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Compete, Inc. Study Reveals Consumers Want More Than Money From Financial Services Providers; Consumers Words to Financial Service Providers ''Tell Us More''

Posted on: Friday, 2 December 2005, 09:00 CST

Compete, Inc. today announced the findings from its latest Consumer Input study focused on the financial services industry. The study explored key issues in the interactions between consumers and financial services companies including: more regular information about offerings, control and security of personal information, and the growing dominance of online communication for keeping up to date.

"The internet has dramatically changed the way consumers expect information -- they want it more regularly, they prefer e-mail as a way to be aware of offers and of course they want their information to be secure," said Mike Bailey, managing director of Compete's financial services practice. "The acceptance of a permission-based downloadable tool is a clear indication of one way financial service providers can balance the 'more data/safer data' interests of their customers in a branded way."

Key findings of the study include:

-- The majority of respondents do not believe they are being kept well-informed by their financial service providers; 73 percent would like to be made more aware of new offerings and services

-- Consumers want regular (weekly or monthly) updates to be delivered to them, citing e-mail as the most convenient method to receive information

-- Fraud is the top concern for most consumers. Consumers would like access to a desktop application that informs them of potential fraudulent activity and delivers other helpful information

-- 69 percent of respondents would download a desktop application so that they could receive useful information from their financial services provider on a regular basis; 78 percent would do so if the program protected them from fraud

-- Only five percent of respondents indicated they would be unwilling to go online to receive information from financial services providers

To keep consumers regularly informed, desktop applications offer marketers the opportunity to extend their brands beyond a Web site. By delivering relevant and timely information, these new, always-on services offer marketers a permission-based glimpse into how consumers react to and use their programs, potentially enabling precise, behaviorally targeted communications.

About Compete, Inc.

Compete, Inc. extends online market research to transform the way consumers and brands communicate. By combining permission marketing, predictive analytics and the industry's largest consumer behavior database, Compete helps marketers identify and reach their target consumers. Compete delivers conversant marketing solutions that increase profitability and customer loyalty and result in measurable and effective marketing programs. Compete delivers these solutions to leading brands such as Carlson Hotels Worldwide, DaimlerChrysler, Hyundai Motor America, Teva Neuroscience, Toyota Financial Services and Upromise(R), among others. Compete is headquartered in Boston, Massachusetts, with offices throughout the US. For more information, please visit http://www.compete.com.

Source: Business Wire

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