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How to Attract and Keep High-Value ‘Moneyhawks’: Increase Profitability Through Targeted Multichannel Service Messaging
Javelin Strategy & Research, July 2011, Pages: 15
Financial institutions must covet — and grow — the number of consumers who interact through multiple self-service channels and services such as online banking, FI bill pay, and mobile banking. They are profitable because they buy more financial products, they are less costly to serve, and they will shape the banking experience of the future.
The problem is these highly valuable, highly vulnerable consumers make up only 10% of U.S. adults — underscoring the need for FIs to groom other customers to behave like them. To develop high-impact, targeted marketing messages, Javelin identified four segments of consumers who have evolved to different stages of reliance of online banking, bill pay, and mobile banking. Javelin’s targeted marketing recommendations involve an analysis of a broad range of banking transactions; differing attitudes about “convenience,” “control,” and “security”; the perceived advantages of paying bills through banks, at biller websites, or by mail; the potential role of personal finance management (PFM) tools and financial alerts; the perceived advantages of different payment methods; the appetite for mobile deposit; where consumers turn for customer service; and desired onboarding messages and more. Javelin’s four segments are Moneyhawks, Online Banking Loyalists, Malleable Traditionalists and Cautiously Content Consumers.
Primary Questions
- How can FIs identify the most profitable customers based on their use of self-service channels and services?
- What characteristics and behaviors define this top-echelon customer who regularly uses online banking, FI bill pay, and mobile banking?
- Which banks are most effective at wooing these highly valuable, high-touch customers?
- What differentiates consumers who use online banking, FI bill pay, or mobile banking in lesser degrees?
- What targeted messages will be most effective at motivating different segments of consumers to deepen their usage — or try — online banking, FI bill pay, or mobile banking?
Methodology
This report is based on data collected online from 5,102 consumers who were primary or shared financial managers in March 2011. The overall margin of sampling error is ±1.37 percentage points at the 95% confidence level. The survey targeted respondents based on representative proportions of gender, age, income, and ethnicity compared to the overall U.S. online population.
Javelin’s analysis examined consumers based on banking behaviors for online banking, bill pay, and mobile banking. To draw starker conclusions, Javelin focused on the 83% of consumers with defined behaviors. The report does not examine the 17% of consumers who exhibit infrequent behavior or inconsistent use of online banking, bill pay, or mobile banking.
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