Market Rates Insight conducted the Nationwide Integrated Study on Service Fees in April, polling more than 1,500 consumers nationwide about their attitudes about various services offered by financial institutions. What the survey revealed was that consumers have a higher perceived value for services that provide convenience and enhance their lives, such as credit score monitoring, identity theft alerts, mobile banking services, personalized couponing services, and person-to-person payments. The Study also shows that these “lifestyle financial services” offer a higher perceived value and promote greater customer loyalty.
Among other findings, the Study shows that consumers are willing to pay on average $3.63 for lifestyle financial services, and credit union members indicated a higher likelihood to use such services (68.7%) than bank customers (66.3%). Foremost among the services that consumers indicated they would seek from financial institution is Identity Theft Alerts. More than 82 percent of those surveyed indicated they would be likely to buy Identity Theft Alert services from their bank or credit union at an average monthly fee of $4.07. Ranking second was Credit Score Reporting, with more than 73 percent indicating they were likely to buy this service at an average fee of $3.39 per month.
“Our new Study on Service Fees makes clear that there is a huge opportunity for financial institutions to realize new revenue from this new category of financial services that consumers say they want,” said Dr. Dan Geller, Executive Vice President of Market Rates Insight and the architect of the study. “Banks and credit unions continue to feel the pressure from low interest rates. This study not only points to a new revenue source, but also to a new way to build customer loyalty by offering services that will determine who consumers will trust with their money.
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About Market Rates Insight
For more than two decades, Market Rates Insight (MRI) has been helping clients price with precision by providing banks, thrifts, credit unions, and other financial institutions with comprehensive market intelligence on deposits, loans, and fees. MRI uses deposit surveys, mortgage and consumer loan surveys, fees and features studies, new product alerts, benchmarking and market share analysis to give subscribers the intelligence needed to strategically position products, optimize pricing and react to emerging trends. MRI’s products include web-enabled, customizable report programming, proprietary product research tools, searchable databases, market alerts, and online dashboards that aggregate key client data to provide real-time interactive views on how they rank against their specific competitors.
Market Rates Insight is located in San Anselmo, California. For more information, see http://www.marketratesinsight.com.
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