Innovation clearly matters to financial services consumers – especially to those who are active and “highly digital.” Knowing which groups to target with innovation increases the success of these efforts.

The latest report from Celent looks at how innovation capabilities impact consumer views of financial institutions.

“Consumers often say they are open to technological change and value innovation,” says senior analyst Mike Fitzgerald, coauthor of the report. “But as digital tools have matured, it has become possible to focus on what consumers do, rather than what they say.”

“We believe that segmentation based on consumer behaviors, or what we call ‘Digital Propensity,’ will allow financial institutions to apply scarce innovation resources to greater effect,” says Craig Weber, CEO of Celent and coauthor of the report.

The report defines several segmentation characteristics and highlights how focusing on those characteristics could make innovation efforts more effective.

The report is based on a survey of over 800 consumers in North America and explores their use of digital technology, the frequency with which they use financial services, and the extent to which innovation reputation influences their choice of providers.