anking & Finance Industry Fact Sheet

OVERVIEW
Simply stated, the financial services industry connects people with money. With 40% of United States households holding stock, the securities and finance sector of the financial services industry (which also includes banking and real estate) generates greater public interest than ever before. Although the total United States output of financial services is valued at $1.5 trillion, the securities and finance area accounts for only about $160 billion of the United States Gross Domestic Product (GDP), far less than such areas as business services, chemicals, public utilities, or even banking, insurance, and real estate.

MARKETING METHODS
Banking and finance programs are marketed in a variety of ways, including direct and internet sales, mailers, telemarketing, and voice messaging. Today, as a result of legal restrictions, banks have seen their share of the financial services sector slip away to less-regulated competitors. In fact, between 1952 and 1994, banks, thrifts, and credit unions saw their share of the financial sector fall from 67.4 % to 35.5 %, largely because banks are prohibited from taking advantage of innovative investment opportunities and offering modern financial options to their customers. In essence, banks are asked to compete in the technologically advanced 1990s using only 1930s investment techniques.

SOME FACTS AND FIGURES
Today in the United States, only 58 % of bank customers use a bank branch compared to 80 % in 1991.

A study by the United States FDIC concluded that there were 21 % more bank branches (57,788) in 1996 than in 1988 (47,728), even though the number of banks decreased by 27 % during the same period.

Why do people move to a different bank? According to a recent survey, 45 % change because of poor service and 20 % because of a lack of personalized attention. Only 30 % leave their bank because they can find a cheaper or better product elsewhere (First Man-hattan Consulting Group and US BAI 1995).

Americans spend approximately two hours each month to pay an estimated 18.2 billion bills each year - however only around 2 % of consumers use electronic bill payment through banks or personal financial management software.

WHY MARKETOUCH MEDIA?
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