Insights to Help Bank Marketers Understand & Respond to the Changing Customer Needs in the US
At iQuanti, we have been constantly monitoring the changes in user’s search demand to help bank marketers understand evolving consumer priorities and adapting their marketing strategies to responding effectively and in an agile manner.
In our previous report, we had looked at an in-depth analysis of the rapid changes we have seen in the search trends for lending and loan needs over the past 6-8 weeks.
This report takes a closer, detailed look at how the search trends in the Deposits space have been changing – across checking accounts, savings accounts, Certificate of Deposits and MMAs.
THINK PIECE: Shifting Deposits Search Trends
At a Glance:
This report is a part of iQuanti’s research series: “Responding to COVID-19: Tactics for Financial Marketers”. This report focuses on the current DEPOSITS search trends in the banking sector in US and provides:
- Insights on shifting customer behavior trends in deposits.
- Tactics that bank marketers can implement to ensure marketing effectiveness during these uncertain times.
Some of our key findings from the report:
- We are seeing a hike in checking account search trends, though most of the interest is IRS linking related. When next stimulus packages get announced, we might see similar trends. Banks need to distinguish between actual rise in interest for product vs. customers looking to link their bank accounts with IRS.
- With the personal savings rate at an all-time high, we are seeing a higher demand for savings accounts, despite the low interest rates. However, the drop in interest rates for Certificate of Deposits had a more dire impact on its demand.
- During these volatile times, investors are increasing their cash position, and much of these cash positions find their way to the safety of FDIC-backed Money Market Accounts.
This report reflects our perspective as of early-July 2020.