The global downturn has changed the saving behavior of consumers, making it necessary to identify people's new saving priorities in this low-return environment and ascertain the best ways for competitors to distinguish themselves and their offerings to attract high-value consumers
Scope
Strategies for success in the savings market are discussed in the context of market trends, drawing out key conclusions and insights
Innovative consumer segmentation is used to present a clear cross section of observed savings behavior.
Built on this analysis, action points highlighting best practice are explored to present a framework of recommendations.
Highlights
In the current economic environment consumers are looking beyond simple price competition in choosing their savings product. In fact, many have had their fingers burnt and are rating financial security over price in their choice of saving product.
When consumers go to their primary bank they are giving the institution the perfect opportunity to gain information and thus more expertly tailor appropriate savings products to meet their needs. Other financial services providers need to be more proactive in encouraging saving in a way that can compete with the advantages enjoyed by the banks.
Consumers are currently under pressure both financially and emotionally. The anxieties faced in the present are outweighing concerns for the future. This brings about a focus on getting by in the present rather than worrying about the long run, a fact reflected in the lack of interest in increasing long-term investments.
Reasons to Purchase
This report provides a comprehensive analysis of consumer attitudes towards savings products against the backdrop of the changing economic climate
It provides strategies for providers looking to boost their levels of engagement with consumers in the savings market.
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