Money Movement
Insights to Outsmart the Competition as New Accounts are on the Rise - a Quantitative Report
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Report Overview
Harness the trend behind the growth in consumers who move money with the latest Hearts & Wallets Insight Module, Money Movement: Insights to Outsmart the Competition as New Accounts are on the Rise. Money Movement is drawn from the latest fielding of the Hearts & Wallets Investor Quantitative™ Database, recognized as the largest single dataset on U.S. retail consumer attitudes, behaviors and buying patterns with over 40,000 U.S. households.
Go beyond proprietary firm data with Hearts & Wallets’ multidimensional view for greater visibility into transaction dynamics to hone in on household transactions for new and existing relationships. Know the competitive field -- from the growth of new accounts with new deposits to the competitive advantage banks currently have over brokerage firms in attracting new deposits.
Select Key Findings
- Money movement transactions – including rollover, transfer, new account or cashout – are up, fueled by younger consumers and the mass market (<$100,000).
- Half of consumers tried a new relationship. Citibank and E*Trade achieved high trial.
- New deposits are funding New Accounts, up +15ppts vs 2015. Households taking this action are more likely than the average HH to have experienced a job change or loss.
- Success recipes for money movement differ by competitor.
How This Report Helps
Marketing, product and advice/digital design professionals will benefit from the actionable data and insights in this report to:
- Identify groups driving transaction increases, especially younger consumers as they develop brand loyalty and consumers in the mass market with high-earning potential.
- Glean unique transaction insights into motivating factors to develop campaigns around consumer drivers not normally visible to firms.
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Respond to consumer desire for different levels of control, advice and pricing.
About the Hearts & Wallets Investor Quantitative™ Database
The Hearts & Wallets Investor Quantitative™ Database (IQDB) is the comprehensive resource for understanding and analyzing behaviors and attitudes of retail savers and investors. With over 1,000 fields and derived variables, the breadth and depth of topics covered is designed with decades of hands-on experience in the marketing, product, service and research functions it serves. The database covers consumers of all age and wealth segments, with over 5,000 annual responses to an online survey fielded mid-year since 2010. The large sample size of 40,000 U.S. households permits sizing and profiling of virtually any demographic, behavioral or attitudinal definition for consumer groups. Its national weighting methodology allows for comparisons across years and customer/shareholder bases of leading firms.
Each report is created by subject matter experts with exceptional academic credentials and years of experience in retail finance, consumer packaged goods and technology who provide insights into the marketplace and the competition that you won’t find anywhere else.
Published August 24, 2018. This 46-page report features 31 data-intensive exhibits.
Table of Contents/Directory of Exhibits and Index of Companies
Executive Summary
Methodology
Key Findings & Implications Favorite Statistics, Related Research
Activity on the Rise
Consumer Households Involved in Money Movement, by Activity Level, Investable Assets, Lifestage and Transaction Types
Activity Level by Transaction Types, By Lifestage, By Investable Assets, By Year
Life Events: All Households vs. Households Involved in Money Movement, by Transaction Type, 2017
“Underbanked” Consumer Households & Money Movement, by Year
New Accounts Driving Activity
Transactions by Type, by Relationship Status of Transactions, by Lifestage, Investable Assets
Transaction Amount, by Transaction Size
New Accounts with New Deposit, by Destination Store Type
Share of “New Accounts” to Banks, by Largest Bank Destination
High Trial, Banks Winning
Transaction Size, All Transaction Types by Year, by Rollover Destination: Internal, External or New Employer-Sponsored Retirement Plan, by Transaction Size (“ESRP”)
Timing of Decision, by Transaction Type; by Rollover; by Transfer (ex-Rollover)
Motivating Factors: All Transactions Types, by Size of Transactions
Motivating Factors Vary by Firm
Competitive Analysis of Individual Motivating Factors for Destination Transactions
Competitive Analysis of Trial for Destination Transactions
Sizing Motivations of Money Movement
Market Sizing: “Future Money Movers”
Top Motivating Factors within each Segment of “Service Spectrum Wants”: All Transactions Types
Market Sizing: “Future Money Movers” by “Service Spectrum Wants”
Appendix
Appendix: Terminology & Definition, Sample Sizes
Index of Companies
American Funds
Ameriprise
AON Hewitt
Bank of America
Capital One
Charles Schwab
Citibank
Edward Jones
E*Trade
Fidelity
Great-West
JP Morgan Chase
Lincoln
LPL Financial
Mass Mutual
Merrill Lynch (ex-EDGE)
Morgan Stanley
PNC
Principal
Prudential
Scottrade
SunTrust
T. Rowe Price
TD Ameritrade
TIAA
UBS
USAA
Vanguard
Wells Fargo Bank
Wells Fargo Advisors
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