Our latest Logica® Future of Money study includes a special report on financial account decision making, which delves into the reasons Americans open investment and banking accounts—and how perceptions of fraud protection, privacy, and security are impacting these decisions.
Factors Influencing Customer Choice
Lower fees are the main reason Americans are likely to open a new investment or trading account (13%) or a bank or credit union account (15%) in the next 12 months. This is followed closely by ease of use for the web site or mobile app for investment or trading accounts (11%) and savings rates for bank or credit union accounts (13%). To see all the decision drivers, grab a copy of the report here.
Account Privacy & Security Perceptions
Knowing they are protected against fraud (92%) and their data will never be shared (91%) is most important to Americans when opening an account with a new financial institution. And their perception of money security is mainly driven by knowing the majority of their deposits are FDIC insured (48%).
Messaging for Account Acquisition
The insights uncovered in this latest Logica® Future of Money Study
have clear implications to how banks, credit unions and other financial institutions should be crafting communications. This is starting point is to examine your company’s messaging. It’s important to consider messaging around fraud protection, privacy and security. At the same time, you need to customize your messaging for your target market and differentiate yourself from the competition. For research to inform your unique messages, reach out to us!
Get the Complete Logica Future of Money Study
Access the full Logica® Future of Money study through the Insights Kit
. The study provides in-depth insights and trend analysis—providing your business with the knowledge to shape strategy and develop meaningful financial products and experiences that anticipate customer needs. Learn more about the key factors driving financial decision making in today’s world! Sign up to learn more about the Insights Kit now