Raddon Chart of the Day March 6, 2012
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The document summarizes survey results from Raddon Financial Group about reasons why consumers have closed checking accounts in the last 12 months. The top three reasons were: 1. Fees on the account changed (28%) 2. Poor service (24%) 3. Difficulty resolving problems with the account (23%)
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Raddon Chart of the Day March 6, 2012
- 1. Raddon Chart of the Day March 6, 2012 Top Five Reasons Why Consumers Have Closed a Checking Account in the Last 12 Months Fees on Account Changed 28% Poor Service 24% Difficulty Resolving Problems with Account 23% Institution Eliminated/Stopped Offering Free Checking 22% Mistakes on Account 20% 0% 5% 10% 15% 20% 25% 30% Source: Raddon Financial Group, National Consumer Research – Fall 2011 ©2012 Open Solutions Inc. Raddon Financial Group (RFG) is a business unit of Open Solutions Inc. www.raddon.com | 800.827.3500
- 2. Raddon Chart of the Day March 1, 2012 Consumers That Have Closed a Checking Account in the Last 12 Months 9% Closed an Account in the Last 12 Months Have Not Closed an Account in the Last 12 Months 91% Source: Raddon Financial Group, National Consumer Research – Fall 2011 ©2012 Open Solutions Inc. Raddon Financial Group (RFG) is a business unit of Open Solutions Inc. www.raddon.com | 800.827.3500
- 3. Raddon Chart of the Day February 28, 2012 Number of Checking Accounts Owned by a Household 60% 53% 50% 40% 32% 30% 20% 15% 10% 0% One Two Three or More Source: Raddon Financial Group, National Consumer Research – Fall 2011 ©2012 Open Solutions Inc. Raddon Financial Group (RFG) is a business unit of Open Solutions Inc. www.raddon.com | 800.827.3500
- 4. Raddon Chart of the Day February 23, 2012 Consumers That Have Ever Clicked on Any Company’s Advertising/Promotions/Special Offers On A Social Networking Website 13% Have Clicked on an Ad Have Not Clicked on an Ad 87% Source: Raddon Financial Group, National Consumer Research – Fall 2011 ©2012 Open Solutions Inc. Raddon Financial Group (RFG) is a business unit of Open Solutions Inc. www.raddon.com | 800.827.3500
- 5. Raddon Chart of the Day February 21, 2012 Consumers That Have Ever “Logged On” 70% or Visited A Social Networking Website 60% 58% 54% 50% 40% 30% 20% 17% 10% 9% 8% 10% 3% 0% Any Social Facebook Linked In Twitter Classmates MySpace Other Networking Website Source: Raddon Financial Group, National Consumer Research – Fall 2011 ©2012 Open Solutions Inc. Raddon Financial Group (RFG) is a business unit of Open Solutions Inc. www.raddon.com | 800.827.3500
- 6. Raddon Chart of the Day February 16, 2012 Consumers That Have a Data Plan For Their Mobile Devices 34% Have a Data Plan Do Not Have a Data Plan 66% Source: Raddon Financial Group, National Consumer Research – Fall 2011 ©2012 Open Solutions Inc. Raddon Financial Group (RFG) is a business unit of Open Solutions Inc. www.raddon.com | 800.827.3500
- 7. Raddon Chart of the Day February 14, 2012 Consumers Use of a Personal Financial Management Software Program 2% 13% Use PFM Software Program Do Not Use PFM Software Program Do Not Know 85% Source: Raddon Financial Group, National Consumer Research – Fall 2011 ©2012 Open Solutions Inc. Raddon Financial Group (RFG) is a business unit of Open Solutions Inc. www.raddon.com | 800.827.3500
- 8. Raddon Chart of the Day February 9, 2012 Online Services Consumers Currently Use E-Statements 38% Check Imaging 34% Order Checks 27% PtoP Payment 27% E-Mail Fraud Alert 15% E-Mail Balance Alert 14% E-Mail Dir. Dep. Alert 9% Text Balance Alert 5% Text Fraud Alert 3% Text Dir. Dep. Alert 3% 0% 5% 10% 15% 20% 25% 30% 35% 40% Source: Raddon Financial Group, National Consumer Research – Fall 2011 ©2012 Open Solutions Inc. Raddon Financial Group (RFG) is a business unit of Open Solutions Inc. www.raddon.com | 800.827.3500
- 9. Raddon Chart of the Day February 7, 2012 Financial Activities Consumers Have Performed While Online in the Past Two Years Shopped for a Loan 13% Applied for a Loan 10% Shopped for a Savings Account 7% Opened a Savings Account 7% Shopped for a Checking Account 6% Shopped for a CD 6% Opened a Loan 5% Opened a Checking Account 5% Opened a CD 3% 0% 2% 4% 6% 8% 10% 12% 14% Source: Raddon Financial Group, National Consumer Research – Fall 2011 ©2012 Open Solutions Inc. Raddon Financial Group (RFG) is a business unit of Open Solutions Inc. www.raddon.com | 800.827.3500
- 10. Raddon Chart of the Day February 1, 2012 Value Consumers Place on a 35% Debit Card Courtesy Pay Service 30% 31% 30% 27% 25% 20% 15% 13% 10% 5% 0% Extremely Valuable Somewhat Valuable Not Very Valuable Not at All Valuable Source: Raddon Financial Group, National Consumer Research – Fall 2011 ©2012 Open Solutions Inc. Raddon Financial Group (RFG) is a business unit of Open Solutions Inc. www.raddon.com | 800.827.3500
- 11. Raddon Chart of the Day January 19, 2012 Acceptable Changes For Future Debit Card Use Small Fee Charged per Each Use 4% Purchase Limit of $100 per Use 2% Monthly Charge 2% Yearly Fee 1% Purchase Limit of $50 per Use 1% None of the Above – Would Stop Using My Debit Card 32% None of the Above – Would Look for Another Provider without Charges 47% Do Not Use a Debit Card 31% 0% 10% 20% 30% 40% 50% Source: Raddon Financial Group, National Consumer Research – Fall 2011 ©2012 Open Solutions Inc. Raddon Financial Group (RFG) is a business unit of Open Solutions Inc. www.raddon.com | 800.827.3500
- 12. Raddon Chart of the Day January 17, 2012 Consumers’ That Have Had a Debit Card Purchase Denied In the Last Six Months 4% Have Had a Debit Card Purchase Denied Have Not Had a Debit Card Purchase Denied 96% Source: Raddon Financial Group, National Consumer Research – Fall 2011 ©2012 Open Solutions Inc. Raddon Financial Group (RFG) is a business unit of Open Solutions Inc. www.raddon.com | 800.827.3500
- 13. Raddon Chart of the Day January 12, 2012 Consumers’ Likelihood to Use a Smart ATM to Deposit Funds 30% 25% 25% 25% 24% 20% 15% 15% 11% 10% 5% 0% Extremely Likely Very Likely Somewhat Likely Not Very Likely Not at All Likely Total Source: Raddon Financial Group, National Consumer Research – Fall 2011 ©2012 Open Solutions Inc. Raddon Financial Group (RFG) is a business unit of Open Solutions Inc. www.raddon.com | 800.827.3500
- 14. Raddon Chart of the Day January 10, 2012 Reasons Why Consumers Will Not Use an ATM to Deposit Funds I Prefer Dealing Directly with a Teller When 58% Depositing Funds I Never Use ATMs 23% No Need – I Don’t Get Any Non-Payroll 21% Checks I Don’t Trust ATMs – I Worry about Mistakes 15% There Are No ATMs Convenient for Me to 4% Use 0% 10% 20% 30% 40% 50% 60% 70% Source: Raddon Financial Group, National Consumer Research – Fall 2011 ©2012 Open Solutions Inc. Raddon Financial Group (RFG) is a business unit of Open Solutions Inc. www.raddon.com | 800.827.3500
- 15. Raddon Chart of the Day January 6, 2012 Consumers That Have Deposited Funds Into an ATM 33% 67% Have Deposited Funds into an ATM Have Not Deposited Funds into an ATM Source: Raddon Financial Group, National Consumer Research – Fall 2011 ©2012 Open Solutions Inc. Raddon Financial Group (RFG) is a business unit of Open Solutions Inc. www.raddon.com | 800.827.3500
- 16. Raddon Chart of the Day January 4, 2012 Consumers Remote Deposit Capture Use and Likelihood to Use Such a Service 40% 37% 35% 30% 28% 25% 20% 17% 15% 10% 8% 6% 5% 4% 0% Currently Use Extremely Very Likely Somewhat Not Very Not at All Likely Likely Likely Likely Source: Raddon Financial Group, National Consumer Research – Fall 2011 ©2012 Open Solutions Inc. Raddon Financial Group (RFG) is a business unit of Open Solutions Inc. www.raddon.com | 800.827.3500