Respondents Share Channel & Service Preferences, Why They’re Saving Money and What They Want to Know Now
81.2% of people agree that investing in the future is important, according to the latest MRI-Simmons USA survey data. Yet only 12.8% agree they have great experience on the topic of finance / investment. This disconnect between desire and ability is an opportunity for financial institutions to capture market share with strategic advertising.
In this article, we expand on MRI-Simmons and AdMall data collection with a banking survey that captures consumer sentiment and trends in financial services and the banking industry.
Some Background
86.7% of consumers use some sort of banking service, with savings accounts the most popular choice at 72.6%. How do they choose where to purchase these banking services and what would incentivize them to switch financial institutions? Here’s what we know:
Source: MRI-Simmons
“We learned that going from a mainstream bank to a credit union is in our best interest. A credit union is made up of their customers/shareholders. We are offered better return on our investment from their products. They work with us as individuals with our own profile. I would encourage anyone looking to change their financial institution to check with a credit union first.”
With the uncertainty of the current economy, public distrust, and the fallout after the recent banking crisis and major collapses, 9.6% of consumers plan to switch to a different bank or credit union within the next year. The most important factors for switching are data protection, prices and fees, and online / mobile banking capabilities (AdMall).
Valpak Banking Survey Key Findings
- 28.7% of consumers have responded to a banking / financial services offer received in the mail
- Top channels for banking / financial service offers: direct mail (57.5%) and email (36.7%)
- No annual fees (53%) and free checks (27.3%) are the top offers respondents want to receive
- Top reasons for saving money these days: retirement (42.9%) and an emergency fund (40.5%)
- Areas of high interest: how to pay less taxes (30.5%) and maximizing retirement savings (26.9%)
Top Advertising Channels for Banks & Financial Service Providers
“Too many scammers and phishing attempts via electronic media. Valpak and traditional media seem to be only safe venues for legitimate banking opportunities.”
Banking is about trust and privacy. With the barrage of ads coming at consumers everywhere, from gas pump TVs to text messages, it is often difficult to navigate the noise and separate relevance from spam.
Direct mail is the tried-and-true advertising channel – printed, unchanging and tactile – that can be folded, placed in a safe place, and referred to later. It’s also how most consumers prefer to receive banking and financial services offers (57.5%), followed by email at 36.7%.
“We receive many financial offers by email. I would never respond to these. At least if they come in the mail, I can check them out better and have a printed record in case the offer is not true.”
How would you most like to receive offers for banking & financial services?
Top Banking Offers & Services Consumers Want
“Banks that offer a cash reward get me in the door but then their customer service must be good to keep me as a customer.”
Paying annual fees on top of fees for monthly maintenance and service, overdrafts, out-of-network ATMs, insufficient funds, teller services, and more—it can add up. Banks hold onto our money and use it however they want and then charge us for it. So, it goes without saying that with all that banks use our money for, no annual fees (53%) would top the list of banking offers consumers would most like to receive. And, considering how we are using digital forms of payment more and more these days, Venmo, Apple Pay, PayPal, et al., and fewer hardcopy forms of payment, it’s something to note that checks (27%) are the next on the list of what consumers want more of free of charge.
Which of the following offers for banking and & financial services would you most like to receive?
What People Are Saving Money For
According to MRI-Simmons, 48.4% of Americans have a retirement or college savings plan and 72.1% agree they take an active role in planning for retirement. Retirement got the top spot from our respondents too at 42.9% as to why people are saving. Consumers, young and old, want to save for the future and to understand better which options are out there for them. And when the time comes, they want to thrive and survive those golden years without having to worry—although 40.5% are looking to save more in case of emergency. The writing is on the bank wall: people want to learn how to master their futures and want reliable advice and beneficial partnerships.
What are you saving money for?
Consumers Want To Know More About…
It’s something we all know, and most have said at one time or another; the only absolutes in this life are death and taxes. And here, 30.5% of respondents said they want to know more about paying less taxes. And, after a life of work, it would be even more beneficial to be able to maximize retirement savings for those myriads of awesome cruise themes that are now out there and growing because you’re never too old to have fun (but you may need some cash to do it).
Financial advisors, senior loan officers, and more can use this data to create advertising messages that connect with consumers about bank and financial services. They can offer to sit down and discuss the pain points of saving despite things like a challenging household income or achieving certain initiatives. And the best way to do it is with the resources available to them (potential banking customers have significant financial needs and are looking for help navigating their future).
Which of the following would you like to know more about?
Get Your Message To The Right Audience
When asked if they have ever responded to a banking or financial institution ad received in the mail, 28.7% of respondents said yes. And according to MRI-Simmons, 21.5% of people find advertising for financial services interesting, meaning there is an excellent chance that consumers will react if direct mail is used and the ad resonates. In addition, 38.2% of potential bank switchers and 27.6% of online banking customers responded to advertisements in the mail in the past 30 days alone (AdMall).
There is an American call to action right now for banks and financial services companies to step in and assist during these uncertain times. Consumers need guidance with credit cards, loans, checking accounts and more. There is a veritable need for experienced people from solid financial institutions to make the banking process smoother and more convenient. Planning for their financial future is on the minds of most Americans, and the data in this blog can be used to target new customers and get your message to the right audience. Finding the right institution with trustworthy advisors and worthwhile offers is as important as choosing the right channel to get your brand into the hands of consumers.
Target and get your message to the right audience with direct mail like postcards. Your local Valpak rep can help your business build a robust advertising strategy and also look at any other possible channels (like social media ads) that can assist your campaign and are the most suitable to achieve your advertising goals.
