New Consumer Study from Market Rates Insight Reveals Substantial Revenue
Potential from Emerging Banking Services
Webinar profiling “Growth and Revenue Potential from Emerging Financial
Services” reveals the service packages that consumers most desire
SAN ANSELMO, Calif. -- June 11, 2013
Market Rates Insight, Inc. (www.marketratesinsight.com), a leader in financial
services intelligence for deposits, personal loans, mortgages, and fees, will
be hosting a webinar June 18 revealing the findings from a new consumer
research and fee optimization study, “Growth and Revenue Potential for
Emerging Financial Services.” Among the major revelations from this study is
that consumers feel underserved by banks and credit unions and there is unmet
demand for new banking services. The study also reveals what consumers are
willing to pay for service bundles versus standalone 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. One of the key findings was
that only 13 percent of consumers currently have these services, yet 55
percent of consumers surveyed find these services important and are willing to
pay for them. The study also revealed that consumers want bundles of banking
services and are willing to pay from $8 to $12 per month for such services.
“Banks and credit unions can sell four times the number of financial services
they are currently offering, and they can make even more in fees with the
right service packages,” said Rick Barham, founder and CEO of Market Rates
Insight. “With interest income at historic lows, financial institutions have
to find new sources of revenue. This study demonstrates that emerging
financial services promise to build fee revenue and promote customer loyalty
for institutions with the right offering.”
The June 18^th webinar will discuss the survey findings in depth, including:
*Which of the 13 emerging financial services (e.g. identity theft alerts,
prepaid cards, payment protection, credit score reporting, same-day
bill-pay, etc.) are most valued by consumers.
*How much consumers are willing to pay for emerging financial services, and
for bundled services.
*Which service bundles are in the highest demand and offer the greatest
returns for banks and credit unions.
*How consumers prefer to do their banking – at the branch, via smartphone,
or over the Internet, with demographic breakdowns.
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.
For more information about the study or the June 18 webinar, contact Market
Rates Insight at
or visit www.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, 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 www.marketratesinsight.com.
Graphics available upon request.
Market Rates Insight
Tom Woolf, 415-259-5638
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