Fifty percent of a new survey respondents said they have installed a mobile app from their bank. Of those respondents, 70% said that they use the app a few times a month or more.
Despite hearsay from consumers, recent surveys show the majority of consumers would like to receive gift cards instead of physical gifts. However, about 30% said they feel guilty asking for them.
FIS released a comprehensive banking behavior study showing consumers who transfer money person-to-person want to make those transactions immediate; and, while young consumers are more likely to be among the early adopters of real-time payments, most importantly, they want the process to be convenient and easily accessible. Conducted Ipsos Vantis, on behalf of FIS, the market research indicated consumer sentiments and potential economic value for banks that instantly authorize transactions in four key market groups: outbound foreign money transfer users, account-to-account (A2A) transfer users, person-to-person (P2P) payment users and online bill payers. Faster payment was rated as being important by 80 percent of outbound foreign money transfer users, because it provides both senders and recipients with peace of mind. The majority (58 percent) of A2A users also want to be able to transfer their money between accounts quickly and a large percentage (41 percent) of P2P users want recipients to be able to access funds immediately. Potential adopters of outbound foreign money transfer and P2P real-time payments most often want to use real-time applications to send money — as gifts, payments, for emergencies and more — to family members and friends.
Shoppers expect to spend approximately $748 this season compared to plans of spending $730 at this time last year while 23% indicated they intend to spend more in 2011, up from 13% that planned to spend more in 2010. Meanwhile, 50% intend to spend the same or more as they did last year; up from 43%. This, according to the Discover 2011 Annual Holiday Shopping Survey, which examines holiday spending intentions and trends for the upcoming holiday season, also indicated 6% said they had purchased a gift through a group-buying site, which more than tripled in 2011 to 20 percent. Moreover, 66% plan to spend within their budget and more than 25% would spend between $500 and $1,000 on holiday shopping in 2011.
After falling in December, confidence among small business owners rebounded in January to 91.0 in January on the Discover “Small Business Watch” index, up 9.4 points from December 2010 and 5.5 points higher than one year ago, the highest the index has been since December 2007 at 92.7. With this, 31% of small business owners say the economy is getting better this month, up from 25% in December; 41% say it is getting worse, down from 51% last month; 24% say it’s the same, up from 22%; and 3% were unsure. Meanwhile, 31% of small business owners say economic conditions for their businesses are getting better, up from 25% the month prior; 38% see conditions getting worse, down from 43% in December; 26% say they are the same, even with December; 5% were unsure. Additional indicators show 30% will increase spending on business development , up 9 points to its highest point since March 2008; 40% will decrease business development spending, down from 42% last month; 27% do not plan any changes, down from 32%. Moreover, 57% reported the economy as poor, down 5 points from last month while 34% report it as fair, up 5 points.
August saw 62% of small business owners indicating the economy is getting worse while 55% expect economic conditions to be unfavorable in the next six months, up 10% from July. With this, the Discover “Small Business Index” plummeted from 83 in July to 73 in August, the lowest in 18 months and the largest one-month decline since November of 2009. Confidence among small businesses slid 17.4 points since last month to a record-low 65.5 points on the index, compared to business-to-business operators who marked 79 on the index in August, down only 2.2 points from July. Most revealing is 75% of small business owners expected a second recession to occur before the country sees a full recovery. Additionally, 17% of small business owners would increase business development spending in the next six months, down from 28% in July; 52% would decrease spending, up from 45 percent in July; 29% donât plan any changes; 78% have no plans to do any hiring; 72% had no plans to add or subtract jobs; and 20% were laying off workers and 6% planned to do some hiring.
2010 SMB INDEX
The number of small business owners seeing conditions for their own businesses getting better in the next six months dropped in July for the second consecutive month. These owners are uncertain about the economic future as the recession hangover continues-and wont go away. The Discover Small Business Watch Index fell to 83.0 for the month, compared to 86.1 in June and 82.0 in July of last year, and now stands at its lowest point since March. For July, 58% of small business owners rated the economy as poor, up from 51% in June, while 7% rated the economy as excellent or good, down from 12% in June. Additional findings show 75% of small business owners believe it is likely or highly likely that the economy will slip into another recession before it fully recovers; 57% feel the economy is getting worse, up from 51% in June; 27% think the economy is getting better; 14% think it is the same; 3% are not sure; 45% report economic conditions for their businesses were worse in July, up from 43% in June; while 30% said conditions were better; 22% reported conditions were the same; 3% werenât sure; and 73% reported economic conditions strangled their take-home pay, up from 69% for the year ago period.
2010 SMB INDEX
Small business ownersâ confidence increased for the second straight month in May to 87.4 from 85.1 in April on the Discover “Small Business Index.” In May, 35% of small businesses believe the economy is getting better, up from 31% in April; 51% say the economy is getting worse, down a point from the previous month; and 12%t see the economy as the same, down from 14 percent in April. The percentage of small business owners rating the current economy as good or excellent was 12% in May, compared to 13% in April while 32% rate the economy as fair and 56% still think itâs poor. These improvements are due in great part to more small business owners believing the economy is improving; cash flow issues held steady at 45%; 48% reported no cash flow issues; 28% say economic conditions for their businesses are getting better; and 25% of small business are increasing business spending in May.
2010 SMB INDEX
Of companies giving bonuses this year, 49% will give cash, spending a
median of $250 per employee. Thirty-nine percent will give gift cards,
with a median value of $35 per employee and 22% will give food. The
Hewitt Associates survey found that most U.S. employees hoping to get a
holiday bonus to supplement the small pay raises they saw this year may
be disappointed. While the current economy has accelerated the decrease,
Hewittâs research shows a steady trend away from these bonuses toward
the adoption of more formal pay for performance programs to reward and
thank employees. Replacing holiday bonuses are variable pay programs,
which have increasingly emerged as the primary pay for performance
vehicle for employers and make up a greater portion of an employeeâs
overall compensation package.
Wells Fargo & Company has expanded its “Cash Back Card” program to give eligible customers the ability to pay
down their home equity principal, automatically apply cash rewards to their eligible Wells Fargo checking
and savings accounts, pay down their personal lines and loans or request cash rewards.
Customers can also pay down their Wells Fargo Home Mortgage with the Wells Fargo Home Rebate Card.
Since 2007, when the company introduced its “Wells Fargo Home Rebate Card”, a special
credit card only for its mortgage customers, nearly $10.5 million has
been applied to the principal on Wells Fargo Home Mortgage loans.
Virtually every purchase (minus returns/credits) customers make with
their “Wells Fargo Cash Back Card” or “Wells Fargo Home Rebate Card”
counts toward a 1% rebate. The rebate is applied automatically to
the selected account in $25 increments, and there is no cap on the
amount of rebate customers can earn.
Sixty-eight percent of corporate representatives expect China to lead
business travel recovery with investment by global companies and local
companies to increase over the next 12 months while 89% anticipate their
own companies to invest in China. Additionally, 79% expect their company
to invest in India over the next year and 46% anticipate China as a top
priority for international expansion in the short term. This, according
to two American Express Business Travel surveys conducted among its
Global Business Partnership (GBP) clients and with 180 client
organizations for its annual China Business Travel Survey(The
Barometer), shows China will be the first country to emerge from the
current economic cycle according to indications from 72% of firms.
Additional GBP findings show 50% of respondents say their company will
decrease travel spending over the next year by more than 10%; 25% stated
T&E spend will stay the same over the coming year; 25% predicted they
would be hiring again come 1Q/10; and 36% will continue to hold off on
hiring until 2011. Additional Barometer findings show 80% of
organizations have formal T&E policies in place; 68% have attained more
than 50% policy compliance (up 17% Y/Y); and 78% of Chinese
organizations have negotiated rates with airlines and 79% with hotels.
Visa Inc.’s latest report, “Tourism Outlook: USA”, concludes U.S.
tourism is running strong with $53 billion Visa tourism dollars
generated by international visitors. Data shows U.S. Visa cardholders
who visited Canada contributed $5.5 billion to tourism revenues in 2008,
up 2% from the year prior, having spent an average of US$113.80 per
person. Canadian travelers to the U.S., however, spent $15.3 billion on
their Visa cards in 2008, up 19% from the year prior, as the number one
contributors to inbound tourism revenue. Canadian revenue contribution
to U.S. tourism was followed by visitors from United Kingdom with $4.7
billion, Japan with $3.1 million and Mexico with $2.5 billion.
Additional findings show only 25% of those surveyed are less willing to
travel because of the socio-economic climate and 23% are more likely to
travel internationally. However, 83% may adjust international travel
plans with 52% opting to travel during off-peak seasons while 33% are
choosing destinations with lower cost. The most popular forms of payment
while traveling, in order, are credit cards (55%) and cash (20%), either
chosen for convenience (69%), security (53%) and ease of access to funds
(46%). The Visa international tourism survey of 5,539 adult consumers
was conducted online while the Visa Inc retail electronic payments
network is present in more than 170 countries.