Consumer Insights Audience Segments

Goals

To understand consumer insights for three key audience segments (consumers age 35-55 experiencing life changes, small business owners or decision makers, and mid-market business leaders), and their thoughts, feelings, and approaches towards banking.

Early Findings

  • The current consumer base has evolved in terms of broader demographic trends turning a homogeneous mass market into a heterogeneous marketplace with multiple competitive options.
  • Consumer age 35-55 prefer digital disruption in the banking and finance industry because of evolving customer preferences.
  • Data shows 29% consumers age 35-55 would consider switching to a bank that does not have a branch location.
  • The main reason people chose their bank is convenience (31%) of branch or ATM locations, and will change if there is a considerable sign-on bonus.
  • Small businesses choose banks based on simple and competitive pricing, low fees, and strength of relationships.
  • Another consideration for small business owners relates to their confidence that the banker knows the bank’s products and services offered, and will have the ability and authority to handle their accounts.
  • Small businesses look a banker that views a customer’s growing business as an opportunity for building a relationship.
  • Most mid-market business leaders (annual revenue from $6M-$35M) chose banks based on the banker's knowledge of their industry.
  • Mid-sized companies build reltaionships with a bank because of commercial or corporate banking priveledges. Banks provide financial and advisory services tailored to the specific needs of each business.
  • Mid-sized companies rely on the cash management services from a bank to achieve greater efficiency in managing their receivables, payables, cash on hand, and liquidity.

Proposed next steps:

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