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BizReport : Research archives : July 27, 2011

Bankers: Study finds consumers want more connection

In the financial world, many believe things haven't changed very much over the past 10 years. Because consumers still visit the bank to make deposits, or to get financial information those in the old school believe they don't need to change their practices. A new report from Motista may change that; researchers have found that consumers who are more connected to their bank are more likely to stick with that bank.

by Kristina Knight

What is the difference between Satisfaction Scores and Connected Consumers?

  • 38% of Connected Consumers plan to buy more banking products, 7% of Satisfied Customers plan to do so

  • 61% of Connected Consumers have made a bank recommendation vs. 31% of Satisfied Customers

  • 71% of Connected Consumer say they won't switch, 35% of Satisfied Customers say the same
  • A connected consumer is a satisfied customer, right? The logic seems solid, but new data from Motista finds that, in retail banking, satisfied customers aren't necessarily connected with their bank. According to the report consumers who feel a connection with their bank hold more products - a savings account as well as checking, a CD, a mortgage, etc. - compared to those who aren't connected. And, no, that connection doesn't just mean online access, although many want easier banking access.

    In March comScore reported that the number of mobile bankers, those connecting to banking information via a mobile device, surpassed 30 million. That was an increased of more than 50% Year over Year.

    Sarah Lenart, comScore vice president, said, "The ubiquitous nature of mobile devices affords financial brands an important channel to reach and engage customers, whether it's at home, work or on-the-go. As brands compete for customer loyalty in this competitive market, marketers will need to focus on continually improving the mobile customer experience and adjusting to the changing landscape and consumer needs as they access their financial information."

    For banking, mobile consumers reported they typically logged on from a 'fixed device' (47%), used mobiles/cell phones (26%); only about 10% reported they actually visited their bank to access their information.

    Tags: comScore, consumer loyalty, loyalty marketing, mobile trends, Motista

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