Convergence and Brand Management in Financial Services - US - November 2007

Table of Contents

• Scope and Themes
• What you need to know
• Scope of this report
• Methodology
• Abbreviations and terms
• Abbreviations
• Terms
• Executive Summary
• Limits of convergence
• A jaded advertising audience
• Perceptions of branding attributes
• Battling for mindshare
• Independent financial advisors
• Investment preferences
• How investable funds are categorized
• Convergence and insurance
• Convergence and telecom
• Attitudes toward Financial Services Advertising: A Jaded Audience
• It' s hard to score big with a disinterested crowd
  • Figure 1: Attitudes toward financial services advertising, by gender, September 2007
  • Figure 2: Attitudes toward financial services advertising, by age, September 2007
  • Figure 3: Attitudes toward financial services advertising, by household income, September 2007
  • Figure 4: Attitudes toward financial services advertising, by Hispanic/not Hispanic, September 2007
  • Figure 5: Attitudes toward financial services advertising, by student/no student, September 2007
  • Figure 6: Attitudes toward financial services advertising, by race, September 2007
• Perceptions of Brand Attributes
• Branding summary
• The most honest, familiar, safe, and/or reliable companies
  • Figure 7: Rankings of financial companies described as "honest," "familiar", "safe", "reliable" and "no opinion", September 2007
• The most unique, knowledgeable, expensive, and/or convenient companies
  • Figure 8: Rankings of financial companies described as "knowledgeable", "unique", "expensive", "convenient" or "none" or "no opinion" for all attributes, September 2007
• Battling for Mindshare
• Self-identification with the Outsider
• Youth and the unconventional spirit
  • Figure 9: Self-identification with the unconventional, by age, September 2007
• High rollers and the unconventional spirit
  • Figure 10: Self-identification with the unconventional, by household income, September 2007
  • Figure 11: Self-identification with the unconventional, by student/no student, September 2007
• Case study: WaMu' s outsider branding strategy
  • Figure 12: Rankings of financial companies described as "unique," by age, September 2007
  • Figure 13: Rankings of financial companies described as "unique," by household income, September 2007
  • Figure 14: Rankings of financial companies described as "unique," by race/ethnicity, September 2007
  • Figure 15: Rankings of financial companies described as "unique," by student/no student, September 2007
  • Figure 16: Rankings of financial companies described as "unique," by region, September 2007
• Sample advertising tapping into the ' outsider' spirit: Washington Mutual
  • Figure 17: WaMu print advertisement, August 2007
• Honesty and Trust
  • Figure 18: Rankings of financial companies described as "honest," by region, September 2007
  • Figure 19: Rankings of financial companies described as "don' t know," by region, September 2007
• The anxious crowd
  • Figure 20: Feelings of financial security, by gender, September 2007
  • Figure 21: Concern about identity theft, by gender, September 2007
• Sample advertising targeted at the anxious crowd: State Farm
  • Figure 22: State Farm, September 2007
  • Figure 23: State Farm, September 2007
• American lifestyles
  • Figure 24: Fitness and sports activities, by gender, September 2007
  • Figure 25: Leisure time activities, by gender, September 2007
• Sample lifestyle advertising: Bank of America and Chase
  • Figure 26: Bank of America print advertisement, October 2007
  • Figure 27: Bank of America print advertisement, September 2007
  • Figure 28: Bank of America print advertisement, September 2007
  • Figure 29: Chase print advertisment, October 2007
  • Figure 30: Chase Print advertisement, August 2007
• The Limits of Convergence
• The dominance of the traditional model: preferred choices for savings and investment accounts
  • Figure 31: Preferred choices for savings and investment accounts, by gender, September 2007
  • Figure 32: Preferred choices for accounts, by income, September 2007
  • Figure 33: Preferred choices for accounts, by level of educational attainment, September 2007
• The dominance of the traditional model: preferred choices for checking accounts
  • Figure 34: Propensity to follow traditional banking model, by gender, September 2007
  • Figure 35: Propensity to follow traditional banking model, by income, September 2007
  • Figure 36: Propensity to follow traditional banking model, by level of educational attainment, September 2007
  • Figure 37: Propensity to follow traditional banking model, by work status, September 2007
• Trust issues and banks versus brokerage
  • Figure 38: Trust--banks versus brokerage firms, by gender, September 2007
  • Figure 39: Trust--banks versus brokerage firms, by age, September 2007
  • Figure 40: Trust--banks versus brokerage firms, by income level, September 2007
  • Figure 41: Trust--banks versus brokerage firms, by race, September 2007
  • Figure 42: Trust--banks versus brokerage firms, by level of educational attainment, September 2007
• Is there any difference?
  • Figure 43: Perception of differentiation, by gender, September 2007
  • Figure 44: Perception of Differentiation, by income, September 2007
  • Figure 45: Perception of differentiation, by level of educational attainment, September 2007
  • Figure 46: Perception of differentiation, by work status, September 2007
• Perceptions of Independent Financial Advisors
• Independent financial advisors are not used by mainstream America
  • Figure 47: Independent advisors, usage, by gender, September 2007
  • Figure 48: independent advisor, usage, by income level, September 2007
  • Figure 49: Independent advisors, usage, by marital status, September 2007
  • Figure 50: Independent advisors, usage, by level of educational attainment, September 2007
  • Figure 51: Independent advisor, usage, by region, September 2007
• Mainstream America not likely to trust independent advisors more than banks and brokerage
  • Figure 52: Trust, independent advisors versus banks and brokerage, by gender, September 2007
  • Figure 53: Trust, independent advisors versus banks and brokerage, by income level, September 2007
  • Figure 54: Trust, independent advisors versus banks and brokerage, by marital status, September 2007
  • Figure 55: Trust, independent advisors versus banks and brokerage, by level of educational attainment, September 2007
• Where Do Consumers Like to Invest?
• Their money?
  • Figure 56: Investment preferences, earnings, by gender, September 2007
  • Figure 57: Investment preferences, earnings, by age, September 2007
  • Figure 58: Investment preferences, earnings, by household income, September 2007
  • Figure 59: Investment preferences, earnings, by race, September 2007
  • Figure 60: Investment preferences, earnings, by level of educational attainment, September 2007
• Their retirement savings?
  • Figure 61: Investment preferences, retirement savings, by gender, September 2007
  • Figure 62: Investment preferences, retirement savings, by age, September 2007
  • Figure 63: Investment preferences, retirement savings, by income, September 2007
  • Figure 64: Investment preferences, retirement savings, by race/ethnicity, September 2007
  • Figure 65: Investment preferences, retirement savings, by level of educational attainment, September 2007
  • Figure 66: Investment preference s, retirement savings, by employment status, September 2007
• Their inheritance?
  • Figure 67: Preference for investing an inheritance, by gender, September 2007
  • Figure 68: Preference for investing an inheritance, by age, September 2007
  • Figure 69: Preference for investing an inheritance, by income, September 2007
  • Figure 70: Preference for investing an inheritance, by race, September 2007
  • Figure 71: Preference for investing an inheritance, by marital status, September 2007
  • Figure 72: Preference for investing an inheritance, by level of educational attainment, September 2007
• Their lottery winnings?
  • Figure 73: Preference for investing lottery winnings, by income, September 2007
  • Figure 74: Preference for investing lottery winnings, by race/ethnicity, September 2007
  • Figure 75: Preference for investing lottery winnings, by level of educational attainment, September 2007
• Appendix: Trade Associations