BOSTON -- The American Banking Association and Dove Consulting are seeking sponsors for a nationwide trend study on consumer payment preferences.
The major goal of this joint initiative is to provide a valid fact base and insights on consumer payments, including:
- choices consumers have for payment mechanisms and the extent to which they are aware of these choices;
- the mix of payment mechanisms consumers use today and the underlying reasons for this mix;
- preferences that consumers have for various payment mechanisms, the primary drivers of these preferences and the extent to which gaps exist with mechanisms available today;
- and the relative attractiveness of potential consumer payment mechanisms and the primary drivers of this attraction.
In addition, the study will explore how payment products and channels can be tailored, packaged and priced to build share of wallet and profitability. By comparing results with the ABA/Dove 1999 study, sponsors will have access to two deep databases and be able to use these as projective instruments for planning purposes.
"The proliferation of new consumer channels -- from Internet to wireless to kiosk to enhanced ATM -- creates obvious opportunities for financial institutions to open up new spaces for growth," said Ann Schmitt, a director in Dove's financial services practice. "But considerable challenges as well when it comes to understanding how consumer payment preferences are changing."
Payment mechanisms included in the study will ultimately be determined by sponsors, but at a minimum will address cash; checks (paper, electronic truncation at the point of sale, electronic initiated); signature (off-line) debit; PIN-based (on-line) debit; and credit.
Three sponsorship positions are currently available. For more information regarding sponsorship, please contact Ann Schmitt at Dove Consulting at 303- 663-2048.
