Informa Research Services, Inc., and Novantas LLC announce the release of a new report titled Checking Under Pressure. This report examines customer attitudes, needs, and behaviors surrounding checking transaction accounts.
“With the potential of pending overdraft reform eroding 15% or more of checking account revenues, financial institutions need to prepare,” said Hank Israel, director at Novantas. “This report helps them better understand customers’ attitudes towards overdraft awareness and how this will play into their opt-in/opt-out decisions.”
The new study is based on a national survey of 2000 respondents conducted in August 2009 via an online panel. 185 questions were posed, with findings and analysis forming the backbone of the report. The Checking Under Pressure report explores the different segments of checking account customers, with an emphasis on their receptivity to offers and arrangements that might improve/preserve individual account profitability in ways that do not depend on traditional overdraft fees.
“Financial institutions should identify potential new product opportunities to replace overdraft income,” said Chad Watkins, manager of market intelligence at Informa Research Services. “It is vital that they identify other sources of fee income in the checking category and understand customer preferences and attitudes around them.”
The Checking Under Pressure study was launched as a joint project between Informa Research Services, Inc., and Novantas LLC. All participants are at least 18 years of age and report some level of usage and decision-making involvement with a transaction account at a Retail Financial Institution (bank, brokerage, or credit union), or use a stored-value card. Most respondents hold bank checking accounts.
For more information on the Checking Under Pressure study contact Chad Watkins at 800.848.0218 Ext. 461 or visit the Informa Research Services website at http://www.informars.com.
