Issue

Market Strategies International and First Data teamed up to segment the US consumer landscape. Given all the options consumers have when choosing a bank or credit union, financial institutions must meet consumer needs and expectations in creative ways. However, consumers are not a homogenous group — attitudes, behaviors and expectations related to products, communication tools and service vary dramatically. The goals were to identify consumer needs, with a focus on attitudes, behaviors, technology adoption and future desires, and to share this valuable insight with clients and financial media.

Process

We conducted "The New Consumer and Financial Behavior" survey online with 2,000 banked consumers (those who have at least one account at a financial institution). All respondents were individual or household financial decision-makers recruited from an opt-in online panel of US adults. Our custom methodology outperformed typical one-dimensional studies by defining the segments using multiple platforms including demographics, attitudes, behaviors and values to create comprehensive, instructive consumer profiles.

Result

Market Strategies' research revealed six distinct consumer segments, providing financial institutions with valuable insights into opportunities and challenges associated with different types of customers. By sharing these results through targeted outreach, extensive media coverage and white papers, financial institutions have the market intelligence to:

• Determine which types of consumers are most valuable.
• Target products, technology and tools at specific customer groups.
• Improve customer retention through targeted customer loyalty programs.
• Better service customers by meeting their needs and expectations for products, services, communication and technology.

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