Consumers rank available financial services

June 06, 2013

Consumers rank available financial services

June 7, 2013 – A recent study on financial services shows a high demand among consumers for identity theft alerts, same-day bill pay and others.

The report was produced by Market Rates Insight Inc., which examined 13 developing financial services and measured consumer attitudes about each service's cost and the service bundles consumers found to be most beneficial.

Services that ranked the highest in consumer demand were:

identity theft alerts (70.8 percent),
credit score reporting (71.4 percent),
payment protection services (64.6 percent), and
same-day bill pay (58.7 percent).

The study noted that other services such as eldercare services, prepaid reloadable cards and location-based coupons showed great growth potential with consumers. Also included in the study was evidence that consumers typically value service bundles more than individual services, and will pay a premium for these bundled services.

MRI is a financial market intelligence group on deposits, loans and fees. The study, "Growth and Revenue Potential from Emerging Financial Services," was designed to assist banks and credit unions to better understand consumers' priorities and how to remain competitive to retain and attract new customers and members.

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