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2009 Financial Alerts Forecast: Alerts Remain Highly Valued, but Consumer Adoption Slows Due to Inadequate, Limited Offerings


Description: Four forces should be fuelling increased adoption of financial alerts: Money is tight for Americans; identify fraud is on the rise; consumers crave more control over their finances and value alerts; and regulators soon could make alerts a banking requirement. Yet the number of households receiving e-mail and/or SMS text alerts remained flat in 2009, ending four consecutive years of double-digit growth in adoption.

The lingering recession and slowed investment obviously are factors, but the real problem is the limited supply and inadequate quality of alert offerings at the financial institution and issuer level. This Javelin report explores national survey data that indicates that consumers are growing dissatisfied with alerts that fail to deliver real-time information, are too generic and are too difficult to tailor on the fly.

The report also forecasts adoption for alerts, profiles why regular recipients of alerts make prized customers, what alerts consumers value most, and advises financial institutions how they can profit from alerts by sharing control with their customers. This report is part one of a two-part series; the next report will focus on innovative solutions in the marketplace.

Primary Questions

- What factors caused adoption of alerts to slow in 2009?

- How fast will adoption of financial alerts in general and e-mail and text alerts specifically – grow over the next five years?

- Who gets financial alerts today – and how often?

- Why should banks covet regular recipients of financial alerts?

- What alerts do consumers value most?

- How do consumers respond to financial alerts?

- What is the business case for offering financial alerts?

- What steps can financial institutions take to make alerts more useful, simpler to use and easier to customize?

- How can banks promote alerts as tools that can help customers better monitor and manage their money and thwart identity theft?

Methodology

This report is based mainly on data collected online from a random-sample panel of 2,779 households in April 2009. The survey targeted respondents based on representative proportions of gender, age and income compared to the overall U.S. online population. Overall margin of sampling error is ±1.86% at the 95% confidence level.

Longitudinal information in the report is based on data collected online from random, representative samples of:

- 2,350 households in March 2008, with an overall margin of sampling error of ±2.02 percentage points at the 95%
confidence level.

- 2,714 consumers in March 2008, with an overall margin of sampling error of ±1.88 percentage points at the 95%
confidence level.

- 2,800 respondents in March 2007, with an overall margin of sampling error of ±1.85% at the 95% confidence level.

- 3,215 respondents in March 2006, with an overall margin of sampling error of ±2.44% at the 95% confidence level.

Javelin’s five-year forecast also incorporates secondary data from public sources such as the U.S. Census Bureau and the Bureau of Labour Statistics.

The analysis of “Moneyhawks” is based on respondents who received e-mail or text alerts in the previous 90 days. The majority of Javelin data for online banking financial alerts is based on “online households” vs. “individual consumers.”

This is a typical way of presenting online banking data because account management is typically collected on a perhousehold basis. In 2009, the U.S. population was estimated to comprise 306 million people. That includes 232 million adults, 118 million households, and 87 million households that are online. On average, there are about 2.6 people per household. Javelin also collects online-banking data using a base of all consumers for comparison purposes.


Contents: List of Figures:

Figure 1: 62 Million Online Households Will Receive Alerts by 2014
Figure 2: U.S. Adults Who Have Received Alerts in the Past 12 Months
Figure 3: E-mail Alerts: Last Time Received
Figure 4: Text Alerts: Last Time Received
Figure 5: Percentage of Financial Institutions With Account Alerts (2008)
Figure 6: Services Used in Past 30 Days Cumulatively (Moneyhawks vs. Consumers)
Figure 7: Value of Alerts (Moneyhawks vs. Consumers)
Figure 8: Usage of Alerts in Previous 30 days (By Market Segments)
Figure 9: Usefulness of Alerts to Detect Fraud, Manage Finances (2009 vs. 2008)
Figure 10: Most Valuable E-Mail or Text Alerts
Figure 11: Most Valuable E-Mail or Text Alerts (2007-2009)
Figure 12: How Consumers Respond to Financial Alerts (Moneyhawks vs. Consumers)
Figure 13: Typical Response to Receiving a Financial Alert (By Type of Alert)
Figure 14: Consumer Attitudes for Who Bears Primary Responsibility for Account Security
Figure 15: E-Mail Alerts: Last Time Received (iPhone Owners vs. Consumers)
Figure 16: Text Alerts: Last Time Received (iPhone Owners vs. Consumers)


Companies Mentioned - Bank of America - JPMorgan Chase - Citi - Wells Fargo


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