketratesinsight.com All rights reserved

2 SUMMARY OF FINDINGS Scope of research The scope of this research study is to measure the likelihood that bank customers and credit union members are going to use new and emerging lifestyle financial services if those services are offered by their financial institution. Additionally, this study measures the monthly or transaction fees consumers are willing to pay for such services. Financial institutions may use the findings of this study to align the portfolio of services they offer with the changing lifestyle needs of consumers. Overview Consumers lifestyle changes are going to redefine the role financial institutions play in the future. Although the main role of financial institutions will continue to be as a source of funding and savings for personal and business use, an auxiliary role is emerging for financial institutions that is gaining in importance and could become a deciding factor for consumers when selecting their financial institution. This new role financial institutions will play centers around Lifestyle Financial Services. These are financially-oriented services that have gradually emerged over the last two decades due to advancement in technology and changes in personal lifestyle. Today, these services are becoming the norm, and as the findings of this study show, they now are desired by the majority of consumers. Another major difference between the traditional banking services and the emerging lifestyle financial services is the broad acceptance and willingness of consumers to pay a fee for these services. Traditionally, consumers viewed banking services, such as free checking account, as part of the service to which they are entitled because they provide the financial institution with funding in the form of deposits, which in turn the financial institution uses to earn interest income on lending. Hence, consumers view traditional financial services as grandfathered, and they are resistant to new or increased fees on these services. However, consumers feel differently about lifestyle financial services. They view these services as enhancements to their lifestyle, and so they are willing to pay for the convenience and efficiency these services provide. There are two major reasons why financial institutions should adapt to this transformation in the services they offer to consumers. The first is the sharp decline in service fees on traditional services due to behavioral and regulatory changes. The amount of non-interest income banks generate from fees on deposit accounts decreased from $36.2 billion in January of 2011 to $34.1 billion by year end, a drop of $2.1 billion or 5.8%. This is not an isolated incident; rather it is a trend that started five years ago. Income from service fees on deposit accounts fell from $39.2 billion in December of 2007 to $34.1 billion in December of 2011, a fall of $5.1 billion or 13%. It is very unlikely that this trend will reverse itself based on the current types of services that institutions provide. The second major reason financial institutions should adapt to this transformation in the services they offer to consumers is the growing importance these services have in consumers lives, which will gradually become a deciding factor when they select a financial institution. Thus, the more these lifestyle financial services become part of everyday life, the greater the importance consumers will place on them when selecting a financial institution for their lending and/or savings needs All rights reserved 2

3 SUMMARY OF FINDINGS Overall Distribution An analysis of the findings of the services examined in this study shows that 67.1% of current bank customers and credit union members desire such services, and have indicated some degree of likelihood to use them if offered by their financial institution. The average monthly fee users are willing to pay for these services is $3.63 per month (Table S1). Table S1 Financial services Overall likelihood of use (%) Overall monthly fee ($) Identity Theft Alerts 82.5% $4.07 Credit Score Reporting 73.7% $3.39 Personalized Couponing 69.2% $3.88 Overdraft Transfer Service 67.9% $4.20 Person-To-Person Payments 66.2% $3.31 Mobile Remote Deposit Capture* 63.4% $2.37 Prepaid Reloadable Cards 47.1% $4.21 Average all services 67.1% $3.63 *Per deposit Distribution by Type of Institution Credit union members indicated a slightly higher average likelihood of use (68.7%) than bank customers (66.3%). However, bank customers indicated a willingness to pay a slightly higher average monthly fee of $3.70 than credit union members at $3.54 (Table S2). Table S2 Financial services Banks (%) Banks ($) Credit Unions (%) Credit unions ($) Identity Theft Alerts 82.2% $ % $3.39 Credit Score Reporting 72.3% $ % $3.58 Personalized Couponing 68.5% $ % $4.03 Overdraft Transfer Service 66.4% $ % $4.06 Person-To-Person Payments 65.1% $ % $3.27 Mobile Remote Deposit Capture* 62.8% $ % $2.27 Prepaid Reloadable Cards 46.8% $ % $4.16 Average all services 66.3% $ % $3.54 *Per deposit Note: The Summary of Findings features the average values of all services combined. However, there are variations among the values of individual services, which might differ from the average for all services combined. To view a detailed analysis of each individual service, refer to the Table of Contents All rights reserved 3

4 INTEGRATED STUDY ON SERVICE FEES Table of Contents Subject Page # Summary of Findings 2 Personalized Couponing Service - Overall likelihood of use 8 Personalized Couponing Service - Overall perceived value 8 Personalized Couponing Service - Likelihood of use by bank customers 9 Personalized Couponing Service - Perceived value by bank customers 9 Personalized Couponing Service - Likelihood of use by credit union members 10 Personalized Couponing Service - Perceived value by credit union members 10 Personalized Couponing Service - Likelihood of use by size of institution 11 Personalized Couponing Service - Perceived value by size of institution 11 Personalized Couponing Service - Likelihood of use by current account 12 Personalized Couponing Service - Perceived value by current account 12 Personalized Couponing Service - Likelihood of use by gender 13 Personalized Couponing Service - Perceived value by gender 13 Personalized Couponing Service - Likelihood of use by age group 14 Personalized Couponing Service - Perceived value by age group 14 Personalized Couponing Service - Likelihood of use by income range 15 Personalized Couponing Service - Perceived value by income range 15 Prepaid Reloadable Cards Service - Overall likelihood of use 16 Prepaid Reloadable Cards Service - Overall perceived value 16 Prepaid Reloadable Cards Service - Likelihood of use by bank customers 17 Prepaid Reloadable Cards Service - Perceived value by bank customers 17 Prepaid Reloadable Cards Service - Likelihood of use by credit union members 18 Prepaid Reloadable Cards Service - Perceived value by credit union members 18 Prepaid Reloadable Cards Service - Likelihood of use by size of institution 19 Prepaid Reloadable Cards Service - Perceived value by size of institution 19 Prepaid Reloadable Cards Service - Likelihood of use by current account 20 Prepaid Reloadable Cards Service - Perceived value by current account 20 Prepaid Reloadable Cards Service - Likelihood of use by gender 21 Prepaid Reloadable Cards Service - Perceived value by gender 21 Prepaid Reloadable Cards Service - Likelihood of use by age group 22 Prepaid Reloadable Cards Service - Perceived value by age group 22 Prepaid Reloadable Cards Service - Likelihood of use by income range 23 Prepaid Reloadable Cards Service - Perceived value by income range All rights reserved 4

5 INTEGRATED STUDY ON SERVICE FEES Table of Contents Subject Page # Continues from previous page Overdraft Transfer Service - Overall likelihood of use 24 Overdraft Transfer Service - Overall perceived value 24 Overdraft Transfer Service - Likelihood of use by bank customers 25 Overdraft Transfer Service - Perceived value by bank customers 25 Overdraft Transfer Service - Likelihood of use by credit union members 26 Overdraft Transfer Service - Perceived value by credit union members 26 Overdraft Transfer Service - Likelihood of use by size of institution 27 Overdraft Transfer Service - Perceived value by size of institution 27 Overdraft Transfer Service - Likelihood of use by current account 28 Overdraft Transfer Service - Perceived value by current account 28 Overdraft Transfer Service - Likelihood of use by gender 29 Overdraft Transfer Service - Perceived value by gender 29 Overdraft Transfer Service - Likelihood of use by age group 30 Overdraft Transfer Service - Perceived value by age group 30 Overdraft Transfer Service - Likelihood of use by income range 31 Overdraft Transfer Service - Perceived value by income range 31 Person-To-Person Payment Service - Overall likelihood of use 32 Person-To-Person Payment Service - Overall perceived value 32 Person-To-Person Payment Service - Likelihood of use by bank customers 33 Person-To-Person Payment Service - Perceived value by bank customers 33 Person-To-Person Payment Service - Likelihood of use by credit union members 34 Person-To-Person Payment Service - Perceived value by credit union members 34 Person-To-Person Payment Service - Likelihood of use by size of institution 35 Person-To-Person Payment Service - Perceived value by size of institution 35 Person-To-Person Payment Service - Likelihood of use by current account 36 Person-To-Person Payment Service - Perceived value by current account 36 Person-To-Person Payment Service - Likelihood of use by gender 37 Person-To-Person Payment Service - Perceived value by gender 37 Person-To-Person Payment Service - Likelihood of use by age group 38 Person-To-Person Payment Service - Perceived value by age group 38 Person-To-Person Payment Service - Likelihood of use by income range 39 Person-To-Person Payment Service - Perceived value by income range All rights reserved 5

6 INTEGRATED STUDY ON SERVICE FEES Table of Contents Subject Page # Continues from previous page Mobile Remote Deposit Capture - Overall likelihood of use 40 Mobile Remote Deposit Capture - Overall perceived value 40 Mobile Remote Deposit Capture - Likelihood of use by bank customers 41 Mobile Remote Deposit Capture - Perceived value by bank customers 41 Mobile Remote Deposit Capture - Likelihood of use by credit union members 42 Mobile Remote Deposit Capture - Perceived value by credit union members 42 Mobile Remote Deposit Capture - Likelihood of use by size of institution 43 Mobile Remote Deposit Capture - Perceived value by size of institution 43 Mobile Remote Deposit Capture - Likelihood of use by current account 44 Mobile Remote Deposit Capture - Perceived value by current account 44 Mobile Remote Deposit Capture - Likelihood of use by gender 45 Mobile Remote Deposit Capture - Perceived value by gender 45 Mobile Remote Deposit Capture - Likelihood of use by age group 46 Mobile Remote Deposit Capture - Perceived value by age group 46 Mobile Remote Deposit Capture - Likelihood of use by income range 47 Mobile Remote Deposit Capture - Perceived value by income range 47 Credit Score Reporting Service - Overall likelihood of use 48 Credit Score Reporting Service - Overall perceived value 48 Credit Score Reporting Service - Likelihood of use by bank customers 49 Credit Score Reporting Service - Perceived value by bank customers 49 Credit Score Reporting Service - Likelihood of use by credit union members 50 Credit Score Reporting Service - Perceived value by credit union members 50 Credit Score Reporting Service - Likelihood of use by size of institution 51 Credit Score Reporting Service - Perceived value by size of institution 51 Credit Score Reporting Service - Likelihood of use by current account 52 Credit Score Reporting Service - Perceived value by current account 52 Credit Score Reporting Service - Likelihood of use by gender 53 Credit Score Reporting Service - Perceived value by gender 53 Credit Score Reporting Service - Likelihood of use by age group 54 Credit Score Reporting Service - Perceived value by age group 54 Credit Score Reporting Service - Likelihood of use by income range 55 Credit Score Reporting Service - Perceived value by income range All rights reserved 6

7 INTEGRATED STUDY ON SERVICE FEES Table of Contents Subject Page # Continues from previous page Identity Theft Alerts Service - Overall likelihood of use 56 Identity Theft Alerts Service - Overall perceived value 56 Identity Theft Alerts Service - Likelihood of use by bank customers 57 Identity Theft Alerts Service - Perceived value by bank customers 57 Identity Theft Alerts Service - Likelihood of use by credit union members 58 Identity Theft Alerts Service - Perceived value by credit union members 58 Identity Theft Alerts Service - Likelihood of use by size of institution 59 Identity Theft Alerts Service - Perceived value by size of institution 59 Identity Theft Alerts Service - Likelihood of use by current account 60 Identity Theft Alerts Service - Perceived value by current account 60 Identity Theft Alerts Service - Likelihood of use by gender 61 Identity Theft Alerts Service - Perceived value by gender 61 Identity Theft Alerts Service - Likelihood of use by age group 62 Identity Theft Alerts Service - Perceived value by age group 62 Identity Theft Alerts Service - Likelihood of use by income range 63 Identity Theft Alerts Service - Perceived value by income range 63 Competitive Landscape - Personalized Couponing Service 64 Competitive Landscape - Credit Score Reporting Service 64 Competitive Landscape - Prepaid Reloadable Card service 65 Competitive Landscape - Overdraft Transfer Service 66 Competitive Landscape - Mobile Remote Deposit Capture 66 Competitive Landscape - Person-To-Person Payment Service 67 Competitive Landscape - Identity Theft Alerts Service 68 Study Design and Methodology 69 About Market Rates Insight 70 About the Author All rights reserved 7

8 CONSUMER RESEARCH Identity Theft Alerts Service - Overall likelihood of use Findings Likelihood of use Among all consumers, xx.x% indicated some likelihood of using this service if offered by their financial institution. Among consumers who indicated some likelihood of using this service, xx.x% are completely likely to use this service (Figure 97, Table 97). Figure 97 Table 97 Likelihood of use - overall Count Percentage Not at all likely xxx xx.x% Slightly likely xxx xx.x% Likely xxx xx.x% Very likely xxx xx.x% Completely likely xxx xx.x% Perceived Value Among all consumers, xx.x% indicated willingness to pay an average of $x.xx per month for this service if offered by their financial institution. The group that is most likely to use this service is willing to pay an average of $x.xx per month for this service (Figure 98, Table 98). Figure 98 Perceived value - overall Table 98 (simple avg.)* (value avg.)* Slightly likely $x.xx $x.xx Likely $x.xx $x.xx Very likely $x.xx $x.xx Completely likely $x.xx $x.xx Average value $x.xx $x.xx *Simple average includes all responses to this question; value average includes only $ amounts entered All rights reserved 8

9 CONSUMER RESEARCH Identity Theft Alerts Service - Bank customers Findings Likelihood of use Among all bank customers, xx.x% indicated some likelihood of using this service if offered by their financial institution. Among bank customers who indicated some likelihood of using this service, xx.x% are completely likely to use this service (Figure 99, Table 99). Figure 99 Table 99 Likelihood of use - Bank customers Count Percentage Not at all likely xxx xx.x% Slightly likely xxx xx.x% Likely xxx xx.x% Very likely xxx xx.x% Completely likely xxx xx.x% Figure 100 Perceived Value Among all bank customers, xx.x% indicated willingness to pay an average of $x.xx per month for this service if offered by their financial institution. The group that is most likely to use this service is willing to pay an average of $x.xx per month for this service (Figure 100, Table 100). Perceived value - Bank customers Table 100 (simple avg.)* (value avg.)* Slightly likely $x.xx $x.xx Likely $x.xx $x.xx Very likely $x.xx $x.xx Completely likely $x.xx $x.xx Average value $x.xx $x.xx *Simple average includes all responses to this question; value average includes only $ amounts entered All rights reserved 9

10 CONSUMER RESEARCH Identity Theft Alerts Service - Credit union members Findings Likelihood of use Among all credit union members, xx.x% indicated some likelihood of using this service if offered by their financial institution. Among credit union members who indicated some likelihood of using this service, xx.x% are completely likely to use this service (Figure 101, Table 101). Figure 101 Table 101 Likelihood of use - Bank customers Count Percentage Not at all likely xxx xx.x% Slightly likely xxx xx.x% Likely xxx xx.x% Very likely xxx xx.x% Completely likely xxx xx.x% Perceived Value Among all credit union members, xx.x% indicated willingness to pay an average of $x.xx per month for this service if offered by their financial institution. The group that is most likely to use this service is willing to pay an average of $x.xx per month for this service (Figure 102, Table 102). Figure 102 Perceived value - Bank customers Table 102 (simple avg.)* (value avg.)* Slightly likely $x.xx $x.xx Likely $x.xx $x.xx Very likely $x.xx $x.xx Completely likely $x.xx $x.xx Average value $x.xx $x.xx *Simple average includes all responses to this question; value average includes only $ amounts entered All rights reserved 10

11 CONSUMER RESEARCH Identity Theft Alerts Service - By size of institution Findings Likelihood of use Among consumers who indicated some likelihood of using this service, xx.x% currently have a banking relationship with a national institution; xx.x% have a banking relationship with a regional institution, and xx.x% have a banking relationship with a community institution (Figure 103, Table 103). Figure 103 Table 103 Some likelihood of use by size of institution Count Percentage National xxx xx.x% Regional xxx xx.x% Community xxx xx.x% Perceived Value Consumers banking with a national institution (xx.x%) indicated willingness to pay an average of $x.xx per month for this service. Consumers who bank with a regional institution (xx.x%) indicated willingness to pay an average of $x.xx per month, and those banking with a community institution, (xx.x%) are willing to pay an average of $x.xx per month for this service. (Figure 104, Table 104). Figure 104 Perceived value by size of institution Table 104 (simple avg.)* (value avg.)* National $x.xx $x.xx Regional $x.xx $x.xx Community $x.xx $x.xx *Simple average includes all responses to this question; value average includes only $ amounts entered All rights reserved 11

12 CONSUMER RESEARCH Identity Theft Alerts Service - By current account type Findings Likelihood of use Among consumers who indicated some likelihood of using this service, xx.x% currently have a checking account with their financial institution; xx.x% have a savings account; xx.x% have a MM account; xx.x% have a CD account, and xx.x% have an IRA account (Figure 105, Table 105). Figure 105 Table 105 Some likelihood of use by current account Count Percentage ** Checking xxx xx.x% Savings xxx xx.x% MM xxx xx.x% CD xxx xx.x% IRA xxx xx.x% Perceived Value Consumers who hold a checking with a national institution (xx.x%) indicated willingness to pay an average of #x.xx per month for this service. Holders of savings account (xx.x%) indicated willingness to pay an average of $x.xx per month. MM account holders (xx.x%) an average of $x.xx; CD holders (xx.x%) an average of $x.xx, and IRA holders (xx.x%) an average of $x.xx per month for this service (Figure 106, Table 106). Figure 106 Perceived value by current account Table 106 (simple avg.)* (value avg.)* Checking $x.xx $x.xx Savings $x.xx $x.xx MM $x.xx $x.xx CD $x.xx $x.xx IRA $x.xx $x.xx *Simple average includes all responses to this question; value average includes only $ amounts entered. ** Does not add to 100% due to multiple-account responses All rights reserved 12

13 CONSUMER RESEARCH Identity Theft Alerts Service - By gender Findings Likelihood of use Among all consumers, who indicated some likelihood of using this service if offered by their financial institution, xx.x% are male. Among all consumers, who indicated some likelihood of using this service if offered by their financial institution, xx.x% are female (Figure 107, Table 107). Figure 107 Table 107 Some likelihood of use by gender Count Percentage Male xxx xx.x% Female xxx xx.x% Perceived Value Male consumers with some likelihood of using this service (xx.x%), indicated willingness to pay an average of $x.xx per month for this service. Female consumers with some likelihood of using this service (xx.x%), indicated willingness to pay an average of $x.xx per month for this service (Figure 108, Table 108). Figure 108 Perceived value by gender Table 108 (simple avg.)* (value avg.)* Male $x.xx $x.xx Female $x.xx $x.xx *Simple average includes all responses to this question; value average includes only $ amounts entered All rights reserved 13

14 CONSUMER RESEARCH Identity Theft Alerts Service - By age group Findings Likelihood of use Among all consumers, 18 and over, who indicated some likelihood of using this service, xx.x% are in the age group; xx.x% are in the age group; xx.x% are in the age group, and xx.x% are 67 years old and over (Figure 109, Table 109). Figure 109 Table 109 Some likelihood of use by age group Count Percentage Gen Y xxx xx.x% Gen X xxx xx.x% Baby Boomers xxx xx.x% 67 and over xxx xx.x% Perceived Value Consumers in the age group of (xx.x%) are willing to pay an average of $x.xx for this service; consumers in the age group (xx.x%) are willing to pay an average of $x.xx; consumers in the age group (xx.x) are willing to pay an average of $x.xx, and consumers 67 and older (xx.x%) are willing to pay an average of $x.xx for this service (Figure 110, Table 110). Figure 110 Perceived value by age group Table 110 (simple avg.)* (value avg.)* Gen Y $x.xx $x.xx Gen X $x.xx $x.xx Baby Boomers $x.xx $x.xx 67 and over $x.xx $x.xx *Simple average includes all responses to this question; value average includes only $ amounts entered All rights reserved 14

15 CONSUMER RESEARCH Identity Theft Alerts Service - By income range Findings Likelihood of use Among all consumers who indicated some likelihood of using this service, xx.x% earn less than $35,000 a year; xx.x% earn between $35,000- $65,000, xx.x% earn between $66, ,000, and xx.x% earn over $100,000 per year (Figure 111, Table 111). Figure 111 Table 111 Some likelihood of use by income range Count Percentage Less than $35,000 xxx xx.x% $35,000-$65,000 xxx xx.x% $66,000-$100,000 xxx xx.x% Over $100,000 xxx xx.x% Perceived Value Consumers earning less than $35,000 (xx.x%) are willing to pay an average of $x.xx for this service; consumers earning between $35,000- $65,000 (xx.x%) are willing to pay an average of $x.xx; consumers earning between $66,000-$100,000 (xx.x%) are willing to pay an average of $x.xx, and those earning over $100,000 (xx.x%)are willing to pay an average of $x.xx for this service (Figure 112, Table 112). Figure 112 Perceived value by income range Table 112 (simple avg.)* (value avg.)* Less than $35,000 $x.xx $x.xx $35,000-$65,000 $x.xx $x.xx $66,000-$100,000 $x.xx $x.xx Over $100,000 $x.xx $x.xx *Simple average includes all responses to this question; value average includes only $ amounts entered All rights reserved 15

16 COMPETITIVE LANDSCAPE Identity Theft Alerts Service Institution Service Monthly Fee Annual Fee Comments on Fees Bank of America Privacy Assist $x.xx $x.xx Privacy Assist : 1 bureau per quarter; Privacy Assist Premier : 3 bureau per quarter, $x.xx per month ; Privacy Assist Complete : 3 bureau per quarter, $x.xx per month. Chase Chase Identity Protection $x.xx $x.xx Premier: $$x.xx 3 bureaus, $x.xx ID theft reimbursement; Enhanced: $x.xx above + monthly credit report and scores; credit score estimator; application monitoring; lost wallet protection; ID risk assessment; Elite: $x.xx Enhanced features + Internet surveillance; and public records monitoring Citibank Citi IdentityMonitor $x.xx $x.xx continuously monitors credit cards and sends alerts on business days M&I Free ID Theft Assistance $x.xx $x.xx If customer believes compromised; bank will help walk through steps to protect account. PNC Identity Protect Plus $x.xx $x.xx Ongoing access to Triple Bureau Credit Reports and CreditXpert Scores; Daily Credit Monitoring & Alert Notifications; CreditXpert What If Simulator an online tool to help determine what impacts your credit score. Wells Fargo Identity Theft Protection $x.xx $x.xx Identity Theft Protection: $x.xx provides access to credit information and credit activity including a credit report and credit scores. Credit information is monitored daily and notifications are sent with changes reported to the credit bureaus. Quarterly updates summarizing changes in the last three months. Notes xxxx xxxx xxxx xxxx xxxx xxxx Average $x.xx $x.xx Enhanced Identity Theft Protection: $x.xx same as above plus includes monthly credit reports, monthly credit scores, and a credit management tools that can help see how certain behaviors, such as paying off or closing a credit card, can affect credit score All rights reserved 16

17 METHODOLOGY AND STUDY DESIGN Methodology The consumer survey took place between April 10 and May 1, The consumer survey consisted of phone and web questionnaire to current bank customers and credit union members nationally. To qualify for the survey, subjects had to be 18 or over years old, and have a current and active banking relationship. The phone and web questionnaire was administrated randomly to about 150,000 subjects nationally. The response rate was about 1%, thus producing a valid sample of 1,500 adults nationally. The statistical analysis in this study is based on a random sample of 1,500 responses, which exceeds the minimum sample required of 1,289 as determined by a-priori, two-tailed test. The t-test was based on the following parameters: Alpha=0.05; Power=0.95; Effect size=0.10. Study Design Qualifying questions 1. Is your age 18 and over? 2. Do you currently have an account or accounts at a bank or credit union? Preference & Value questions Seven questions on likelihood of use and dollar amount willing to pay: 1. Credit score reporting services 2. Identity theft alert services 3. Mobile deposit services 4. Person-to-person payment services 5. Personalized couponing services 6. Overdraft transfer services 7. Prepaid reloadable card services Demographic questions Three demographic questions: Age group (BB, Gen X, Gen Y etc.) Income range Gender Competitive landscape Review of the same service categories from the top five US banks: JPM Chase, Bank of America, Wells Fargo, Citibank and U.S. Bank. Collectively represent 33% of deposits. Collectively present in every US market. Experimenting with new services All rights reserved 17

18 STUDY FORMATS AND CONTACT INFORMATION Study Formats The Integrated Study on Service Fees is available in multiple formats: 1. Integrated study, which includes consumer research combined with competitive research of the top five banks. 2. Consumer study, which includes only the consumer research on all seven service areas. 3. Modular studies, which includes consumer research on any one of the seven service areas. 4. Customized study, in which the type of service areas and/or the competitive institutions can be customized to your own specifications. For additional information on any of any of the study formats, please contact: Market Rates Insight Dr. Dan Geller Direct: About Market Rates Insight Market Rates Insight is the trusted source for financial information and analysis to financial institutions. MRI s financial data is complete, detailed and timely, which allows for the highest level of pricing decisions and analysis. The use of MRI s financial data ensures more informed decisions, higher level of pricing precision, and above all, an absolute confidence in the validity of the data and analysis. In addition to providing financial data and analysis to the financial industry, MRI is also a major and trusted source of financial trends and commentary to the media. MRI reports, analysis and findings are featured and referenced, on a regular basis, in major national, regional and local media channels such as print, TV, and radio. MRI Trend Alerts have been featured on the front-pages of many national publications. About the Author Dr. Dan Geller is the Executive Vice President at Market Rates Insight, overseeing the research and analytical services of the company. The analytical services provide clients in the banking industry with greater insight into emerging trends in deposits, which they leverage to optimize liquidity at the lowest cost of funds. Dr. Geller is an expert in statistical modeling, and a pioneer in banking analytics. He introduced innovative analytical models to help banking executives price with the highest level of profitability and predictability. Dr. Geller earned his Ph.D. in Business Administration from TUI University, and has published numerous peer-reviewed studies in professional publications All rights reserved 18