NEW YORK--()--As bank retail customers continue to want convenience features like mobile check deposit bundled with low-fee checking accounts, the banking industry prepares for another year of lower net interest margins as the country continues to recover from the recession, according to new reports published today by Novarica, the research division of financial services consultancy Novantas LLC.
“In 2013, the banking industry will continue to look for ways to control declines in net interest income and net interest margins that will include re-pricing their mass market offerings. As a result, mass market consumers will continue to churn at higher rates than in the past”
“Most people shopping for new checking accounts today are doing so because they’re dissatisfied with their current banking relationship – and high fees are the biggest reason why,” says Rob Rubin, partner at Novarica and head of research for the Novarica Bank Shopper Insight series of reports, which is based on data from over 40,000 active bank shoppers per month, collected at Novarica’s proprietary FindABetterBank.com website.
“In 2013, the banking industry will continue to look for ways to control declines in net interest income and net interest margins that will include re-pricing their mass market offerings. As a result, mass market consumers will continue to churn at higher rates than in the past,” added Lee Kyriacou, partner at Novarica and head of research for the Novarica Bank Industry Insights series of reports, which is based on proprietary analysis of company and regulatory data.
Free summaries of both reports are available online at www.novarica.com/banking/. Mr. Rubin and Mr. Kyriacou will host a free 30 minute Webinar to review their most recent findings on Thursday, January 31, 2013 at 2pm ET. Interested attendees should pre-register online at https://www1.gotomeeting.com/register/835912217
Novantas is the acknowledged leader in customer science and revenue strategy in the financial services industry. The firm’s Management Consulting, Solutions, and Research divisions specialize in investigating and interpreting customer needs, attitudes, and behaviors in ways that help companies to refine marketing decisions, customer strategies, and sales and service activities. For more information, visit www.novantas.com.
Novarica, the research division of Novantas, provides information, insights, and perspective on markets, operations, and technology to banking and insurance executives. Novarica draws its knowledge from the professional experience of its principals, the ongoing information gathering initiatives of dedicated research staff, proprietary consumer panels, and regular communication with industry sources through informal networks and formal Research Councils. For more information, visit http://www.novarica.com/banking/.