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Consumers are a diverse group, all of whom have different tastes, opinions and feelings toward the products they use and purchase. Financial customers are no different in their diversity, and banks and credit unions have to offer an extensive list of services to retain and attract customers and members. In recent years, through the expansion of new technology products including online banking tools, mobile banking and remote check deposit, consumers are looking for even more diversity from their financial institutions.

To delve into what consumers are looking for, First Data and Market Strategies International conducted a survey of 2,000 U.S. consumers to determine their attitudes toward technology adoption. The results of the study, which are available in a white paper published by First Data, examine the different customer segments on which financial institutions need to focus. Below is a breakdown of the groups:

Consumer Segments  Overview
Fast Trackers Young technology enthusiasts who make and spend money and are always online 
Young Aspirationals  Younger consumers who are curious about technology, are budget-conscious and need help saving money
Middle-of-the-Roaders Traditional when it comes to using mobile technology, these consumers like to spend money despite moderate incomes 
Value Seekers Financially stable, older consumers who are motivated by rewards and frequently use credit cards 
Simplifiers Older, lower-income consumers with simple banking needs who are not that interested in new technology 
Conventional Stalwarts Older, traditional-minded consumers who prefer to pay by cash and check, visit their bank often and use technology lightly 

What consumer segments are you catering to at your FI? Let us know in the comments section below, or Tweet @bankingdotcom.



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James W. Gabberty

Gabberty is a professor of information systems at Pace University in New York City. An alumnus of the Massachusetts Institute of Technology and New York University Polytechnic Institute, he has served as an expert witness in telecommunication and information security at the federal and state levels and holds numerous certifications from SANS & ISACA.

Marisa Mann

Marisa Mann brings over 15 years of experience in consulting and financial services industries to the Solstice team, working on large scale enterprise initiatives across many technologies, including specializing in the digital space – Internet and mobile. Mann is passionate about mobile and the endless possibilities for the enterprise, delivering business value through strong brand recognition and driving to excellence in the consumer experience. Prior to Solstice, Mann worked at JP Morgan Chase, Diamond Management and Technology Consultants, Washington Mutual, Inc, and Accenture.

Brad Strothkamp

Zachary Ehrlich

25-year-old writer, and as a native San Franciscan, I am unreasonably loyal to Bank of America, if only for their superhero-like origin story, involving the 1906 earthquake and Italian fruit vendors.