2018 Global Multi-Channel Survey - Consumer …...2018/02/22 · The Novantas 2018 Global...
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RESEARCH
2018 Global Multi-Channel Survey
2 | RESEARCH
TABLE OF CONTENTS
TABLE OF CONTENTS3
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Introduction
Section I: Banks have been too slow to capitalize on non-branch channel opportunities
Section II: Novantas has been accurately tracking channel migration and consumer shifts in preferences since 2011
Section III: Already behind, banks must now move quickly to enable sales via non-branch channels
Section IV: The use of technology to deliver value to customers will determine a bank’s fate
About Novantas Customer Knowledge & the Multi-Channel Research
Contributors & About Novantas
2018 GLOBAL MULTI-CHANNEL SURVEY | 3
INTRODUCTION
Consumers are completing more complicated tasks online with each pass-ing year. From travel to taxes, people are increasingly comfortable using technology to search for the best deal, provide reams of personal informa-tion and make their individual preferences known.
But banks are woefully behind other industries in that online shift even as fewer customers visit the local branch. Consumers only tend to go online for the most basic banking functions, such as checking account balances and transferring funds; most still rely on human contact for more complicated issues like dispute resolution and financial advice. That is even the case in the UK and Australia, where consumers visit branches far less frequently than in the US and Canada.
The good news for banks is that consumers are ready and willing to shift more of their activity to digital channels. The bad news: there are few opportunities for them to do so today. For example, most banks don’t even provide ways for customers to open traditional accounts online. Some blame regulatory requirements and security issues, but in many cases the simple reason is a lack of appropriate investment in technology.
The Novantas 2018 Global Multi-Channel Survey provides striking evidence that banks must move quickly to enhance their digital capabilities. With a growing num-ber of non-bank providers encroaching on their territory, the time to act is now.
INTRODUCTION
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SECTION I
SECTION I: Banks have been too slow to capitalize on non-branch channel opportunities
Banks in the US and CA haven’t done enough to develop tech-nology that allows customers to complete banking activities out-
side the branch. As a result, consumers in these countries rely more heavily on branches than in other markets, specifi-cally the UK and Australia where banking remotely has become mainstream.
2018 GLOBAL MULTI-CHANNEL SURVEY | 5
BANKS HAVE BEEN TOO SLOW TO CAPITALIZE ON NON-BRANCH CHANNEL OPPORTUNITIES
In fact, 75% of consumers in Austra-lia report visiting the branch less than once per month, or even less! The UK is very similar while, interestingly, only about half of US consumers exhibit the same behavior. The other half say they visit a branch at least once or twice per month.
In the US, higher-income house-holds tend to visit the branch less frequently. Branch reliance is relatively similar across income groups in CA, Australia and the UK.
While consumers exhibit clear pref-erence for online channels to complete
USA
42%
CANADA UK
49%
38%35%
29%29%
AUSTRALIA
25%27%
National
Regional
FIGURE 1 & 2: VISIT A BRANCH AT LEAST ONCE A MONTH — PRIMARY BANK TYPE VISIT A BRANCH AT LEAST ONCE A MONTH — INCOME
41% 30%33% 27%
12% 19%41%
44%
26%
51%
27%
10%
10%
45%
12%
simple banking tasks like checking balances and transferring funds, more people prefer the branch or the phone to replace lost/stolen cards, resolve account issues, and to get financial advice. On average, preference for the branch is highest among Canadian consumers when it comes to resolving more complex issues. Consumers in the UK are most likely to prefer dig-ital channels for replacing cards and resolving account issues.
Indeed, issue resolution is the top reason consumers in all four countries believe that having a branch nearby
is helpful. But large groups of people in all four countries say they still rely on the branch to make deposits and withdrawals with a teller and for tasks that “can’t be done in some other way.” This indicates that banks have done a poor job providing sufficient capabilities and/or haven’t created enough awareness among custom-ers about those capabilities if they are available.
In Canada, banks seem to have the greatest opportunity to use branches to deliver financial advice and ultimately create value for customers.
Source: Novantas Customer Knowledge | 2018 Global Multi-Channel Survey
<$100k
$100k+IncomeBank Type Direct
Community/Credit Union
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SECTION I
US customers are less interested in getting financial advice in the branch, with more than one-quarter saying they have “no preference” how they receive this advice. That’s not to say, however, that consumers aren’t open to
their bank providing financial advice and even investment solutions. Recent research from Novantas and robo-advi-sory firm SigFig shows that 68% of bank customers in the US are very interested or extremely interested in robo-advice
solutions. Nearly half of those interest-ed consumers would be most open to opening that type of account with their primary bank! (See “Hands Off: Cus-tomers Want Robo Services from Their Bank” Novantas Review, Winter 2017.)
Check Balance Transfer Funds Replace Card Resolve Issue Get Advice
USA UK Canada Australia USA UK Canada Australia USA UK Canada Australia USA UK Canada Australia USA UK Canada Australia
Source: Novantas Customer Knowledge | 2018 Global Multi-Channel Survey
Source: Novantas Customer Knowledge | 2018 Global Multi-Channel Survey
FIGURE 3: GLOBAL BANKING ACTIVITY PREFERENCES
FIGURE 4A & 4B: CANADA AND USA BANKING ACTIVITY PREFERENCES
USA
CANADA
Check Balance
DepositCheque
TransferFunds
Replace Card
Resolve an Issue
Get Financial Advice
2015 2017 2015 2017 2015 2017 2015 2017 2015 2017 2015 2017
Check Balance
DepositCheck
TransferFunds
Replace ATM /Debit Card
Resolve an Issue
Get Financial Advice
2015 2017 2015 2017 2015 2017 2015 2017 2015 2017 2015 2017
With someone in the branch
Using digital banking
Over the phone
At an ATM
No preference
Preferences
With someone in the branch
Using digital banking Over the phoneAt an ATM
No preferencePreferences
2018 GLOBAL MULTI-CHANNEL SURVEY | 7
BANKS HAVE BEEN TOO SLOW TO CAPITALIZE ON NON-BRANCH CHANNEL OPPORTUNITIES
Source: Novantas Customer Knowledge | 2018 Global Multi-Channel Survey
FIGURE 4C & 4D: UK AND AUSTRALIA BANKING ACTIVITY PREFERENCES
AUSTRALIA
UK
Check Balance
TransferFunds
Replace Card
Resolve an Issue
Get Financial Advice
2016 2017 2016 2017 2016 2017 2016 2017 2016 2017
Check Balance
TransferFunds
Replace Card
Resolve an Issue
Get Financial Advice
2016 2017 2016 2017 2016 2017 2016 2017 2016 2017
With someone in the branch
Using digital banking Over the phoneAt an ATM
No preferencePreferences
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SECTION II
SECTION II: Novantas has been accurately tracking channel migration and consumer shifts in preferences since 2011
There’s no question that con-sumers who depend on bank branches have not gone away. While that reality is likely
driven by multiple factors (consumer preference combined with inadequate bank offerings), Novantas has for sever-al years asserted the existence of a sec-ond axis, or set of factors, that informs channel preference. The second axis is attachment — as measured by attitudes and motivations related to bank branch-es, their importance, and consumers’ willingness to operate without them.
2018 GLOBAL MULTI-CHANNEL SURVEY | 9
NOVANTAS HAS BEEN ACCURATELY TRACKING CHANNEL MIGRATION AND CONSUMER SHIFTS IN PREFERENCES SINCE 2011
54%
16%8% 8%
14%
41%
28%
11% 12%8%
67%
14%
5%12%
3%
45%
27%
12%9% 7%
Thin-Branch Ready Channel Mixer Branch Traditionalist Innovation Seeker Internet Ready
Branch Dependence and Attachment
Source: Novantas Customer Knowledge | 2018 Global Multi-Channel Survey
FIGURE 5: CHANNEL SEGMENTATION DISTRIBUTION BY COUNTRY
In 2011, Novantas introduced three key channel segments which we believed would identify the banking population for years to come. In fact, what we discovered is there are five unique segments that distribute across the axes of branch dependence (stated banking behavior) and branch attach-ment (attitudes and motivations related to bank branches). What we didn’t real-ize was how resonant these segments would become as we analyzed the changing landscape with bankers over the subsequent half-decade.
As we predicted back then, the Thin-Branch Ready segment is the largest and fastest-growing group of consumers in the four countries we surveyed. This group is character-ized by its relatively low dependence on branches, but moderate to strong attachment to them.
A good example of that attachment to physical branches is represented by the 70-80% of consumers across the
four countries who disagree with the statement “Having a branch nearby is not important.” Strikingly similar across the four countries is the agreement with the statement, “If a bank doesn’t have branches, it feels less legitimate.”
The relevance of the Thin-Branch Ready segment is clear and can be observed as banks across these four countries close more branches than they open, and as large National banks enter “thin” markets that don’t have dense physical networks. Banks must consider how they can successfully combine a limited physical presence with leading technology to deliver the type of ser-vice customers are looking for.
This is particularly true in the US and CA which have the highest percent-ages of Channel Mixers, Branch Tradi-tionalists & Innovation Seekers among the four countries; those consumers have the strongest attachment to bank branches and/or the highest depen-dence. Nearly 80% of consumers in the
UK are either in the Thin-Branch Ready or Internet Ready segments, easily the largest representation of the four coun-tries. There are a few potential factors driving these market-level differences:
• More than 1 in 4 bank branches in the UK have been closed in the past half-decade (source | verdict.co.uk). There are also a large number of emerging FinTech providers that offer alternative banking solutions;
• UK digital payment solutions are more mature than in other coun-tries, and consumers tend to be further along on the adoption curve;
• E-commerce in the UK accounts for a higher percentage of total retail sales than in the US (source | smartinsights.com), marking a broader and more prevalent com-fort with transacting online;
• Check-writing is far less preva-lent in the UK and AU than in the US and CA.
UKUSA Canada AustraliaCountry
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SECTION II
USA Channel Segmentation | Age and Income
Canada Channel Segmentation | Age and Income
Branch Traditionalist
Thin-Branch Ready
Channel Mixer
Branch Traditionalist
Innovation Seeker
Internet Ready
Thin-Branch Ready
Channel Mixer
Innovation Seeker
Internet Ready
46%
27%
11%
10%
5%
44%
27%
12%
8%
9%
44%
28%
13%
8%
7%
44%
28%
13%
9%
6%
47%
25%
10%
7%
10%
Branch Traditionalist
Thin-Branch Ready
Channel Mixer
Branch Traditionalist
Innovation Seeker
Internet Ready
Thin-Branch Ready
Channel Mixer
Innovation Seeker
Internet Ready
39%
29%
13%
12%
7%
46%
24%
7%
12%
11%
44%
23%
11%
13%
10%
42%
25%
8%
14%
11%
40%
32%
14%
9%
5%
FIGURE 5A & 5B: CHANNEL SEGMENTATION — BY AGE (LEFT) AND INCOME (RIGHT)
$100k +<$100k55+35–5418–34Age Income
Source: Novantas Customer Knowledge | 2018 Global Multi-Channel Survey
2018 GLOBAL MULTI-CHANNEL SURVEY | 11
NOVANTAS HAS BEEN ACCURATELY TRACKING CHANNEL MIGRATION AND CONSUMER SHIFTS IN PREFERENCES SINCE 2011
Australia Channel Segmentation | Age and Income
UK Channel Segmentation | Age and Income
Branch Traditionalist
Thin-Branch Ready
Channel Mixer
Branch Traditionalist
Innovation Seeker
Internet Ready
Thin-Branch Ready
Channel Mixer
Innovation Seeker
Internet Ready
56%
14%
5%
10%
15%
57%
14%
8%
6%
15%
51%
19%
10%
8%
12%
53%
17%
9%
8%
12%
56%
14%
6%
8%
17%
Branch Traditionalist
Thin-Branch Ready
Channel Mixer
Branch Traditionalist
Innovation Seeker
Internet Ready
Thin-Branch Ready
Channel Mixer
Innovation Seeker
Internet Ready
63%
18%
6%
3%
9%
69%
12%
4%
2%
14%
67%
13%
5%
4%
11%
68%
14%
5%
3%
10%
62%
13%
1%
2%
22%
FIGURE 5C & 5D: CHANNEL SEGMENTATION — BY AGE (LEFT) AND INCOME (RIGHT)
Source: Novantas Customer Knowledge | 2018 Global Multi-Channel Survey
55+35–5418–34Age $100k +<$100kIncome
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SECTION II
USA Channel Segmentation
Canada Channel Segmentation
Australia Channel Segmentation
FIGURE 5E: CHANNEL SEGMENTATION — PRIMARY BANK TYPE
Community/Credit UnionNational Regional DirectBank Type
50%
24%
10% 9%7%
44%
30%
13%7% 5%
42%
5%0% 2%
51%
43%
30%
10% 9% 8%
Thin-Branch Ready Channel Mixer Branch Traditionalist Innovation Seeker Internet Ready
Thin-Branch Ready Channel Mixer Branch Traditionalist Innovation Seeker Internet Ready
40%
31%
12% 12%
5%
44%
27%
13% 11%
5%
48%
5%2%
8%
39%42%
29%
14% 12%
3%
Thin-Branch Ready Channel Mixer Branch Traditionalist Innovation Seeker Internet Ready
55%
18%
8% 8% 10%
57%
13%9% 10% 11%
38%
0% 0% 2%
60%56%
5%9% 11%
19%
Source: Novantas Customer Knowledge | 2018 Global Multi-Channel Survey
2018 GLOBAL MULTI-CHANNEL SURVEY | 13
NOVANTAS HAS BEEN ACCURATELY TRACKING CHANNEL MIGRATION AND CONSUMER SHIFTS IN PREFERENCES SINCE 2011
UK Channel Segmentation
Although this survey indicates that many bank customers still equate a branch with legitimacy, Novantas doesn’t believe that view will stand the test of time. The emergence and grow-ing popularity of online/direct banks in each country (not to mention the success of digital-only providers across other industries), combined with the development of innovative technolo-gies that make it easier for consumers to complete day-to-day banking tasks, means branches will become less and less important. The reality is that most consumers haven’t yet been given a banking option that removes friction and provides an experience that is seamless enough to eliminate the need for human interaction.
While the dependence/attachment framework and the insights associated with these individual segments have accurately assessed trends since 2011, we believe it is time for banks to dig deeper to understand the customer of the future. New frameworks must account for, but not necessarily be
FIGURE 5E CONTINUED: CHANNEL SEGMENTATION — PRIMARY BANK TYPE
National Regional DirectBank Type
Thin-Branch Ready Channel Mixer Branch Traditionalist Innovation Seeker Internet Ready
70%
14%
4% 3%
9%
66%
16%
7% 5% 6%
52%
2% 0% 0%
46%
Source: Novantas Customer Knowledge | 2018 Global Multi-Channel Survey
limited to, customers’ broader adop-tion of technology (not just financial technology), financial needs including those that are currently unmet, and
comfort with managing finances with-out having a branch or store within the same proximity as has been the case historically.
14 | RESEARCH
SECTION III
SECTION III: Already behind, banks must now move quickly to enable sales via non-branch channels
When it comes to opening new accounts, either with a consumer’s existing primary bank or with a
new bank, preference for digital channels is strongest with credit cards and savings accounts. Two-thirds of consumers across the four countries prefer digital channels to open new credit-card accounts, no sur-prise given the amount of card marketing deployed digitally and the streamlined digital application and decision process adopted by major card issuers. In fact, 20% of consumers in the US and 16% in Australia prefer to open new credit-card accounts via smartphone. Consumers
exhibit similar preference for opening savings accounts digitally — again likely a behavior further along on the adoption curve as a result of the emergence of high-yield, online-only savings products that are likely to generate even more enthusiasm from US customers as US interest rates rise.
The application and account-opening preference for credit cards and savings account is very similar across the four countries, but UK and Australia custom-ers diverge when it comes to checking accounts. They show significantly stron-ger preference for digital channels (60% and 57%, respectively) than people in the
US and CA (36% and 40%, respectively). The US was the only one of the four countries where consumers’ preference for digital channels did not increase year-over-year for opening a primary checking account. Actual digital account-opening rates are far lower than consumers’ stated preference, however, partly due to banks not providing the capability to complete the process end-to-end digitally. That is especially the case when it comes to mobile devices.
Most bank customers still prefer the branch for more complex products like HELOC and first mortgages (when acquired via a bank, not a broker), as
2018 GLOBAL MULTI-CHANNEL SURVEY | 15
ALREADY BEHIND, BANKS MUST NOW MOVE QUICKLY TO ENABLE SALES VIA NON-BRANCH CHANNELS
Checking Account Credit Card
Statements Used
60%
36%
4%
53%
40%
7%
35%
57%
8%
42%
55%
3%
In a bank branch
Digital
Other
In a bank branch
Digital
Other
24%
64%
12%
25%
63%
12%
23%
63%
14%
18%
67%
15%
Source: Novantas Customer Knowledge | 2018 Global Multi-Channel Survey
Source: Novantas Customer Knowledge | 2018 Global Multi-Channel Survey
FIGURE 6: ACCOUNT-OPENING PREFERENCE: CHECKING ACCOUNT AND CREDIT CARD
FIGURE 7: REASON FOR OPENING ADDITIONAL ACCOUNTSwe would expect. Customers did report a growing preference for opening these accounts digitally, however, again indi-cating the need for better capabilities from banks. Banks that don’t pursue these technological advancements will lose more market share across these ancillary banking products as digital-only non-banks develop easier, more seamless customer experiences.
Regardless of the way in which they open accounts, roughly three-quarters of consumers in the US, Canada, and Australia say they have opened addi-tional products with their primary bank at the same time as their primary checking account. Savings and cred-it-card products are most commonly opened at the same time. Interestingly, 60% of customers in the UK report not opening any other products with their primary bank at the same time as their checking account.
Ease and product consolidation within one bank are the leading moti-vations among consumers who recently opened multiple accounts with their primary bank at the same time. While this is true in all countries, consumers in the UK and Canada were most likely to cite these reasons, followed by those in the US and Australia.
59%
52%
67%
70%
45%
51%
45%
36%
Ease
Benefit
59%
52%
67%
70%
45%
51%
45%
36%
Ease
Benefit
EASE• Having these products with the same bank makes it easier to manage my finances• I wanted to consolidate products with one bank
BENEFIT• The bank representative suggested the product(s)• There was a financial benefit to bundling the product(s) with my checking account
UKUSA Canada AustraliaCountry
UKUSA Canada AustraliaCountry
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SECTION III
75% of Australian consumers visit a branch less than once per month or less, making them less branch-dependent than consumers in the US, CA or UK.
GEOGRAPHIC COMPARISONSOn average, preference for the branch is highest among Canadian consumers when it comes to resolving more complex issues.
Nearly 80% of consumers in the UK are either in the Thin-Branch Ready or Internet Ready segments, easily the largest representation of the four countries.
60% of customers in the UK report not opening any other products with their primary bank at the same time as their checking account.
Nearly half of US consumers visit a branch at least once/twice per month, the highest branch attachment of the four countries.
US consumers are most likely of people in the four countries to prefer opening new checking accounts AND new credit card accounts using their smartphone.
Canada UK
US
Australia
By enabling digital account-opening capabilities and creating a seamless cus-tomer experience, banks are very likely to see an increase in same-time opening of non-checking products. That is what consumers want, after all! To date, many banks have prevented customers from engaging with them on their own terms. In doing so, they have sacrificed valuable sales opportunities and the chance to deepen relationships.
Even with the best digital experience, customers will still have questions and need human help. When asked about the types of alternate customer-service meth-ods they would be comfortable receiving from their bank (i.e. using technology as a substitute for in-person interaction), consumers indicated the highest level of comfort with chatting online with a person, followed by automated chat (i.e. bot/AI technology). Surprisingly,
consumers are least comfortable with receiving customer service from the bank via video conference. This sends a very clear message to banks that while consumers want access to human help, there are important limits that need to be considered to ensure customers are comfortable and remain in control. It also should serve as a warning to the growing number of banks that are now moving in this direction.
FIGURE 8: COMFORT WITH BANK INTERACTION METHODS (SOMEWHAT/VERY COMFORTABLE)
48%
33%
27%
24%
54%
29%
19%
22%
46%
30%
21%
21%
47%
29%
21%
20%
Live online chat with a person at the bank
Automated online chat (bank uses technology to recognizeand respond to your questions)
Automated phone call with speech recognition
Video conference (Skype, FaceTime, etc) with a person at the bank
Source: Novantas Customer Knowledge | 2018 Global Multi-Channel Survey
UKUSA Canada AustraliaCountry
2018 GLOBAL MULTI-CHANNEL SURVEY | 17
THE USE OF TECHNOLOGY TO DELIVER VALUE TO CUSTOMERS WILL DETERMINE A BANK’S FATE
SECTION IV: The use of technology to deliver value to customers will determine a bank’s fate
This doesn’t necessarily mean branches are (or will be) com-pletely irrelevant. Fewer than 40% of consumers across the
four countries believe technology elim-inates the need for employee assistance when making purchase decisions. Take Amazon, which is layering physical stores on top of its digital successes (Amazon Go for groceries and a chain of brick-and-mortar bookstores) as a potential model for banks.
While Amazon understands the draw of a physical location, it more importantly develops “doesn’t-ex-ist-anywhere-else” technology to completely reshape the shopping and checkout experience with customer convenience and ease at the fore-front. Such technology allows store employees to focus more on providing valuable customer service rather than
simply getting in the way of a customer completing their shopping experi-ence. Banks must make significant investments in technology to reshape the customer experience and allow customers to engage in the way(s) they prefer.
In light of recent tax reform, US banks must seriously consider pri-oritizing these types of investments alongside currently-planned employee benefits and shareholder returns.
Investments must address more than just features and functionality. Banks must think about transforma-tion, not incremental enhancements. When asked how banks can improve their digital capabilities, consumers in all four countries say security and text alerts are most important. (This is not a surprise given the multiple and widely-publicized data breaches
over the past couple of years.) Beyond those two improvements, the next most common response is “none of these improvements would make a difference to me.” That serves as a clear warning to banks that digital features and functions are approaching com-moditization and aren’t a path to dif-ferentiation. As a result, banks need to use technology to fundamentally change the way they deliver on their value proposition.
The views expressed by banking customers around the world make it clear that they are willing to embrace new forms of technology while keep-ing (at least for now) a connection to the traditional banking services. The question that all bank executives must consider: Can you move quickly enough to give your customers what they want before they go elsewhere?
More secure
Better at alerting me when something
happens (such as with a text)
Easier to make transfers (including
to/from my accounts
elsewhere)
More helpful for making a budget or tracking
spending or savings
Better for sending/receiving
money with friends, family,
others
Better for depositing
checks
Better for service, such as changing an address or
resolving an issue
None of these improvements would make a difference to
me
30% 30% 30%27%
19% 19%
14%16%18% 17%
14% 12%9%
15% 15% 15%17%
13%
19%15%13%
27%
31%34%
30%
14%18%
15%
28%20% 24%
23%
FIGURE 9: IMPROVEMENTS TO ONLINE/MOBILE BANKING
Source: Novantas Customer Knowledge | 2018 Global Multi-Channel Survey
UKUSA Canada AustraliaCountry
18 | RESEARCH
The Customer Knowledge team at Novantas is responsible for designing and executing proprietary research to build objective views of customer moti-vations and needs, as well as banks’ performance and positions in the mar-ketplace. Insights from Novantas’s ongoing primary research are shared at
industry events and conferences throughout the year, in published reports and white papers, and in press and trade publications. In addition to the Multi-Channel research, Novantas’s research efforts in 2017 spanned topics including retail bank acquisition, drivers of bank distinctiveness, business banking customer segmentation, consumer demand for robo-advice solutions, and HELOC product behaviors and consideration.
Since 2011, Novantas’s Multi-Channel Research has aimed to understand the current state and ongoing shifts in customers’ attitudes, preferences and behaviors related to how they interact with their bank. Ultimately providing insight into what the bank channel landscape will look like in the future. The survey is fielded online to a panel of consumers representative across age, income and geographic segments. Over the past several years, Novantas has fielded the Multi-Channel survey in the US, CA, Australia and the UK to a total of nearly 50,000 consumers.
Novantas will continue to evolve its measurement of customers’ bank interactions and preferences to not only account for the rapid change resulting from adoption of technology, but also examine and predict the future of retail banking.
ABOUT NOVANTAS CUSTOMER KNOWLEDGE & THE MULTI-CHANNEL RESEARCH
ABOUT
2018 GLOBAL MULTI-CHANNEL SURVEY | 19
CONTRIBUTORS & ABOUT NOVANTAS
ABOUT NOVANTASNovantas is the industry leader in analytic advisory services and technology solutions for financial institutions around the world. We create superior value for clients by providing information, analyses, and automated solutions that improve revenue generation — across pricing, product development, treasury and risk management, distribution, marketing, and sales management.
For more information, visit www.novantas.com.
To contact these contributors, call 212.953.4444 or email [email protected].
CHICAGO309 West Washington St, Suite 1100 Chicago, IL 60606+1 312.443.0840NEW YORK — HQ
485 Lexington Ave New York, NY 10017+1 212.953.4444Fax: +1 212.972.4602
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TORONTO181 University Ave Toronto, ON M5H 3M7Canada+1 416.479.8336
FINTECH CENTER150 East 52nd St, 2nd FlNew York, NY 10022+1 212.953.4449
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CHARLOTTE200 South Tryon St, 9th Floor Charlotte, NC 28202+1 704.227.0705
MATTHEW SHARPMatthew Sharp leads the Customer Knowledge practice at Novantas, where he is focused on orienting the firm and its customers around human insights. Under Matthew’s leader-ship, Novantas conducts several primary research initiatives annually exploring customers’ bank selection criteria, shop-ping behaviors, current and preferred bank interaction meth-ods, and attitudes & motivations related to emerging bank product offerings.
ANNA JAMESAnna James is an Analyst in the Customer Knowledge prac-tice at Novantas. She leads the design, project management, and analysis of primary research initiatives spanning retail, business and commercial banking.
CONTRIBUTORS & NOVANTAS
RESEARCHPublished by Novantas, Inc., 485 Lexington Avenue, New York, NY 10017.© 2018 Novantas, Inc. All rights reserved. “Novantas” is a trademark of Novantas, Inc.No reproduction is permitted in whole or part without written permission from Novantas, Inc.