CHICAGO, IL -- (Marketwire) -- 03/27/12 -- Most U.S. consumers are generally satisfied with their primary financial institution and would recommend it to someone else, but those same institutions still have room for improvement, according to a recently completed BAI Research study. When it comes to additional products and services to fit their needs, customers are open to their primary bank proactively approaching them. Yet, they perceive banks as slow to do so. These new findings on consumer attitudes and preferences are particularly relevant now as banks and other financial services companies pursue strategies to attract, retain and grow customer relationships in a challenging environment marked by a sluggish economic recovery, increased regulation, and slow revenue growth and margin expansion. Sponsored by Cognizant and SAS, The New Dynamics of Consumer Banking Relationships reveals vital trends in how consumers interact with their primary financial institution and the products and services they value most.
Key Findings on the Current Consumer Landscape
The study, conducted on a nationally representative sample of 3,200 U.S. consumer households, identified five core segments representing the consumer landscape -- Marginalized Middles, Disengaged Skeptics, Satisfied Traditionalists, Struggling Techies and Sophisticated Opportunists. Closely aligning channel, pricing, sales, and service configuration according to these segments allows financial institutions to improve marketing efforts and align investment to the customers most receptive to specific products, services and incentive offers.