Market Overview

BAI Unveils Key Findings from BAI Banking Outlook Research Studies on Trends in Marketing and Customer Acquisition

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BAI,
a nonprofit independent organization that delivers the financial
services industry's most actionable insights, recently announced the key
findings of the 2018 BAI Banking Outlook research study that uncovers
data on trends in marketing and customer acquisition.

During the BAI
Banking Outlook Webinar – Trends in Marketing and Customer Acquisition

on July 11, BAI shared the highlights of its most recent BAI Banking
Outlook, a quarterly research study consisting of a combined total of
over 650 consumers and financial services leaders from organizations
ranging in size from community banks to large mega banks. BAI
researchers surveyed consumers to understand what marketing efforts and
product offerings compel them to choose a bank. The research also
measures behavior, attitude and outlook in relation to how these
consumers view their bank, prefer to interact with the bank and view
their current and future banking relationships. The results offer a
compare-and-contrast view between the consumer and bank.

Highlights from the BAI Banking Outlook include:

  • More than half of respondents searched for a new bank or new account
    in the past 12 months, and more than 28 percent indicated opening an
    account at an online bank. However, 49 percent of respondents opened a
    new account at their main bank;
  • Only 40 percent of respondents stated that they will not change main
    banks over the next year, while nearly a quarter are considering
    switching and over one third are unsure;
  • While consumers increasingly prefer digital interaction, 37 percent of
    respondents visited a branch to discuss their specific needs and more
    than half (56 percent) opened a checking account in the branch;
  • Convenient branch locations (35 percent), cash incentives or rewards
    (32 percent) and product offerings or attractive rates (30 percent)
    are the top reasons why a consumer would change banks;
  • 60 percent of consumers stated that they would open a loan or
    investment account and 66 percent of consumers would open a deposit
    account online or through a mobile device. But, the majority of bank
    respondents (52 percent) do not allow a customer's first account to be
    opened digitally.

"Marketing and customer acquisition are priorities for most financial
services organizations, which is why BAI placed heightened importance on
understanding the perspectives from consumers who have opened a new
account in the past year," said Karl Dahlgren, managing director of BAI.
"This type of data is crucial for financial services leaders to
understand as they seek to acquire new customers in this highly
competitive industry. For example, our survey found that while a growing
percent of account openings occur without visiting a branch,
face-to-face selling and interaction continues to prove effective and is
even more so when combined with digital marketing experiences. Through
analyzing data such as this, the BAI Banking Outlook helps financial
services leaders recognize potential areas to improve strategy and
exceed customer expectations."

For more information about the BAI Banking Outlook survey results, or to
watch the free webinar, visit https://www.bai.org/conferences-events/webinar.

To learn more about harnessing the power of data to make smart business
decisions and drive the industry forward, attend BAI's annual
conference, BAI
Beacon
in Orlando, Fla., Oct. 9 – 11, 2018.

About BAI
As a nonprofit, independent organization, BAI
delivers the financial services industry's most actionable insights,
enabling leaders to make smart business decisions every day. We're
passionate about the trusted information and powerful tools that provide
leaders with the clarity and confidence needed to drive positive change
and move the financial services industry forward. For more information,
visit www.bai.org.

About BAI's Research
BAI provides trusted, in-depth
comparative analytics, including benchmarking research on consumer,
commercial and small business deposit performance, talent management,
marketing spend and other strategic areas for U.S. banks. BAI's
comparative analytics provide meaningful comparisons and allow financial
services leaders to better understand their position relative to others
in the industry. In addition to comparative analytics, BAI conducts a
variety of research on industry trends and consumer behavior to help
financial services leaders fully grasp today's business dynamics and
gain insight into the future. For more information, visit www.bai.org/research.

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