Abstract
Though many in the industry might assume that the most prominent financial services brands are sufficiently meeting the needs of today' s consumer, a large proportion of customers are unhappy with the existing array of financial services. Surprisingly, very few existing brands come close to meeting the potential that surveyed consumers see for each category of financial services firm. In banking, brokerage services, insurance, mutual funds, and mortgage services, opportunities exist for each of the major financial services brands to follow the service improvement guidelines established in this report to help their brand more fully meet consumer expectations for the category. The following issues are addressed:
- How does familiarity and experience impact perceptions of financial services firms?
- What are perceptions of individual representative firms versus perceptions of financial services categories overall?
- Which individual firms are differentiating themselves well in each category?
- How do these perceptions relate to levels of consumer satisfaction with providers?
Table of Contents
- Scope and Themes
- What you need to know
- Scope of this report
- Methodology
- Abbreviations and terms
- Executive Summary
- Who is the financial services consumer?
- Banks
- Credit Unions
- Mutual fund companies and brokerage firms
- Insurance companies
- Mortgage companies
- Perceptions of individual FS companies
- Banks
- Insurance
- Brokerage firms and mutual fund companies
- Mortgage companies
- Customer satisfaction
- Banks
- Insurance
- Mutual fund companies and brokerage firms
- Mortgage companies
- Perception of Competitive Attributes for Types of Financial Service Firms
- Key points
- Brokerage firms
- Figure 2: Perception of competitive attributes, brokerage firms, by gender and age, January 2008
- Mutual fund companies
- Figure 3: Perception of competitive attributes, mutual fund companies, by gender and age, January 2008
- Insurance companies
- Figure 4: Perception of competitive attributes, insurance companies, by gender and age, January 2008
- Banks
- Figure 5: Perception of competitive attributes, banks, by gender and age, January 2008
- Credit unions
- Figure 6: Perception of competitive attributes, credit unions, by gender and age, January 2008
- Mortgage companies
- Figure 7: Perception of competitive attributes, mortgage companies, by gender and age, January 2008
- Perception of Reputation for Types of Financial Services Firms
- Key points
- Brokerage firms
- Figure 8: Perception of reputation, brokerage firms, by gender and age, January 2008
- Mutual fund companies
- Figure 9: Perception of reputation, mutual fund company, by gender and age, January 2008
- Insurance companies
- Figure 10: Perception of reputation, insurance companies, by gender and age, January 2008
- Banks
- Figure 11: Perception of reputation, banks, by gender and age, January 2008
- Credit unions
- Figure 12: Perception of reputation, credit unions, by gender and age, January 2008
- Mortgage companies
- Figure 13: Perception of reputation, mortgage companies, by gender and age, January 2008
- Trust, Responsiveness, and Anticipating Needs By Type of Financial Services Firm
- Key points
- Banks
- Figure 14: Respondents with bank accounts, other attributes, by gender and age, January 2008
- Credit unions
- Figure 15: Respondents with credit union accounts, other attributes, by gender and age, January 2008
- Insurance companies
- Figure 16: Respondents with insurance policy, other attributes, by gender and age, January 2008
- Mortgage companies
- Figure 17: Respondents with mortgage, other attributes, by gender and age, January 2008
- Mutual fund companies
- Figure 18: Respondents with mutual funds, other attributes, by gender and age, January 2008
- Brokerage firms
- Figure 19: Respondents with relationship with brokerage firm, other attributes, by gender and age, January 2008
- Brand Perceptions -- Banks
- Bank of America
- Figure 20: Bank of America -- brand attributes, January 2008
- Bank of America -- TV advertising and brand image
- Figure 21: Bank of America
- Figure 22: Bank of America Mobile
- JPMorgan Chase
- Figure 23: Chase -- brand attributes, January 2008
- JPMorgan Chase -- TV advertising and brand image
- Figure 24: Chase
- Figure 25: Chase 2
- Figure 26: Chase Freedom
- Citibank
- Figure 27: Citibank -- brand attributes, January 2008
- Citibank -- TV advertising and brand image
- Figure 28: Citibank citicard
- Wells Fargo
- Figure 29: Wells Fargo -- brand attributes, January 2008
- Wells Fargo -- TV advertising and brand image
- Wachovia
- Figure 30: Wachovia -- brand attributes, January 2008
- Wachovia -- TV advertising and brand image
- Washington Mutual
- Figure 31: Washington Mutual -- brand attributes, January 2008
- Washington Mutual -- TV advertising and brand image
- HSBC
- Figure 32: HSBC -- brand attributes, January 2008
- HSBC -- TV advertising and brand image
- U.S. Bank
- Figure 33: U.S. Bank -- brand attributes, January 2008
- U.S. Bank -- TV advertising and brand image
- SunTrust
- Figure 34: SunTrust -- brand attributes, January 2008
- National City
- Figure 35: National City Bank -- brand attributes, January 2008
- National City -- TV advertising and brand image
- Brand Perceptions -- Insurance Companies
- State Farm
- Figure 36: State Farm Insurance -- brand attributes, January 2008
- State Farm -- TV advertising and brand image
- Figure 37: State Farm
- Figure 38: State Farm 2
- Allstate
- Figure 39: Allstate Insurance -- brand attributes, January 2008
- Allstate -- TV advertising and brand image
- Figure 40: Allstate InsuranceFigure 41: Allstate Motor Insurance
- USAA
- Figure 42: USAA -- brand attributes, January 2008
- Brand Perceptions -- Brokerage Firms and Mutual Fund Companies
- Merrill Lynch
- Figure 43: Merrill Lynch -- brand attributes, January 2008
- Merrill Lynch -- TV advertising and brand image
- Figure 44: Merrill Lynch
- Charles Schwab
- Figure 45: Charles Schwab -- brand attributes, January 2008
- Charles Schwab -- TV advertising and brand image
- Figure 46: Charles Schwab Investments
- Fidelity
- Figure 47: Fidelity -- brand attributes, January 2008
- Fidelity -- TV advertising and brand image
- Figure 48: Fidelity Investments
- Salomon Smith Barney
- Figure 49: Salomon Smith Barney -- brand attributes, January 2008
- Vanguard
- Figure 50: Vanguard -- brand attributes, January 2008
- Brand Perceptions-- Mortgage Companies
- Figure 51: Countrywide Mortgage -- brand attributes, January 2008
- Customer Satisfaction -- Banks
- Satisfaction among leading banks by service quality
- Figure 52: Customer satisfaction and brand attributes -- overall, January 2008
- Bank of America
- Figure 53: Customer satisfaction and brand attributes -- Bank of America, January 2008
- Chase
- Figure 54: Customer satisfaction and brand attributes -- Chase, January 2008
- Citibank
- Figure 55: Customer satisfaction and brand attributes -- Citibank, January 2008
- Wells Fargo
- Figure 56: Customer satisfaction and brand attributes -- Wells Fargo, January 2008
- WaMu
- Figure 57: Customer satisfaction and brand attributes -- Washington Mutual, January 2008
- HSBC
- Figure 58: Customer satisfaction and brand attributes -- HSBC, January 2008
- Wachovia
- Figure 59: Customer satisfaction and brand attributes -- Wachovia, January 2008
- Customer Satisfaction -- Insurance Companies
- State Farm
- Figure 60: Customer satisfaction and brand attributes -- State Farm Insurance, January 2008
- Allstate
- Figure 61: Customer satisfaction and brand attributes -- Allstate, January 2008
- Customer Satisfaction -- Mutual Fund Companies and Brokerage Firms
- Fidelity
- Figure 62: Customer satisfaction and brand attributes -- Fidelity, January 2008
- Merrill Lynch
- Figure 63: Customer satisfaction and brand attributes -- Merrill Lynch, January 2008
- Vanguard
- Figure 64: Customer satisfaction and brand attributes -- Vanguard, January 2008
- Customer Satisfaction -- Mortgage Companies
- Countrywide
- Figure 65: Customer satisfaction and brand attributes -- Countrywide Mortgage, January 2008
- Innovation and Innovators
- Higher-level benefits
- Bank of America
- Outlandish plots
- Geico
- Capital One
- WaMu
- Clarity of advertising and message
- BB&T
- Charles Schwab
- Distinctiveness of brand identity and campaign
- Fifth Third
- Advertising and Promotion
- Customer acquisition tactics
- Media and advertising
