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 Business Wire 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 http://marketratesinsight.com/news/MRI_Emerging_Financial_Services_Webinar.html 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. Contact: Market Rates Insight Tom Woolf, 415-259-5638 firstname.lastname@example.org
New Consumer Study from Market Rates Insight Reveals Substantial Revenue Potential from Emerging Banking Services
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