Product Type: Market Research Report
Published by: Javelin Strategy & Research
Published: February 2008
Product Code: R3424-55Description Facing a plateau in the adoption of online banking, banks and credit unions are presented with the challenge of devising innovative ways of moving more consumers online, increasing the frequency of online banking usage among existing users and engaging users in additional online banking services that benefit both bank and consumer, such as online bill pay, paperless statements and online banking personal financial management. In this report, Javelin identifies three online behavior-based segments derived from extensive Javelin data that banks and credit unions can use as a base in defining better targeted efforts at increasing desirable behavior.Table of Contents - Overview
- Primary Questions
- Findings and Analysis
- Create Behavior-based Segments for Actionable Means to Get Consumers Online
- How can these segments be identified within a bank or credit union’s customer base?
- Which customers do these segments represent?
- Superstar Financial Managers Require Advanced, Easy-to-Use Capabilities
- Who are the Superstar Financial Managers?
- The benefits: Active, satisfied online bankers
- The challenges: High standards and high expectations for their PFI
- Locking in Superstar Financial Managers
- Online banking personal financial management for increased loyalty
- and migration to bill pay
- Account alerts motivate bank bill pay and paperless statements
- Habitual Bankers Need Personalized Service in All Channels
- Who are the Habitual Bankers?
- The benefits: Untapped potential to convert to active online bankers
- The challenges: Proactive, individualized, one-on-one interaction required
- Locking in Habitual Bankers
- Online services education across multiple channels
- Beyond online servicing to reinforcement through multiple channels
- Managing finances through alerts
- Online Averse Bankers Require Education to Allay Fraud Concerns and Move them Online
- Who are the Online Averse Bankers?
- The benefits: A willingness to interact and learn
- The challenges: Fears and misconceptions
- Locking in Online Averse Bankers
- Bringing Online Averse Bankers online through security education in multiple channels
- Using the mobile channel to demonstrate remote access value and protection
- Appendices—Additional Data about Online Banking Behavior Segments
- Methodology
- Related Research
- Table of Figures
- Figure 1: Summary of Behavior Segments Identified in the Report
- Figure 2: Motivations for Choosing a New Financial Institution
- Figure 3: Rates of Usage for Financial Banking Products
- Figure 4: Likelihood to Remain a Customer if Offered Online Banking PFM
- Figure 5: Preference for Type of Financial Alert
- Figure 6: Rates of Usage of Traditional and Electronic Channels for Banking Activities
- Figure 7: Tenure of Online Banking Usage
- Figure 8: Motivations for Switching Financial Institutions
- Figure 9: Screenshot of WaMu’s Online Banking Video Demo
- Figure 10: Screenshot of Bank of America’s Click-to-Chat Capability
- Figure 11: Opinions Regarding Paper Turn Off for Statements and Bills
- Figure 12: Motivations for Viewing Bills Online
- Figure 13: Reasons for Not Banking Online
- Figure 14: Features Valued Most in Online Banking Personal Financial Management
- Figure 15: Change in Online Behavior Given Concern about Identity Theft Threats
- Figure 16: Screenshot of JPMorgan Chases’ Security Center
- Figure 17: Rates of Behavior Changes since Beginning to Use Online Banking
- Figure 18: Rating of FI Performance in Protecting Consumers Who Bank Online
- Figure 19: Preference for Viewing and Paying Bills Online
- Figure 20: Opinions Regarding Paper Turn Off
- Figure 21: Rates of Online and Offline Receipt of Statements and Bills
- Figure 22: Change in Online Behavior Given Identity Theft Related Threats
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