In a recent BankChoice Monitor survey, only 24% of Gen Y consumers currently shopping for checking accounts are comfortable with an account that requires they only use electronic channels like mobile banking and ATM machines, compared to 33% of Gen X consumers aged between 30 and 39.
With all the attention heaped on mobile banking apps these days, it’s easy to minimize the importance of the web-based online banking experience. But according to a recent BankChoice Monitor survey, the people who use mobile apps most frequently are also frequent users of online banking.
Using traditional gender stereotypes, financial institutions might be tempted to market mobile banking more to men. But here’s why bank and credit union marketers shouldn’t make this mistake.
The bank advisory business is in a struggle for relevance. And the problem is, many of the individuals involved don’t even realize it.
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.