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Consumer Expectations and the
Great Transition: Understanding
What Consumers Really Want In
Payments
Jill Gonzalez
Bank of the West, Senior Vice President of the Card Services Division
Shelly Belvill
Vice President, First Data
Christopher Bumcrot
Partner, Applied Research & Consulting LLC
Copyright 2013 First Data Corporation. All Rights Reserved.

This document contains unpublished, confidential and proprietary
information of First Data Corporation. You may not disclose, copy or
use any part of these materials for any purpose without the express
written consent of First Data Corporation. All trademarks, service
marks and trade names used in this material are the property of their
respective owners.




                                                                        2
PAUSE: Smart Phone Addiction!


 What do you do first thing when
  you wake up in the morning?
                  25%
                                                20%                       16%
                                                                                         11%




Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker.
                                                                                               3
Approach



            CLIENT                                                                  CONSUMER
           EMPATHY                                                                   EMPATHY



UNDERSTANDING                                                                     INNOVATION


Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker.
                                                                                               4
What Works?


            MUST BE
                                                                                    PERCEIVED
             EASY
                                                                                    AS SECURE
            TO USE


                             PROVIDE A BENEFIT



Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker.
                                                                                                5
Wave 2

FIRST DATA
UNIVERSAL COMMERCE
CONSUMER TRACKER
Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker.
                                                                                         6
Ever Wonder…


How are real consumers
dealing with all
the changes happening                                                                    US TOO.
in payments and money
management?

That’s why we’ve been doing
some very interesting research to get
into the lives of our target audience.

60 consumers…

Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker.
                                                                                                   7
EARLY TECH ADOPTERS &
SAVVY SHOPPERS

Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker.
…Used a Clever Little Tool


                                                                        •     Who they are & what they’re about
Called OVER THE SHOULDER
                                                                        •     Their personal approaches to
to ride along with them on their                                              interacting with money
smartphones for                                                         •     The ‘tools’ they use during their day
                                                                        •     How they pay for things & think
2 weeks to see…                                                               about money




Then they joined us in person…
                                                                                               Make a 60-second
                                                                                               video that shows us
                                                                                               your diagram,
                                                                                               explains why you
                                                                                               sketched it together
                                                                                               the way you did, and
                                                                                               how you FEEL about
plus we refreshed our quant data                                                               it.


to support what we found


  Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker.
                                                                                                                      9
The Skinny…

• ON = OFF
     – Consumers blur online and offline shopping and banking.
• BEYOND THE TRANSACTION
     – They want more than just a transaction. They want an experience –
       to be recognized for their loyalty, to have a personalized experience,
       to best utilize their time (in and out) and to get a good deal.
• CONTROL ISSUES
     – Consumers actively manage their money and expect real-time information
       wherever, whenever.
• MOBILE TIPPING POINT?
     – Mobile’s role in shopping and banking continues to increase,
       as do the expectations.



Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker.
                                                                                         10
OFF = ON


38%                                 21%
Want                                   Want to start
seamless                            online or offline
experiences                        and finish on the
                                     other… easily!




55% 64% 41%                                                                                 12%
Use smartphone                  Have retailer apps                       Received          Remote deposit
in-store to                             on phone;                        eReceipt from   checks sometimes
comparison                           typically use                       in-store             or frequently
shop                                <4 frequently                        purchase


Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker.
                                                                                                              11
OFF = ON




Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker.
                                                                                         12
Beyond the Transaction




•      Let’s Make a Deal
•      Like Me Back
•      Know Me
•      Make it Easy




Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker.
                                                                                         13
Let’s Make a Deal

APPROXIMATELY 1/2 SEEK A GOOD DEAL
• Active coupons/deal user
  (54% of smartphone users)
• 33% receive coupons/offers
  near store today…
• BUT 56% want to receive
  offers/coupons on phone
  near store




Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker.
                                                                                         14
Like Me Back



             81%
Carry 2+ loyalty/rewards cards




                                                                        43%
                                                                        Banks should reward/
                                                                        recognize me



Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker.
                                                                                               15
Know Me



                64%
     Expect bank to consider my
           circumstances




                44%                                                     40%
   Expect bank to offer products/                                      Want tailored ads/offers
     services to match lifestyle



Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker.
                                                                                                  16
Make it Easy



                 55%
   My time is valuable – speed up
      shopping and checkout




                 47%                                                                      50%
New technologies should empower me                                          If technology is not easy the first
       to be a savvier shopper                                              time, I stop using!




 Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker.
                                                                                                                  17
Control Issues



                81%                                                                         82%
        Expect real time access                                                          Expect online banking

                                                                                         32% Expect app


                                                                                            47%
                                                                                 Use bank app on smartphone

                                                                                    55% 18-34 year olds

Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker.
                                                                                                                 18
Control Issues




Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker.
                                                                                         19
MOBILE TIPPING POINT?

Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker.
                                                                                         20
5 in 10 Smart Phone Owners


      Use Mobile Phone to Make Purchases

s




                      28% Interest in Mobile Wallet
                                 (up from 19% March ‘12)


    Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker.
                                                                                             21
Mobile Wallet Security Concerns
 Remain the Same from Wave 1




 5%                                 17% 77%                                               1%
Not Concerned                              Neutral                            Concerned   Don’t Know




 Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker.
                                                                                                       22
Mobile Wallet Security Concerns
Remain the Same from Wave 1


                72%
  Payment info could be stolen by
                                                                                         59%
                                                                                Worry about losing their phone
   someone hacking into phone                                                     with payment information

Interesting: Millennials also worry about security – but as savvier phone users
                  also worry about everyday technical glitches




                56%
 Millennials concerned they might
                                                                                         54%       Don’t Know
                                                                             Concerned their battery might die
not have a strong enough signal to                                             when they need to make a
       complete a purchase                                                              payment



Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker.
                                                                                                                 23
Bottom Line…



                Whether you are a bank,
                a store, small or large…

            CONSUMER expectations
             continue to increase and
                across industries
Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker.
                                                                                         24
WE BELIEVE OPPORTUNITY IS IN
UNDERSTANDING

THE OPPORTUNITY IS OURS


                               25

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Consumer Expectations and the Great Transition

  • 1. Consumer Expectations and the Great Transition: Understanding What Consumers Really Want In Payments Jill Gonzalez Bank of the West, Senior Vice President of the Card Services Division Shelly Belvill Vice President, First Data Christopher Bumcrot Partner, Applied Research & Consulting LLC
  • 2. Copyright 2013 First Data Corporation. All Rights Reserved. This document contains unpublished, confidential and proprietary information of First Data Corporation. You may not disclose, copy or use any part of these materials for any purpose without the express written consent of First Data Corporation. All trademarks, service marks and trade names used in this material are the property of their respective owners. 2
  • 3. PAUSE: Smart Phone Addiction! What do you do first thing when you wake up in the morning? 25% 20% 16% 11% Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker. 3
  • 4. Approach CLIENT CONSUMER EMPATHY EMPATHY UNDERSTANDING INNOVATION Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker. 4
  • 5. What Works? MUST BE PERCEIVED EASY AS SECURE TO USE PROVIDE A BENEFIT Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker. 5
  • 6. Wave 2 FIRST DATA UNIVERSAL COMMERCE CONSUMER TRACKER Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker. 6
  • 7. Ever Wonder… How are real consumers dealing with all the changes happening US TOO. in payments and money management? That’s why we’ve been doing some very interesting research to get into the lives of our target audience. 60 consumers… Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker. 7
  • 8. EARLY TECH ADOPTERS & SAVVY SHOPPERS Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker.
  • 9. …Used a Clever Little Tool • Who they are & what they’re about Called OVER THE SHOULDER • Their personal approaches to to ride along with them on their interacting with money smartphones for • The ‘tools’ they use during their day • How they pay for things & think 2 weeks to see… about money Then they joined us in person… Make a 60-second video that shows us your diagram, explains why you sketched it together the way you did, and how you FEEL about plus we refreshed our quant data it. to support what we found Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker. 9
  • 10. The Skinny… • ON = OFF – Consumers blur online and offline shopping and banking. • BEYOND THE TRANSACTION – They want more than just a transaction. They want an experience – to be recognized for their loyalty, to have a personalized experience, to best utilize their time (in and out) and to get a good deal. • CONTROL ISSUES – Consumers actively manage their money and expect real-time information wherever, whenever. • MOBILE TIPPING POINT? – Mobile’s role in shopping and banking continues to increase, as do the expectations. Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker. 10
  • 11. OFF = ON 38% 21% Want Want to start seamless online or offline experiences and finish on the other… easily! 55% 64% 41% 12% Use smartphone Have retailer apps Received Remote deposit in-store to on phone; eReceipt from checks sometimes comparison typically use in-store or frequently shop <4 frequently purchase Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker. 11
  • 12. OFF = ON Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker. 12
  • 13. Beyond the Transaction • Let’s Make a Deal • Like Me Back • Know Me • Make it Easy Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker. 13
  • 14. Let’s Make a Deal APPROXIMATELY 1/2 SEEK A GOOD DEAL • Active coupons/deal user (54% of smartphone users) • 33% receive coupons/offers near store today… • BUT 56% want to receive offers/coupons on phone near store Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker. 14
  • 15. Like Me Back 81% Carry 2+ loyalty/rewards cards 43% Banks should reward/ recognize me Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker. 15
  • 16. Know Me 64% Expect bank to consider my circumstances 44% 40% Expect bank to offer products/ Want tailored ads/offers services to match lifestyle Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker. 16
  • 17. Make it Easy 55% My time is valuable – speed up shopping and checkout 47% 50% New technologies should empower me If technology is not easy the first to be a savvier shopper time, I stop using! Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker. 17
  • 18. Control Issues 81% 82% Expect real time access Expect online banking 32% Expect app 47% Use bank app on smartphone 55% 18-34 year olds Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker. 18
  • 19. Control Issues Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker. 19
  • 20. MOBILE TIPPING POINT? Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker. 20
  • 21. 5 in 10 Smart Phone Owners Use Mobile Phone to Make Purchases s 28% Interest in Mobile Wallet (up from 19% March ‘12) Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker. 21
  • 22. Mobile Wallet Security Concerns Remain the Same from Wave 1 5% 17% 77% 1% Not Concerned Neutral Concerned Don’t Know Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker. 22
  • 23. Mobile Wallet Security Concerns Remain the Same from Wave 1 72% Payment info could be stolen by 59% Worry about losing their phone someone hacking into phone with payment information Interesting: Millennials also worry about security – but as savvier phone users also worry about everyday technical glitches 56% Millennials concerned they might 54% Don’t Know Concerned their battery might die not have a strong enough signal to when they need to make a complete a purchase payment Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker. 23
  • 24. Bottom Line… Whether you are a bank, a store, small or large… CONSUMER expectations continue to increase and across industries Copyright 2013 First Data Corporation. First Data Universal Commerce Consumer Tracker. 24
  • 25. WE BELIEVE OPPORTUNITY IS IN UNDERSTANDING THE OPPORTUNITY IS OURS 25