Tag Archives: lifestyle financial services

Business

Market Rates Insight Offers Lifestyle Financial Services Study to Independent Community Bankers of America® Members

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First-ever Study Revealing Services Consumers Want from Banks Now Available to ICBA Members with Exclusive 10% Discount.

SAN ANSELMO, Calif. (August 26, 2012) — Market Rates Insight, Inc. (MRI, http://www.marketratesinsight.com), a leader in pricing intelligence for deposits, personal loans, mortgages, and fees, recently conducted the first nationwide consumer study to understand consumer attitudes about fees paid for banking services. The study has uncovered a new category of “lifestyle financial services” that consumers are willing to pay for, and is now available at a 10% discount to community banks through an exclusive relationship with the Independent Community Bankers of America (ICBA)®.

The study from Market Rates Insight reveals new ways community banks can compete more effectively and promote greater customer loyalty by offering services that consumers want and are willing to pay for. The Lifestyle Financial Services study reveals that customers will pay, on average, $3.63 per month each of the seven services that deliver convenience, efficiency, mobility, and protection. For example, 63.4% of those surveyed indicated they would spend up to $2.37 per month for mobile remote deposit capture services, and 73.7% said they would pay $3.39 per month for credit score reporting.

“Income from service fees on deposit accounts declined 13% between 2007 and 2012, so now more than ever, community and regional institutions need to develop new ways to attract and keep customers,” said Dr. Dan Geller, Executive Vice President of Market Rates Insight and the architect of the study. “Our emerging Lifestyle Financial Services study reveals that consumers want services, such as mobile deposits and personal money transfer from their financial institution. By working directly with ICBA, we can help community banks identify new sources of fee income as well as help promote customer loyalty.”

ICBA members now can buy the Lifestyle Financial Services study at a special ICBA rate. They study is available in various forms:

– The complete study, including consumer research, likelihood of use, perceived value and competitive analyses for the top five U.S. banks, at a discounted price of $4,455.
– The consumer research on all seven categories of Lifestyle Financial Services, including an analytic overview, at a discounted price of $3,105.
– The consumer research for one specific type of services, such as credit score reporting, identity theft services, personalized couponing, prepaid loadable cards, overdraft transfer services, person-to-person payments, and mobile remote deposit capture, for $895 each.

Each study report features consumer research on preferences and perceived value, as well as demographic segmentation.

For more information, contact Market Rates Insight at info@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 uses deposit surveys, mortgage and consumer loan surveys, fees and features studies, new product alerts, benchmarking and market share analysis to give subscribers the intelligence needed to strategically position products, optimize pricing and react to emerging trends. 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.

Market Rates Insight is located in San Anselmo, California. For more information, see http://www.marketratesinsight.com

Photos available upon request

For additional information contact:
Tom Woolf
Market Rates Insight
(415) 259-5638
tom.woolf@marketratesinsight.com

Business

Market Rates Insight’s Webinar Reveals How Banks and Credit Unions Can Unlock Non-Interest Revenue from Lifestyle Financial Services

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Online Event Profiles Results of First Ever Consumer Service Fee Study Shows Where Consumers See Value and What They Will Pay for Lifestyle Financial Services.

SAN ANSELMO, Calif. (June 13, 2012) — This week, Market Rates Insight will host two webinars that will reveal the results of the first Nationwide Integrated Study on Service Fees designed to gauge consumer acceptance of fee-based services from banks and credit unions. The survey reveals that a new category of “lifestyle financial services” is emerging that presents new revenue potential for financial institutions from non-interest income. The webinars will be presented Wednesday, June13, at 11:00 AM ET and Thursday, June 14, at 3:00 PM ET.

Market Rates Insight conducted the Nationwide Integrated Study on Service Fees in April, polling more than 1,500 consumers nationwide about their attitudes about various services offered by financial institutions. What the survey revealed was that consumers have a higher perceived value for services that provide convenience and enhance their lives, such as credit score monitoring, identity theft alerts, mobile banking services, personalized couponing services, and person-to-person payments. The Study also shows that these “lifestyle financial services” offer a higher perceived value and promote greater customer loyalty.

Among other findings, the Study shows that consumers are willing to pay on average $3.63 for lifestyle financial services, and credit union members indicated a higher likelihood to use such services (68.7%) than bank customers (66.3%). Foremost among the services that consumers indicated they would seek from financial institution is Identity Theft Alerts. More than 82 percent of those surveyed indicated they would be likely to buy Identity Theft Alert services from their bank or credit union at an average monthly fee of $4.07. Ranking second was Credit Score Reporting, with more than 73 percent indicating they were likely to buy this service at an average fee of $3.39 per month.

“Our new Study on Service Fees makes clear that there is a huge opportunity for financial institutions to realize new revenue from this new category of financial services that consumers say they want,” said Dr. Dan Geller, Executive Vice President of Market Rates Insight and the architect of the study. “Banks and credit unions continue to feel the pressure from low interest rates. This study not only points to a new revenue source, but also to a new way to build customer loyalty by offering services that will determine who consumers will trust with their money.

For more information and to register for these free webinars, visit http://www.marketratesinsight.com or send email to webinar@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 uses deposit surveys, mortgage and consumer loan surveys, fees and features studies, new product alerts, benchmarking and market share analysis to give subscribers the intelligence needed to strategically position products, optimize pricing and react to emerging trends. 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.

Market Rates Insight is located in San Anselmo, California. For more information, see http://www.marketratesinsight.com.

Photos available upon request

For additional information contact:
Tom Woolf
Market Rates Insight
(415) 259-5638
tom.woolf@marketratesinsight.com