SAN FRANCISCO--(BUSINESS WIRE)--Javelin Strategy & Research announces its latest research report — “How to Attract and Keep High-Value ‘Moneyhawks’: Increase Profitability Through Targeted Multichannel Service Messaging”. Javelin identified a market segment known as Moneyhawks who emerged as the most profitable consumer for a Financial Institution. Their high frequency, tech-savvy approach demands and uses a variety of self-service channels and services, including personal finance management (PFM) tools and financial alerts. Javelin identified four distinct segments of consumers, based on their use of and comfort with online and mobile banking, demographic makeup, and tech-buying preferences. The Javelin report, based on surveys conducted with more than 5,100 consumers, shows Financial Institutions (FIs) how to identify, retain and grow these most valuable customers.
Moneyhawks are the most sought after consumer segment, as they buy more financial products and save FIs billions of dollars in operating costs through their frequent use of cost-effective, self-service channels. While Moneyhawks comprise only 10% of all consumers, these high tech trendsetters are the first adopters of online banking, online bill pay, and mobile banking, setting the stage for how all consumers will eventually bank. However, keeping Moneyhawks happy and engaged remains a big challenge for FIs. More than one in four Moneyhawks switched banks in the past two years, seeking effective and cutting-edge online and mobile money management tools.
“Moneyhawks are the future of banking and critical to an FI’s success,” notes Mark Schwanhausser, Senior Analyst, Multichannel Financial Services at Javelin. “Our research reveals that unhappy Moneyhawks tend to head to Bank of America, where almost half of Moneyhawks bank, or to Chase, preferred by almost one in five. Our report shows FIs what they need to do – and say – to keep Moneyhawks from jumping ship and going to competitors.”
FIs need to understand what services consumers want from their banks, as well as their comfort level with technology. Findings from this report will help FIs create and send high-impact targeted messages to each segment that will encourage broadening use of online and mobile channels.
“The next step for Moneyhawks is to increase their utilization of mobile capabilities, while simultaneously re-engineering all FI platforms towards a Customer Driven Architecture™,” advises James Van Dyke, President and Founder of Javelin. “Our report provides details on how FIs can focus their messaging to expose the other consumer segments to varying degrees of online and mobile banking and bill pay, without overwhelming them.”
Selected Key Report Findings – How to Attract and Keep High-Value ‘Moneyhawks’
- Identifying the Moneyhawks – key information about demographics, banking preferences, and smartphone choices and what FIs can do to retain their most profitable segment
- Detailed profiles of each of the four segments of consumers
- High impact targeted messages by segment to convert existing customers into Moneyhawks
About Javelin Strategy & Research
Javelin Strategy & Research is the leading provider of quantitative and qualitative research focused on the global financial services industry. Our extensive quantitative data and deep analyst experience enable us to forecast the direction of the financial services market and make recommendations that empower you and your business to succeed.
Contact
For more information about this or other Javelin reports, please contact Crystal Mendoza at (925) 225-9100 ext. 35 or cmendoza@javelinstrategy.com or visit www.javelinstrategy.com/research.
To arrange an interview with a research analyst and/or view available research (available to qualified members of the media), please contact Crystal Mendoza at (925) 225-9100 ext. 35 or cmendoza@javelinstrategy.com.