Report: Mobile-Centric ‘Moneyhawks’ a Huge Potential Market for FIs (Oct. 2, 2014)
A segment of tech-savvy, mobile-minded consumers comprising more than $1 trillion in deposits could represent a major opportunity for FIs, according to a new report. Called “Moneyhawks” in a study by Javelin Strategy & Research, the demographic is characterized by a demanding appetite for “anytime, anywhere, cutting-edge digital access to banking products,” along with a lack of loyalty to a particular bank. Up to 20 percent of the 31 million Moneyhawks in the U.S. are considering leaving their primary bank, the report said.
For FIs, Moneyhawks—mostly young and affluent—offer higher deposit amounts and can generate a wider stream of revenue, including credit cards, mortgages and car loans. And while Moneyhawks can be more expensive to serve because of their multi-channel engagement preference, their mobile-first mindset gives FIs an opportunity to trim costs.
“The goal is not to devise digital services that satisfy a broad spectrum of customers; it is to target your highest-value, most profitable customers—the Moneyhawks, said Mark Schwanhausser, director of omnichannel financial services, Javelin. “They not only are the most profitable customers today, but they also will pioneer the behavior that others will adopt in time.”
See related stories: