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Datamonitor's Financial Services Consumer Insights survey shows that the fundamental weakness in US savings behavior is a crucial driver of global imbalances. Despite the G20's intention to address the issue of imbalances in the world economy, US saving behavior must see a marked change if global imbalances are to be corrected and the $100 billion US current account deficit is to be paid back.
Consumers with small savings balances prize ease of access whereas consumers with large balances focus on interest rate. This requires banks to segment and market their savings proposition in terms of either rate or ease of access.
Banks need to offer an impulse saving service to foster a savings habit among customers who find it difficult to put money aside. This will help to grow the deposit base as well as assuaging negative perceptions regarding the ability to save.
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