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Financial ServiceS Tracking STUDY 2012
cOPYrigHT: THe DirecT MarkeTing aSSOciaTiOn (Uk) lTD 20121
Financial ServicesTrackingStudy2012
Insight partner
E�ective Marketing Research
E�ective Marketing Research
E�ective Marketing Research
E�ective Marketing Research
Financial ServiceS Tracking STUDY 2012
cOPYrigHT: THe DirecT MarkeTing aSSOciaTiOn (Uk) lTD 20122
Contents Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3
Key findings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4
1. Financial Services and consumer trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .51.1 Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .51.2 How Far Consumers Trust Industry Sectors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .51.3 Trust in Financial Services Industry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .61.4 Key Factors in Trust in Brands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .61.5 Key Factors to Trust or Use Brands 2009 - 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .71.6 Trust in Marketing Information Provided . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .81.7 Trust in Investment and Insurance Providers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9
2. Financial Services and the consumer conversation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .102.1 Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .102.2 How Consumers Find Out About Financial Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .102.3 Consumer Knowledge of Financial Products 2008 – 2011. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .112.4 Consumer Contact Preference v Experience . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .112.5 Consumer Contact Preferences 2009 – 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .122.6 Consumer Contact Received 2009 – 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13
3. Financial services and consumer brand preferences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .143.1 Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .143.2 Which Credit Card Consumers Would Choose . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .143.3 Which Insurance Provider Consumers Would Choose . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .153.4 Reasons for Choosing Insurance Provider . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16
Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17
About the DMA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18
About fast.MAP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19
Copyright and disclaimer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20
Financial ServiceS Tracking STUDY 2012
cOPYrigHT: THe DirecT MarkeTing aSSOciaTiOn (Uk) lTD 2012
IntroductionAt the DMA Financial Services Council, we recognise the value to our members in tracking consumer sentiments towards financial services providers, their products and the subsequent impact on usage of marketing communications and channels. We have been tracking perceptions since 2008. This report presents the findings from the Consumer Trust in Financial Services Study conducted in Q4 2011.
The Financial Services industry led a very high profile life in 2011. With many media moments created less confidence for consumers in the industry than more. From stock market volatility and big-bank backlash to PPi claims and anaemic savings rates – the bad news seemed bountiful and the good news in scarce supply. With this and the arrival of social media centre stage, we have seen the emergence of a new voice; the confident consumer is also ‘advertising’ opinion which is starting to impact consumer’s trust and decision making.
So to state all is rosy in the garden of consumer perception would be an exaggeration. in fact it would be plain wrong. But as you read through this report, spot the stats and consider the commentary – there are encouraging learning here. and as you will find from the data, 2011 looks potentially to be a ‘turning the proverbial corner’ year for most sections of the industry.
above all, we hope the findings are both useful and useable. From providing evidence to strengthen budget bids for media to adding teeth to the argument that traditional direct media has a new role.
as ever we welcome all feedback.
regards
Christopher Brooks FIDM, Director, Lexden Ltd. [email protected], Financial Services Council, Direct Marketing Association
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Financial ServiceS Tracking STUDY 2012
cOPYrigHT: THe DirecT MarkeTing aSSOciaTiOn (Uk) lTD 2012
Key findings• Consumersarecautiouslyreturningtothemarketandlookingforfinancialproducts.Attitudeshavechangedsince theconsumerboomthatendedinacrash,however,with some implications for how marketers respond to
these green shoots.
• Leadingthisshiftistherisinginfluenceofsocialnetworkscomparedtobrandmarketing.“Know,nottell”bestsums uphowconsumerssay theyfindoutaboutproductsandservices-theopinionsofusersisclaimed to betrusted
aheadofwhatprovidersthemselvessay.This emphasises the importance of word of mouth, although care is necessary about the influence individuals can have in these channels.
• Atthesametime,thereisareturntosometraditionalvalues-consumershavemoretrustinbrandswithaHigh Streetpresencethaninpurelyvirtualbrands,suchascomparisonwebsites.Theyalsoprefertobewrittentothan togetproductinformationviadigitalchannels.Atthesametime,aneasy-to-usewebsiteisessential.Truemulti- channelconsumerbehaviourisnowapermanentfeature.
• Consumerresearchofwhatproductsareonofferisstillstartingwithpricecomparisonandreadingreviews-these aretrustedaheadofthebrands’ownmarketingmaterials.Thegoodnewsisthatsometrustisfinallyreturningto thefinancialmarketplace.Whereasthreeyearsagoconsumerswouldnotchooseanyofthebrandsonofferin creditcardsorinsurance,nowtheyarebeginningtoexpresspreferencesagain.
• There has been less change in the profile of contact channels used by the financial services industry as a whole than might be assumed. The marketing mix used by the industry is not so different now as it was two years ago – banks and building societies have even been sending more email than in 2009. Only outbound telemarketing has seen its role in the mix fall significantly.
• Theslatehasnotbeenwipedcompletelycleanandconsumerbehaviourwillbehighlyfluiddependingonlevelsof confidence.Whatisclearisthatthereislessappetiteforsophisticatedmarketingactivityandmoredesirefor
simple,clearandtrustworthymessages.All brands are required to be transparent and fair in the way they deal with consumers – the challenge for marketing is to be engaging as well as truthful.
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Financial ServiceS Tracking STUDY 2012
cOPYrigHT: THe DirecT MarkeTing aSSOciaTiOn (Uk) lTD 2012
1. Financial Services and consumer trust
1.1 Overview
• Financialservicesareinthebottomthreesectorsforconsumertrustalongsidegovernmentandthemedia. Consumersdistrusttheindustrytolookoutfortheminthecurrenteconomicclimate.
• Customerexperienceonlineistheprimarygroundwheremarketerscaninfluencetheconsumer.Surprisingly, theviewsofothercustomerswithexperienceofabrandaretwiceasimportantincreatingtrustashavingdirect personalexperience.Nurturingwordofmouthislikelytopaydividendsbothforrecruitmentandprospectingasa result.
• Trustintheinformationprovidedbyfinancialservicesprovidersisbarelypositive.Aworryingaspectisthatmany consumerssaycorefinancialproducts,suchasmortgages,arenotrelevanttothem.
• Thistrustdeficitisbasedonabeliefthatcompaniessellproductstomeettheirownsalesgoals,ratherthantomeet theconsumer’spersonalneeds.
1.2 How Far Consumers Trust Industry Sectors
Consumer Trust by Sector 2008 - 2011
0
1
2
3
4
5
6
7
8
Charities Home mediaproviders
Media (eg,newspapers)
Government Utilities Mobile phonecompanies
Carcompanies
Financialindustry
Dec-11Mar-11Jun-10Dec-09Jul-09Dec-08
Charitiesleadonconsumertrust–perhapsbecauseoftheemotionalupliftassociatedwithgivingtogoodcauses-as
dokeycontentandserviceproviders(satellite/cableTV,mobilephones).Carsandenergycompaniesalsoattracta positiveranking.Butwhenitcomestogettingconsumertrust,themedia,governmentandfinancialservicesneed notapply.
Therelativetrustworthinessofeachsectorhaschangedlittleoverthelastthreeyears(withacoupleofexceptions). Charitiesarethemosttrustedsectornowastheyhavebeensince2008andthisstandinghasshownlittlechange.
Homemediaprovidersandmobilephonecompaniesarethenextmosttrustedsectors,undoubtedlyreflectingtheir dailyroleinconsumers’lives.Ratingsforthesebrandshavesufferedlittleharmduringtherecessionandcurrently standingslightlyhigherthanthreeyearsago,withthreeoutoftenconsumersrankingthesesectorsfirstorsecond fortrust.
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1.3 Trust in Financial Services Industry
Trust in Financial Services Industry
-0.9
-0.8
-0.7
-0.6
-0.5
-0.4
-0.3
-0.2
-0.1
0Dec-11Mar-11Jun-10Dec-09Jul-09Dec-08
eer
ga
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S =
2- ;e
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A yl
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ortS
= 2 :
ela
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Trust Financial Services Industry to LookOut for Me
1.4 Key Factors in Trust in Brands
Consumersstillhavelittlefaiththatthefinancialservicesindustrywilllookoutfortheminthecurrenteconomicclimate,butareperhapsbecomingmoreopenminded.ThislackoftrustregisteredclearlyinDecember2008,whenthemajorityofconsumers(57percent)hadanegativeviewwithonly9percentbeingpositive.ByDecember2011,thenumberholdinganegativeviewhadfallenby10pointsto47percent,whilethosewithapositiveattitudehadrisenslightlyto11percent.
ThisisarealimprovementcomparedtoJuly2009when60percentexpresseddistrustcomparedto7percenthavingconfidencethattheyarebeinglookedafter.Sincethen,attitudeshavestabilisedandaretrendingveryslightlyupwardswithadrifttowardsneutrality–sinceDecember2008,8percentofconsumershavestoppedbeingnegativeandnowhavenovieweitherway.
Key Factors in Brand Trust
30
12
12
11
9
4
37
37
31
28
18
13
27
41
42
45
48
43
4
6
9
11
20
20
1
3
4
3
4
19
1
1
1
2
1
1
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Easy to use website isimportant
Get views of other peoplewho have used them
High street visibility isimportant
Don’t have to know them,but rates have to be best
Need previous experience toconsider them
Regular TV advertising isimportant
Strongly agreeAgreeNeitherDisagreeStrongly DisagreeDon’t know
ThebiggestdipintrusthasbeenintheGovernment.Aslightrecoveryseenearlyin2011hasbeenreversed,although itsratinghasnotslumpedtothetroughexperiencedinJuly2009.Themediahavealsoseenafallingawayoftrustfor thefirsttime,whilethefinancialindustryisunabletoimproveitsstandingtoanysignificantdegree.
Financial ServiceS Tracking STUDY 2012
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Themostsurprisingdimensionsinwinningtrustisthatknowingpeoplewhohaveusedaproductorservice andgettingtheirviewsistwiceaspowerfulaspreviousdirectexperienceofthecompany.Thatisverytellinginterms oftheemphasisfinancialservicesprovidersneedtoplaceonsocialmedia,evenwithintheirretentionmarketing.This newmarketingmixisfurtherunderlinedbythefactthatwordofmouth(andbyimplicationsocialmedia)ismore importantthananyclassicadvertisingordistributionmethodsusedbybrands.
Despitetheimportanceofthesevirtualandpersonalfactorsindrivingtrustandusage,havingaHighStreetpresence stillmatterstofouroutoftenconsumers,despitenearlyoneinfivesayingitdoesnotmatter.
Marketerscaninfluenceconsiderationthroughpricing-fourintenconsumersclaimtheywilltrustoruseabrand iftheyhavebest-in-marketrates.Thesedeal-hungrycustomershavelongbeenacoredriverofmarketshareand appeartoremainso.Bycontrast,TVadvertisingisviewednegativelyby39percentofconsumers,withonly17per centsayingitisimportant.
Existingcustomershavealwaysbeenviewedasthekeyassetforfinancialservicesproviders,yetthisresearch suggeststhismayhavebeenoverstated.Thenumberofconsumerssayingpreviousexperienceisnecessaryinorder toconsiderabrandisonly3percentmorethanthelevelforwhomthisisunimportant(27percent against24percent).Fromthisitcanbeinferredthatasignificantproportionofconsumersareperpetualprospects, readytolookatanyproviderinthemarket,notjustthosetheyalreadydealwith.
1.5 Key Factors to Trust or Use Brands 2009 - 2011
Factors in Brand Trust 2009-2011
0.91
0.49
0.38
0.33
0.26
-0.37
1.06
0.64
0.38
0.35
0.01
-0.36
0.97
0.59
0.28
0.32
-0.05
-0.48
1.04
0.68
0.4
0.36
-0.08
-0.34
-0.6 -0.4 -0.2 0 0.2 0.4 0.6 0.8 1 1.2
Easy to use website is important
Get views of other people whohave used them
High street visibility is important
Don’t have to know them, butrates have to be best
Need previous experience toconsider them
Regular TV advertising isimportant
Dec-11 Mar-11 Jun-10 Jul-09 (Scale:2=Stronglyagree;-2=Stronglydisagree)
Theimportanceofthewebsiteingainingusageandtrustcontinuestobeaheadofallotherinfluencesontheconsumerdespiteasofteningcomparedtoprevioussurveys.Infact,allareasofinfluencehavefalleninimportance,withthehighlysignificantexceptionoftheneedforpreviousexperience.Despitebeinglessimportantthanwhatotherswhohaveusedthecompanymightthink,therehasbeenasizeableresurgenceintheimportanceofanexistingrelationship.
ItisnotablethathavingapresenceoftheHighStreethasreturnedstronglyasaninfluence,perhapsasconsumersstarttolookaroundforpotentialproviders.VisibilityintherealworldisratedtwiceashighlyasawarenessbuiltthroughTVadvertising,withconsumersstillnegativeaboutseeingfinancialservicesprovidersusingcommercials.
Bycomparison,priceisholdingsteadyintermsofitsimportanceinwinningtrust.Consumersprobablyhaverelativelylittlepriceelasticityandwanttoknowthatprovidersaregivingthemthebestdeal.
Financial ServiceS Tracking STUDY 2012
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1.6 Trust in Marketing Information Provided
(Scale:4=highleveloftrust;1=none)
Despitelowlevelsoftrustinthefinancialservicesindustryasawhole,notallprovidersaremistrustedtothesamedegreewhenitcomestotheinformationtheyprovidethroughmarketing.Buildingsocietiesandpensionprovidershavethemosttrustedmarketing,withscoresof2.64and2.61respectively(basedonascaleof1to4,where4meanstheinformationisimplicitlytrustedand1meansitisnottrustedatall).
Distrustintheinformationprovidedbybankshasrisento13percent(from11percentinMarch2011),althoughabaremajorityof51percentimplicitlyorsomewhattrustwhatbankshavetosay.Creditcardshavelesscredibility,with12percentexpressingnotrustintheirinformation,although44percentdohaveapositiveview.Investmentcompaniessuffermost,withoneintentakingthemostnegativeviewagainst35percentbeingpositive.
Itshouldbenotedthatmanyconsumerssaythatfinancialservicesmarketingisnotapplicabletothem,rangingfromjust9percentforbanksupto38percentformortgagelenders.Theseself-exclusionslimitthedegreeoftrustwhichcanbegainedbyinstitutions–themeanleveloftrustshownabovehasbeenweightedtoreflectonlyconsumerssayingthequestionisrelevanttothem.Thisisalsoaconcernforproductsforwhichconsumershavealowlevelofuptake,suchaspensions,lifeinsuranceandinvestments.
Trust in Marketing Information
2.64
2.61
2.54
2.45
2.41
2.4
2.39
1 1.5 2 2.5 3 3.5 4
Building society
Pension provider
Insurance company
Bank
Credit card
Mortgage lender
Investment company
Mean level of trust
Financial ServiceS Tracking STUDY 2012
cOPYrigHT: THe DirecT MarkeTing aSSOciaTiOn (Uk) lTD 20128
Trustisabalancingactbetweenthebestinterestsofacompanyandthoseofitscustomers.Consumersunderstandthecommercialprerogativethatdrivesfinancialservicesproviders,buttheyalsoneedtofeelthattheyarenotbeingexploited.Inthecurrentclimate(orbasedonexperienceinthelastdecade),consumersarenotconvincedthatthisbalanceisright.
Sellingproductsinordertomeetsalestargetsisidentifiedasthebiggestissuewithbothinvestmentandinsuranceproviders.UntilDecember2011,around45percentofconsumersbelievedinsurerswerejustchasingtheirownsalesgoals,withthreeoutoftenbelievingthesameaboutinvestmentcompanies.Mostrecently,bothoftheseissueshavesoftenedby12percent,notleastbecausemanyofthemorepushytacticsorone-sideddeals(suchasPPI)havebeenpulled.
Atthesametime,however,fewerconsumersareconvincedthattheinformationandproductsonofferaretotheirpersonalbenefit,withjust12percentsayingthisaboutinvestmentand16percentaboutinsurance.Earlierin2011,bothofthesestatementsreceivedmuchhigherlevelsofagreement.Thereisalsolimitedconvictionthattheadviceonofferisimpartial.Demonstratingtoconsumersthatthisreallyisthecaseisaclearpathtowardsrestoringtrustinthefuture.
1.7 Trust in Investment and Insurance Providers
Trust in Investment and Insurance Providers
0
5
10
15
20
25
30
35
40
45
50
Dec-11Mar-11Jun-10Dec-09Jul-09Dec-08
Gives information/sells products that benefit me personally (investment)Gives information/sells products that benefit me personally (insurance)Gives information/sells products to meet their sales targets (investment)Gives information/sells products to meet their sales targets (insurance)Gives me impartial advice to suit my personal needs (investment)Gives me impartial advice to suit my personal needs (insurance)
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Financial ServiceS Tracking STUDY 2012
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Sources of Consumer Information on Financial Services
0
5
10
15
20
25
30
35
40
45
50
Dec 11(%)Mar 11 (%)Jun 10 (%)Dec 09 (%)Jul 09 (%)Dec 08 (%)
Comparison websitesBrands’ websitesIndependent websitesFriends/relativesNewspaper articlesLiterature from bank/building societyDirect mailEmail marketingOther
2. Financial Services and the consumer conversation
2.1 Overview
• Arecentshiftawayfrombrands’ownmarketingandtowardsintermediarieshasended,withallsourcesof informationonfinancialproductssufferingfallsinimportance.Thisreflectslessactivityinthemarketandtherefore lessinterestinallsources.Despitethis,thereisagrowingnumberofconsumerswhowanttoknowmore,butdon’t knowwheretoturn.
• Consumersstillstateastrongpreferencefordirectmailoveremailanddocontinuetoreceivemailingsfrom alltypesofprovider.Althoughthefinancialservicesindustrysendsoutfeweritemsofpost,consumersarenot receivingsignificantlymoremessagesthroughnewer,digitalchannels.
• Themobileconsumerhasnotyetarrivedinthefinancialservicesmarketplacewithlittleappetiteforcallsortexts andlowlevelsofusageofthischannelbybrands.
• Comparisonwebsiteshaveseenanear50percentfallintheirstatusasasourceofinformation,althoughthey remainthemostcommonlyusedresource.InDecember2009,43percentofconsumerscheckedthesesitesfor information–byDecember2011,thishadfallento31percent.
2.2 How Consumers Find Out About Financial Products
Withthesqueezeonhouseholdincomes,consumersarelessinterestedinfinancialproductsnowthantheywerethreeyearsago.Asaresult,theyarecarryingoutlessresearchintowhatisavailablethantheyusedto.
Evenoverthecourseof2011thisawarenessofthemarkethasdeclined.LastMarch,consumerspredominantlyturnedtothirdpartywebsitesortheirfriendsandfamilyforinformationaboutproducts,underlingthepowerofintermediariesandwordofmouth.
Comparisonwebsiteshaveseenanear50percentfallintheirstatusasasourceofinformation,althoughtheyremainthemostcommonlyusedresource.InDecember2009,43percentofconsumerscheckedthesesitesforinformation–byDecember2011,thishadfallento31percent.
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2.3 Consumer Knowledge of Financial Products 2008 – 2011
Despiteweakerlevelsoftrustinthefinancialservicesindustry,therehasbeenafallinthenumberofconsumerswhosayitisdifficulttofindunbiasedadvice,from28percentinDecember2008to19percentin2011.Thisisthereverseofwhatmighthavebeenexpectedofamarketplacethathasseenmultiplestoriesaboutproductmis-sellingandthelike,butcouldbetheresultoftheriseinintermediaries,suchaspricecomparisonwebsites,thatappeartobeindependent.
Certainlymoreconsumersfeelwellinformednowthanatanyothertimeandthereisevenarisingtrendofthosewhowanttoknowmore,butdonotknowwhototurnto.Themarketingpotentialtheseconsumersrepresentissignificant,providedfinancialservicesprovidersareabletohittherighttoneandbalanceintheinformationtheyprovide.
Consumer Knowledge of Financial Products
31
28
30
282827
2627
25
28
3029
19
2322
2525
28
13
10
8
10
66
1211
16
910
9
0
5
10
15
20
25
30
35
Dec-11Mar-11Jun-10Dec-09Jul-09Dec-08
Feel well informedNeed to know more, but find it dullDifficult to find unbiased adviceWant to know, don't know where to turnLeave it to someone else
-
2.4 Consumer Contact Preference v Experience
Consumer Contact Preferred v Received (By Channel)
52
61
26
32
8
12
3
7
1
6
48
56
32
24
4
9
1
3
0
2
37
40
19
7
2
3
2
2
0
1
39
48
26
26
3
7
4
4
1
6
33
33
18
14
2
4
2
5
0
1
31
27
19
9
2
5
1
2
0
1
28
25
12
5
2
3
0
2
1
1
0 10 20 30 40 50 60 70
Letter - Prefer (%)
Letter - Received (%)
Email - Prefer (%)
Email - Received (%)
Landline call - Prefer (%)
Landline call - Received (%)
Mobile call - Prefer (%)
Mobile call - Received (%)
Text - Prefer (%)
Text - Received (%)
Bank Insurance Pension Provider Credit Card Building Society Investment Mortgage Lender
Consumer Contact Preferred v Received (By Provider)
52
48
37
39
33
31
28
61
56
40
48
33
27
25
26
32
19
26
18
19
12
32
24
7
26
14
9
5
8
4
2
3
2
2
2
12
9
3
7
4
5
3
3
1
2
4
2
1
0
7
3
2
4
5
2
2
1
0
0
1
0
0
1
6
2
1
6
1
1
1
0 10 20 30 40 50 60 70
Bank
Insurance
Pension Provider
Credit Card
Building Society
Investment
Mortgage Lender
Letter - Prefer (%) Letter - Received (%) Email - Prefer (%) Email - Received (%)Landline call - Prefer (%) Landline call - Received (%) Mobile call - Prefer (%) Mobile call - Received (%)Text - Prefer (%) Text - Received (%)
Friendsandfamilyhavealsoseentheirinfluencefallby12pointsandindependentwebsitesby10points.Thesefallsarenotbeingoffsetbygrowthinotherchannels(withtheexceptionof“other”).Instead,itisevidentthatconsumersaresimplylookingaroundlessthantheyusedtoandasaresultneedlessinformationthanbefore.
Financial ServiceS Tracking STUDY 2012
cOPYrigHT: THe DirecT MarkeTing aSSOciaTiOn (Uk) lTD 201211
Contactpreferencesamongconsumersremainsurprisinglytraditional,despitethestrongfocusplacedbymarketersonnewchannels.Askedfortheirpreferenceforhowdifferenttypesoffinancialservicesprovidershouldcontactthem,consumersoverwhelminglynamedtheletter.(Onlyonechoiceperproviderwasallowed,forcingconsumerstochooseasinglepreference.)
Postwasthedominantchannelforeverytypeoffinancialserviceandwaschosenbyatleast50percentmoreconsumersthananyotherchannelineveryscenario.Directmailalsoenjoystheclosestalignmentbetweenconsumerpreferenceandactualreceipt.Whilebanks,creditcardsandinsuranceprovidersmaybeslightlyover-mailing(by9percent,9percentand8percentrespectively),investmentprovidersandmortgagelendershavea4percentand3percentgapbetweenthelevelofpreferenceandactualreceipt,suggestinganopportunityforincreasedcontact.
Emailistheclearsecondfavouritechannel,indicatingthatcontactpreferencesarechanging,albeitstilltowardsachannelthatprovidesawrittenmessage.Withtheexceptionofbanksandcreditcards,actualreceiptofemailisbelowwhatconsumerswouldprefer.
Althoughasizeableproportionofconsumersnowpreferdigitalcontact,landlinenumbersstillwinoutovermobileswhenitcomestobeingcontactedbyaprovider.Themobileconsumermaybeemergingrapidlyforretailandothersectors,butinfinancialservices,thereisstillrelativelylittleappetiteforeithermobilecallsortexts.
2.5 Consumer Contact Preferences 2009 – 2011
Consumer Contact Preference 2009 - 2011
0
10
20
30
40
50
60
70
Bank Insurance PensionProvider
Credit Card BuildingSociety
Investment MortgageLender
Letter (Dec 11)Letter (Mar 11)Letter (June 10)Letter (Dec 09)Email (Dec 11)Email (Mar 11)Email (Jun 10)Email (Dec 09)
Consumer Contact Preferred v Received (By Channel)
52
61
26
32
8
12
3
7
1
6
48
56
32
24
4
9
1
3
0
2
37
40
19
7
2
3
2
2
0
1
39
48
26
26
3
7
4
4
1
6
33
33
18
14
2
4
2
5
0
1
31
27
19
9
2
5
1
2
0
1
28
25
12
5
2
3
0
2
1
1
0 10 20 30 40 50 60 70
Letter - Prefer (%)
Letter - Received (%)
Email - Prefer (%)
Email - Received (%)
Landline call - Prefer (%)
Landline call - Received (%)
Mobile call - Prefer (%)
Mobile call - Received (%)
Text - Prefer (%)
Text - Received (%)
Bank Insurance Pension Provider Credit Card Building Society Investment Mortgage Lender
Consumer Contact Preferred v Received (By Provider)
52
48
37
39
33
31
28
61
56
40
48
33
27
25
26
32
19
26
18
19
12
32
24
7
26
14
9
5
8
4
2
3
2
2
2
12
9
3
7
4
5
3
3
1
2
4
2
1
0
7
3
2
4
5
2
2
1
0
0
1
0
0
1
6
2
1
6
1
1
1
0 10 20 30 40 50 60 70
Bank
Insurance
Pension Provider
Credit Card
Building Society
Investment
Mortgage Lender
Letter - Prefer (%) Letter - Received (%) Email - Prefer (%) Email - Received (%)Landline call - Prefer (%) Landline call - Received (%) Mobile call - Prefer (%) Mobile call - Received (%)Text - Prefer (%) Text - Received (%)
Financial ServiceS Tracking STUDY 2012
cOPYrigHT: THe DirecT MarkeTing aSSOciaTiOn (Uk) lTD 201212
2.6 Consumer Contact Received 2009 – 2011
Marketersareconstantlyflexingthemixofchannelstheydeployinordertomeettheirbusinessgoals.Theseshiftsarevisibletosomeextentinthecontactswhichconsumersrecallgettingfromdifferentprovidersacrossaperiodofyears.Thesurpriseisthatovertwoyearstherehasbeenlesschangeintheprofileofcontactchannelsusedbythefinancialservicesindustryasawholethanmightbeassumed.
DirectmailhasshownaseasonalitywhichmakesactivityhigherinJunethanDecember,butthedropinitsbaselinebetween2009and2011isonly4percentatmostduringtheoff-season.Emailhasmaintainedarelativelystablelevelofuse,withtheexceptionofbanks–9percentmoreconsumersreceivedemailsfromtheminDecember2011thaninDecember2009,with4percentmorefrombuildingsocietiesinthesameperiod.
Iftherehasbeenasignificantdropoff,thenitisinoutboundtelemarketingtolandlines.NearlyoneinfiveconsumerswerecalledbyabankinJuly2009,butthishadfallento12percentbyDecember2011.Callsfrominsuranceandcreditcardcompaniesfellby3percentinthesameperiod.Mobilephonecallshavenottakenupthisslack,withlittlerealchangeinthevolumesconsumersexperience.
Consumer Contact Received 2009 - 2011
0
10
20
30
40
50
60
70
80
Bank Insurance Pension Provider Credit Card Building Society Investment Mortgage Lender
Letter (Dec 11)Letter (June 10)Letter (Dec 09)Letter (Jul 09)Email (Dec 11)Email (Jun 10)Email (Dec 09)Email (Jul 09)Landline call (Dec 11)Landline call (June 10)Landline call (Dec 09)Landline call (Jul 09)Mobile call (Dec 11)Mobile call (June 10)Mobile call (Dec 09)Mobile call (Jul 09)
Whilemoreconsumersprefertoreceivefinancialdirectmailthanemail,theyalsohaveclearpreferencesaboutwhichchanneldifferenttypesofprovidershoulduse.Overthelasttwoyears,thesepreferenceshaveremainedconsistent,butalsoshowsomeimportantdynamics.
Banksarethemostpreferredusersofdirectmail,withnearlytwiceasmanyconsumerswantingtogetpostfromthemcomparedtomortgagelenders(52percentv28percent).InthetwoyearssinceDecember2009,however,therehasbeenadeclineofupto8percentinthenumberofconsumersstatingapreferenceforthischannel.
Emailhasasimilarspreadofpreferencesbetweentypesofcompanythatconsumerssayshoulduseit,withconsumersmostlikelytowelcomeemailfrominsurancecompanies(32percent)andleastlikelytowantamortgagelendertosendit(12percent).Thereisnosignofeitherincreasingpreferenceordecliningreceptivenesstoemailoverall,althoughinsurancemessagesinthischannelarenowwelcomedby32percentcomparedto25percenttwoyearsago–theonlymeaningfulgrowthforanysector.
Financial ServiceS Tracking STUDY 2012
cOPYrigHT: THe DirecT MarkeTing aSSOciaTiOn (Uk) lTD 201213
Financial ServiceS Tracking STUDY 2012
cOPYrigHT: THe DirecT MarkeTing aSSOciaTiOn (Uk) lTD 2012
3. Financial services and consumer brand preferences
3.1 Overview
• Brandpreferencesarebeingexpressedmorestronglynowthanatanytimeinthelastthreeyears.Whenpriceand termsareremovedfromtheequation,somebrandsareclearlyachievingahigherdegreeofbreakthroughwith
consumersthanothers.
• Inthecreditcardmarketplace,BarclaycardandLloydsTSBhavegainedtractionwithoneinfiveconsumers, significantlyupontheirpreviousstanding.Acrossallbrands,moreconsumersnowsaytheyhaveapreferencefor acreditcardprovider,withnonesayingtheywouldn’tchooseanyofthem-previously,nearlyoneinfourresisted makingachoice.
• Intheinsurancemarketplace,thereisapremierleagueofbrands,ledbytheAA,DirectLine,ChurchillandTesco Bank.Surprisingly,comparisonwebsiteshavenotractiononcepriceandtermsareexcludedfromthechoice.
• Althoughtrustisafactorwhenchoosingaprovider,itisoneofasetofthingsthatconsumersconsider.Forsome brands,reputationiscritical–forothers,TVadvertisingcanstillwinanewcustomer.
3.2 Which Credit Card Consumers Would Choose
Brandpreferencesareastronginfluenceoverconsumersiftheproductorserviceonofferhasparitywitheverythingelseinthemarket.Askedtopickacreditcardprovideronthebasisthatallratesandtermsareidentical,oneinfournamedBarclaycardastheirproviderofchoice,whilejustoveroneinfivewouldpickLloydsTSB.
BothofthesebrandshaveseentheirrankingleapsinceDecember2008,whenBarclaycardwaschosenby14percentandLloydsTSBby13percent.Whatisfuellingthisgrowthinpreferenceisawillingnessamongconsumerstoconsideraprovideratall-whensurveyedin2008andmid-2009,32and37percentofconsumerssaidtheywouldnotchooseanycreditcardcompany,regardlessofratesandtermsbeingthesameforall.Thatclearlyreflectsthedepthofmistrustandwarinessoftakingondebtthatexistedatthetime.
Credit Card Preference
0
5
10
15
20
25
30
35
40
Dec-11Mar-11Jun-10Dec-09Jul-09Dec-08
)%(
NoneIFMBNACapital OneEggAmerican ExpressLloyds TSBNatWestVirginBarclaycard
14
NatWesthassimilarlybenefitedfromthisreturnoftrust,seeingitsrankingnearlydoublefrom9percentinDecember2008,whileVirginhasseenitsratingrisefrom10percentto14percent,althoughitpeakedat18percentin
June2010.
Otherbrandshaveseensmallincreasesintheirstanding.Significantly,thebiggestcreditcardissuers-MBNAandCapitalOne-getlowscoresoncethetermsandofferswhichdrovetheirmarketshareareremovedfromthe
equation.
3.3 Which Insurance Provider Consumers Would Choose
Brandpreferencesbetweencarinsuranceprovidersarehighlydynamic.Assumingparityofpriceandterms,theAA,DirectLine,ChurchillandTescoBankBankwouldbechosenbyone-fifthtoone-quarterofconsumers.Whilethesebrandsareinthepremierleagueofconsumerpreference,thereareadozenmorenamedbybetween10and16per
centofconsumers,indicatingachampionshiplevelofbrands.Bycontrast,inJuly2009,nobrandcommandedmore than9percentofconsumerpreferences.
Thisrapidupshiftinbrandstatusseemslikelytoreflectamore“businessasusual”viewamongconsumersoffinancialservicesproviders.Carinsuranceisamust-buyfordrivers,yetinJuly2009,9percentofconsumerssaidtheywouldnotchooseanyofthebrandsproposed-now,notasingleindividualopted-outinthisway.Consumershavebecomemorewillingtobuyagainandarerebuildingtheirviewofthemarketplace.Atthesametime,brandshavebeenusingmoreintensivedirectsellingtocounterthepowerofcomparisonwebsites.
Anotableaspectofthisreturntomarketisthelowlevelofbrandpreferenceexpressedtowardsintermediariesandcomparisonservices.Thenumberofconsumerswhobuythroughabrokerhasnearlytrebledto11percentfrom4percentinJuly2009.YetComparethemarket.comandMoneysupermarket.comwerenotmentionedbyasingleconsumerinDecember2011.
Oncepricehasbeenremovedfromtheequation,thissuggestsonlinecomparisonsitesarenotbuildingbrandvalues,whereasawiderangeofotherprovidershavecreatedaperceptionthattheyoffermorethanjustthelowestdeal.Long-establishedprovidersmakeupthesecondtierofpreferredproviders,includingbanks(LloydsTSB,Barclays,NatWest,Halifax)andinsurancespecialists(Aviva/NorwichUnion,Zurich,AXA,LV=).
Insurance Provider Preferences
0
5
10
15
20
25
30
Dec-11Mar-11Jun-10Dec-09Jul-09Dec-08
AAAdmiralAllianzASDA AXABarclaysBudgetChurchillCompare the market.com Dial DirectDirect Lineesure Fortis Green bee (John Lewis)Halifax insureandgo Liverpool and Victoria Lloyds TSB Money SupermarketMore Th>nMotor insurance warehouseNatWest Aviva / Norwich Union PrivilegeRAC directRoyal and Sun AllianceSaga SainsburysSheila’s WheelsSwinton Tesco ZurichNone of the above as I use a BrokerNone of the above as I do not driveNone of the above
Financial ServiceS Tracking STUDY 2012
cOPYrigHT: THe DirecT MarkeTing aSSOciaTiOn (Uk) lTD 201215
Morerecently-launchedbrandswhichhavemanagedtoembedthemselvesintheconsumer’sconsiderationsetincludeMoreTh>n(launchedbyRoyalSunAllianceInsurancein2001),GreenBee(launchedbyJohnLewisin2006andnowrenamedaftertheretailer)andSheila’sWheels(launchedbyesurein2005).Themostsuccessfulbrandsfromnon-conventionalinsuranceprovidersarecompanieswithastrongcustomerrelationshipinothersectors,suchasRACDirect,Sagaandthesupermarketchains.
BreakingthroughthebarrierwhereoneintenormoreconsumerswouldpreferthebrandhasprovendifficultforevensomeofthebiggestprovidersandcompaniesintheUK,however,withthelikesofRSAandASDAunabletogainmorethan7percentofconsumerchoices.ThedecisionbyFortistorebrandasAgeasseemsunlikelytoloseitanytractionsinceonly4percentofconsumerssaidtheywouldpicktheoldbrand.
3.4 Reasons for Choosing Insurance Provider
Choosinganinsuranceprovidermaybeamundanetaskformanyconsumers,butitinvolvesacomplexsuiteoffactorsthatneedtocometogetherattherightmoment.Whereasforsomebrands,previousexperienceisdominant(Churchill,esure,Fortis,LV=,RSA,Saga,Shiela’sWheels,Swinton,TescoBank),forothersitisreputationthatledtothebuyingdecisionmorethananythingelse(AA,Admiral,ASDA,Budget,DirectLine,GreenBee,RACDirect,Zurich).
Trustisararerbasisonwhichtomakeachoice,withAllianz,Halifax,PrivilegeandSainsbury’sPersonalFinancescoringhighestonthisdimension.Butthereissignificantscopeforchallengerbrandstowinmarketsharethroughadvertising,despitewhatconsumersmightsay–eightoutoftenconsumerswhopickedInsurandgodidsobecauseofitsads,with79percentofDialDirectcustomersalsoswayedbyitsads.
Responsesareofcourseonlyfromthoseconsumerswhorecentlyboughtinsuranceandfromtheseparticularcompanies.Insomecases,therewillbelimitednumbersofindividualsinvolved,makingtheirreasonsforthechoiceappearmoresignificantthanwherealargenumberofconsumershaveboughtabrand.
Reason for Choosing Insurance Provider
5439
25424244
4934
1142
2514
6930
937
254142
3027
5136
323336
4337
56
3015
5533
2833
1315
927
1445
4650
424
3723
2829
6136
2533
5020
1235
22
3829
2224
3945
3445
637
5855
1436
856
4145
4338
2524
5048
2746
5245
44
1029
640
49
1225
7926
114
715
8011
12157
2217
1165
526
4165
AA
Admiral
Allianz
ASDA
AXA
Barclays
Budget
Churchill
Dial Direct
Direct Line
esure
Fortis
Green bee (John Lewis)
Halifax
insureandgo
LV= (Liverpool and Victoria)
Lloyds TSB
More Th>n
NatWest
Aviva / Norwich Union
Privilege
RAC Direct
Royal and Sun Alliance
Saga
Sainsbury's
Sheila’s Wheels
Swinton
Tesco
Zurich
(%)
Reputation Trust Previous Experience Advertising
Financial ServiceS Tracking STUDY 2012
cOPYrigHT: THe DirecT MarkeTing aSSOciaTiOn (Uk) lTD 201216
Financial ServiceS Tracking STUDY 2012
cOPYrigHT: THe DirecT MarkeTing aSSOciaTiOn (Uk) lTD 201217
17 questions were submitted onto a fast.MaP online self-completion survey and broadcast from March 30 to april 5, 2011, and repeated from november 29 to December 5 to a panel the demographics of which echo those of the Uk population.
The panellists were entered into a prize draw to win £250.
results were then weighted in terms of age and gender to give a true representation of the Uk.
Sample size (n) March 30 to april 5, 2011= 1,353 Sample size (n) november 29 to December 5, 2011= 1,305
Statistical confidence March 30 to april 5, 2011 +/- 2.16%Statistical confidence november 29 to December 5, 2011 +/- 2.34%
Randomisation of images and answer options to avoid top box bias / creative skew
Acceptable completion time for the survey and removing any that are completed in a quicker time
Intelligent Routing to ensure a quality survey experience as questions are relevant
Constant re-qualification of the panel to ensure that background variables are updated. Differences from initial recruitment can result in being removed from the panel
Methodology
Financial ServiceS Tracking STUDY 2012
cOPYrigHT: THe DirecT MarkeTing aSSOciaTiOn (Uk) lTD 201218
About the DMAThe Direct Marketing association (DMa) is europe’s largest professional body representing the direct marketing industry. With a large in-house team of specialists offering everything from free legal advice and government lobbying on direct marketing issues to research papers and best practice, it is always at the forefront of developments in the industry.
The DMa protects the direct marketing industry and consumers. it promotes the highest standards through self-regulation and lobbies against over-regulation. The DM code of Practice sits at the heart of everything we do – and all members are required to adhere to it. it sets out the industry’s standards of ethical conduct and best practice.
Our 10 DMa councils/Board committees cover the whole marketing spectrum – from the digital world of social media and mobile marketing to the ‘real’ world channels of door drops and inserts. The councils are made up of DMa members and regularly produce best practice and how to guides for our members.
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as the industry moves on so do we, which is why we’ve recently launched a number of new services for our members – a vaT helpline, a Social Media Helpdesk and an iP Protection Service.
visit www.dma.org.uk regularly to keep up to date with all our services.
Financial ServiceS Tracking STUDY 2012
cOPYrigHT: THe DirecT MarkeTing aSSOciaTiOn (Uk) lTD 201219
fast.MAP is an insight partner that continuously connects clients in real-time with their customers.
as exclusive insight partner to the DMa, we run a number of tracking studies designed to give DMa members primary insight into key areas that support the Direct Marketing discipline.
The combined experience of our Directors spans many industries, disciplines and methodologies and the solutions we provide can be executed from within the business.
Industry expertise: Financial, automotive, Travel/Transport, charity, Marketing communications, Media, iT/Technology, retail, Pharmaceutical, Travel/Transport, FMcg and more
Methodologies: Quantitative: online, telephone and face to face; Qualitative: in-depth interviews and online focus groups
Our aim is to help clients to:
Improve Marketing Effectiveness:
Branding Studies•concept Testing•Message/copy Testing - ads (Tv, Press), leaflets, direct mail•
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Understand Consumers:
attitude and Usage research•customer Profiling•customer loyalty and Satisfaction•
For further information visit www.fastmap.com or call Paul Seabrook on 0207 242 0702 ([email protected])
About fast.MAP
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Financial ServiceS Tracking STUDY 2012
cOPYrigHT: THe DirecT MarkeTing aSSOciaTiOn (Uk) lTD 201220
The Financial Services Tracking Study is published by The Direct Marketing association (Uk) ltd copyright © Direct Marketing association. all rights reserved. no part of this publication may be reproduced, copied or transmitted in any form or by any means, or stored in a retrieval system of any nature, without the prior permission of the DMa (Uk) ltd except as permitted by the provisions of the copyright, Designs and Patents act 1988 and related legislation. application for permission to reproduce all or part of the copyright material shall be made to the DMa (Uk) ltd, DMa House, 70 Margaret Street, london, W1W 8SS.
although the greatest care has been taken in the preparation and compilation of The Financial Services Tracking Study, no liability or responsibility of any kind (to extent permitted by law), including responsibility for negligence is accepted by the DMa, its servants or agents. all information gathered is believed correct at november 2011. all corrections should be sent to the DMa for future editions.
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