One of the most popular features that consumers look for when shopping for new banking relationships are savings accounts “linked” to their checking accounts. In Q2 2014, nearly 46% of active bank shoppers indicated that they prefer to have a free linked savings with their new checking account.
Millennials want financial advice. A third say they need help and guidance creating a budget; a fourth want advice on choosing and managing their credit card.
“The branch will have a role in the foreseeable future,” said Dale Johnson, a managing director for Novantas’ sales productivity team.
Excerpts from the Novantas, First Citizens Bank Webinar hosted by CBA
Novantas, Inc., a privately held advisory, solutions and research company, announced today that BMO Financial Group (BMO) has engaged it to provide analytical models and technology to help the bank advance its product management and pricing infrastructure.
In 2014, Novantas was named Analytics and Advisory Firm of the Year for the Financial Services Sector by Acquisition International.
Overall, men say they use personal finance management (PFM) tools for budgeting and financial planning more than women. Women, however, are more likely to want their bank or credit union to provide these services within the online banking system.
Andrew Frisbie and Pete Gilchrist have joined Novantas, Inc as Managing Directors, expanding and strengthening the Firm’s capabilities in deposit analytics, banking strategy, risk management, and stress testing.
To win millennial consumers, banks are offering contemporary ‘eChecking accounts’ that are free as long as you don’t use any ‘retro style’ checking features like writing checks or visiting branches.
While most Gen Y consumers will use all banking channels as a matter of convenience, it’s clear that their banking behavior is more-and-more centered on their mobile devices.