Online Banking Behavior Segmentation: A Behavioral Approach to Improving Adoption

Table of Contents

• Overview
• Primary Questions
• Findings and Analysis
• Create Behavior-based Segments for Actionable Means to Get Consumers Online
  • How can these segments be identified within a bank or credit union' s customer base?
  • Which customers do these segments represent?
• Superstar Financial Managers Require Advanced, Easy-to-Use Capabilities
  • Who are the Superstar Financial Managers?
    • The benefits: Active, satisfied online bankers
    • The challenges: High standards and high expectations for their PFI
  • Locking in Superstar Financial Managers
    • Online banking personal financial management for increased loyalty and migration to bill pay
    • Account alerts motivate bank bill pay and paperless statements
• Habitual Bankers Need Personalized Service in All Channels
  • Who are the Habitual Bankers?
    • The benefits: Untapped potential to convert to active online bankers
    • The challenges: Proactive, individualized, one-on-one interaction required
  • Locking in Habitual Bankers
    • Online services education across multiple channels
    • Beyond online servicing to reinforcement through multiple channels
    • Managing finances through alerts
• Online Averse Bankers Require Education to Allay Fraud Concerns and Move them Online
  • Who are the Online Averse Bankers?
    • The benefits: A willingness to interact and learn
    • The challenges: Fears and misconceptions
  • Locking in Online Averse Bankers
    • Bringing Online Averse Bankers online through security education in multiple channels
    • Using the mobile channel to demonstrate remote access value and protection
• Appendices-Additional Data about Online Banking Behavior Segments
• Methodology
• Related Research

Table of Figures

• Figure 1: Summary of Behavior Segments Identified in the Report
• Figure 2: Motivations for Choosing a New Financial Institution
• Figure 3: Rates of Usage for Financial Banking Products
• Figure 4: Likelihood to Remain a Customer if Offered Online Banking PFM
• Figure 5: Preference for Type of Financial Alert
• Figure 6: Rates of Usage of Traditional and Electronic Channels for Banking Activities
• Figure 7: Tenure of Online Banking Usage
• Figure 8: Motivations for Switching Financial Institutions
• Figure 9: Screenshot of WaMu' s Online Banking Video Demo
• Figure 10: Screenshot of Bank of America' s Click-to-Chat Capability
• Figure 11: Opinions Regarding Paper Turn Off for Statements and Bills
• Figure 12: Motivations for Viewing Bills Online
• Figure 13: Reasons for Not Banking Online
• Figure 14: Features Valued Most in Online Banking Personal Financial Management
• Figure 15: Change in Online Behavior Given Concern about Identity Theft Threats
• Figure 16: Screenshot of JPMorgan Chases' Security Center
• Figure 17: Rates of Behavior Changes since Beginning to Use Online Banking
• Figure 18: Rating of FI Performance in Protecting Consumers Who Bank Online
• Figure 19: Preference for Viewing and Paying Bills Online
• Figure 20: Opinions Regarding Paper Turn Off
• Figure 21: Rates of Online and Offline Receipt of Statements and Bills
• Figure 22: Change in Online Behavior Given Identity Theft Related Threats