With the recession behind us and a slew of new regulations that limit lucrative business lines like interest charges on credit card debt now in place, banks have been seeking fresh revenue opportunities. One such opportunity will likely be wealth management. A new Fidelity Investments report predicts that banks are hoping to boost wealth management revenue by targeting consumers who are looking for investments.
On the path to optimizing wealth management departments, Fidelity analysts point out that banks will need to appoint leadership to focus on this revenue line and they’ll also need to educate key employees. To be successful at generating at much as 35% of their total revenue from this source, they’ll need to expand wealth management offerings and make sure the platform integrates well with other bank offerings. Banks must also address the challenge of educating investors. Consumers have long been taught to use the local bank as a place for deposits and loans. To succeed at wealth management, banks must market themselves as credible and expert in this field.
According to Ad-ology’s national AudienceSCAN study, nearly 20.6% of U.S. adults are looking for investment opportunities. About 36% of these consumers will use accounting or tax services this year and 15% will seek the advice of an attorney. In addition, 14% of these consumers are interested in investment property which is much higher than average. Banks may want to target these consumers with online campaigns as at least 50% of investment seekers go online for financial news.
AudienceSCAN data is available as part of a subscription to Ad-ology PRO. Media companies can access AudienceSCAN data through the Audience Intelligence Reports in AdMall.