Online Banking Personal Financial Management: A Two-Stage Plan for Retention and

Online Banking Personal Financial Management: A Two-Stage Plan for Retention and Acquisition

Published Date: May 2007

Published By: Javelin Strategy & Research

Page Count: 28

Order Code: R3424-35

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Description

Table of Contents

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Overview
Primary Questions
Findings and Analysis
Declining Adoption Rate For Online Banking Requires Enhanced Functionality to Draw Additional Customers
Two-Stage Implementation of Online Banking PFM
Stage 1: Segmentation: Focus on High-value Customers First
Stage 2: Put Cross-Institution Aggregation on the Roadmap
Mass Adoption of Online Banking PFM - A Long-Term Goal
Demonstrate Value to Stimulate Uptake
Insights into the PFM User
Current PFM Users - Demonstrated Value in Pre-categorized Expenses and Consolidation
Age - Look to Younger Consumers for Online Banking PFM Acquisition or Retention Strategies
Income Level - Valued Features Differ across Groups
Aggregating Across Institutions Provides Value and Increases Retention
Online Banking PFM and Web-based PFM: What's the Real Difference?
Related Research
Appendices

Table of Figures
Figure 1: Number of Consumers Engaging in Online Banking 2003 to 2007
Figure 2: Development Stages for Implementing Online Banking Personal Financial Management
Figure 3: Most Valued Features for Managing Finances
Figure 4: Methods Used to Budget or Manage Finances
Figure 5: PFM Users’ Most Valued Features for Managing Finances
Figure 6: Methods Used for Managing Finances by Age
Figure 7: Most Valued Features for Managing Finances by Income
Figure 8: Likelihood to Remain a Customer if Offered Online Banking PFM by Income
Figure 9: Most Valued Features for Managing Finances by Age
Figure 10: Likelihood of Remaining a Customer because of Online Banking PFM by Age
Figure 11: Likelihood of Consolidating Finances by Income
Figure 12: Effect of Online Banking on Usage Habits
Figure 13: Reasons for Switching Banks
Figure 14: Important Criteria for Selecting a New FI
Figure 15: Reasons for Adopting Online Banking
Figure 16: Motivators for Viewing More Bills Online
Figure 17: Longitudinal Usage of Quicken or Money Personal Finance Software

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