Fraud, Credit Cards and Opportunity
Yesterday’s blog focused on how financial services providers should target their messages to emerging majority consumers. Another way for operators in this sector to increase business is to market solutions to problems that concern consumers. This could be particularly important as the revenue streams for institutions such as banks change. Deloitte LLP notes that banks are increasingly relying on payments for up to 50% of their revenue.
When it comes to credit cards and payments consumers have the following concerns.
- Fraud is a growing problem 84%
- A single fraud event has a major negative effect on life 89%
Deloitte also found that 4 in 10 consumers reported receiving a positive level of service and support from their financial institutions after a fraud incident. Further, these consumers may be more likely to stay with the bank as a result of this experience.
Addressing these concerns in a marketing campaign could help your banking clients keep the clients they have.[Source: Deloitte Survey 8.6.08]