[October 24, 2016]

Majority of Americans Trust their Bank Knows What Services They Need, But They Desire More Timely Advice, According to Part II of the Segmint Consumer Bank Marketing Report

Now more than ever, Americans are ready for more helpful information from their banks, according to Part II of a survey released today from Segmint at the Money20/20 event in Las Vegas. Part II of the Segmint Consumer Bank Marketing Report found that 73 percent of Americans who have a bank say they trust that their bank knows what financial products and services to recommend to best meet their personal needs. But, 34 percent say they wish their bank better anticipated their financial needs and offered them more timely advice.

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Americans Trust Their Bank Knows What They Need, But Desire More Timely Advice (Graphic: Business Wire)

The report also found that nearly half of Americans who have a bank (45 percent) look to their bank for financial advice and guidance, demonstrating a strong opportunity for financial institutions to better engage with their customers. The results from Part I of the Consumer Bank Marketing Report also suggested that there is an opportunity for banks to better engage with customers on digital channels.

The study, which was conducted online by Harris Poll on behalf of Segmint in July 2016, surveyed over 1,900 U.S. adults who have a bank, to gauge their experiences with and attitudes toward bank marketing and advertising.

Interestingly, in both Part I & II of the report, millennials ages 18-34 and parents with children under 18 in their household emerged as the most enthusiastic group of consumers willing to receive banking advice. According to the survey:

• Millennials are more interested in their bank better anticipating their financial needs an offering them timely advice than adults 45 and older; 45 percent vs. 27 percent, respectively.
• Parents with children under 18 in their household are 11 percent more likely to look to their bank for financial advice than those without (53 percent vs. 42 percent) and 16 percent more interested in wanting their bank to anticipate their financial needs and offer them more timely advice (45 percent vs. 30 percent).

Talmer Bank and Trust, a Segmint partner, used the data analytics platform, SegmintOne, to deepen engagement with current and future customers.

"Fewer customers are visiting bank centers so making a personal connection online is critical. The wealth of actionable customer and campaign data that SegmintOne provides means the difference between guessing and knowing what will resonate with our bank clients," said Mary Weiss, Marketing Manager at Talmer Bank. "Using the SegmintOne platform, results are actually measurable and the solution closes the loop by reporting product sales, which isn't something provided by many digital marketing solutions," said Weiss.

The SegmintOne Always On? platform combines the complex functions of predictive analytics, integrated campaign management, cross-channel message delivery, and ROI reporting into one easy-to-use solution. SegmintOne activates the banks own data and delivers highly personalized messages across channels, in an anonymous and secure way. The solution delivers a customer experience that adapts dynamically to changes in spending patterns and other real world changes in behavior.

"By 2017, due to Internet-enabled price visibility, the digital customer experience will be the key differentiator of your organization," according to a recent report* by Penny Gillespie, Jason Daigler, Magnus Revang of Gartner (News - Alert) Inc. "By 2018, organizations that have fully invested in all types of online personalization will outsell companies that have not by more than 30 percent."

Other key findings from the 2016 Segmint Consumer Bank Marketing Report include:

• Big Banks are Most Prevalent
  • 36 percent of Americans use a big national bank
  • 19 percent of Americans use a local credit union
  • 17 percent of Americans use a regional bank
  • 15 percent of Americans use a local community bank
  • 4 percent of Americans use an online-only bank
• Other Differences Among Segments of Consumers
  • Adults ages 45 and older are twice as likely as Millennials to choose a local community bank; 18 percent vs. 9 percent respectively
  • Women are more likely than men to trust that their bank knows what financial products and services to recommend to best meet their personal needs: 75 percent vs. 69 percent

For more information on both Part I & II of the Segmint Consumer Bank Marketing Report, visit https://segmint.com/Media-Resources/Consumer-Report-2016.

Survey Methodology

The survey was conducted online within the United States by Harris Poll on behalf of Segmint between July 5-7, 2016 among 2,038 adult's ages 18+, among whom 1,930 have a bank relationship. Please contact us for complete methodology.

*Market Guide for Digital Personalization Engines, Penny Gillespie, Jason Daigler, Magnus Revang, 21 September 2016

About Segmint

Segmint, Inc. is a global leader in active analytics and Always On? cross-channel marketing. The company's solution securely activates enterprise data to intelligently deliver personalized engagements attributed across all channels (both digital and physical). Segmint offers a patented technology platform that leverages actual consumer transaction data to help marketers truly understand and even anticipate the needs of their target audience and serve them highly relevant and personalized advertisements at the precise moment they're considering a purchase. The platform delivers messages to consumers and small businesses across mobile, public and private websites, the Open Internet as well as assisted channels (contact center, branch, direct mail, etc.) while adhering to strict privacy and security standards. Segmint, which is headquartered in Akron, Ohio, is focused on such industries as financial services, healthcare, insurance, retail and IT solutions both directly and through strategic partnerships.

For more information, please visit www.segmint.com or follow the company on Twitter (News - Alert) at @Segmint.

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