How is bank account activation changing in a digitally powered world? This study found that the vast majority of shoppers take a month or more to move from decision to action. 71% of shoppers use search at least twice to help in their decisions, but also define human interaction - even if only online - as a major factor in their decision. The takeaway for marketers is to look for ways to connect in a human way with prospective customers.
- April 2011
How is bank account activation changing in a digitally powered world? How effective are traditional ads at changing actual purchasing? Google partnered with Shopper Sciences to reveal the role of the Zero Moment of Truth for bank deposits within the finance industry and found:
- Online Search and information gathering from brand controlled websites showed higher usage compared to FMOT sources such as in-person discussions with representatives and brochures/pamphlets read at the financial services location.
- Repeat usage for search engines is the highest among all sources â at 71% of all shoppers using it at least twice to help them with their decision.
- Shoppers clearly identify human interaction as very influential â talking to a customer service representative in-person, on the phone, or online. Marketers should look for easy ways to connect shoppers to the financial services representative.
- Stimulus sources like TV ads are able to communicate reputation of the bank and features and benefits, but when it comes to fees/program details and convenience/accessibility associated with the product is best managed with ZMOT sources.