Consumer Attitudes to Online Current Accounts

리서치사	Datamonitor
발행일	2009년 10월	상품코드	101282
페이지 정보	68 pages
가격	US $ 4,495 ￦ 5,355,700 PDF by E-mail (Single User License) US $ 11,238 ￦ 13,390,000 PDF by E-mail (Global Site License)

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Abstract

Introduction

Consumer attitudes toward using the online channel for current account transactions are constantly evolving. Ongoing technological advancement as well as demographic and lifestage complexities are driving these shifts in attitude. Current account providers must understand what consumers want from the online channel in order to maximize the advantages that it can bring to their business.

Scope of this research

Using global data from our FSCI survey this report identifies how consumer attitudes towards the online channel are changing.
The report analyzes the causes of these shifts and identifies strategies that can be employed by providers to attract and retain online customers
The report discusses the opportunities and threats faced by current account providers wanting to develop their online strategy

Research and analysis highlights

The online channel is currently not being used to its maximum capability. Nearly all (97%) of those registered online for their current/checking account have used the channel to check their balance, but remarkably less one fifth had used it to order a new card, check book or paying in book.

Mobile banking is expected to take the same upwards trajectory as online banking and is expected to grow faster. Over half of consumers globally believe they are ' at least somewhat likely' to conduct banking through a mobile device in the next 12 months. Take-up is expected to be particularly prominent in emerging markets by reaching the unbanked.

Security concerns are the main deterrent to consumers' use of the online channel 48% those consumers who are not registered online agreed that it was a reason why they were not. With 30% of current account holders still not registered for online facilities, this a concern which banks must address.

Key reasons to purchase this research

Access the results of Datamonitor' s Global FS Consumer Insight survey, enabling you to understand shifting online attitudes and behaviours.
Identify why these changes are occurring, and understand the future implications for the online channel.
Identify actionable strategies that can help encourage consumers to engage with the online channel.

OVERVIEW

Catalyst
Summary
Methodology

INTRODUCTION

Financial Services Consumer Insight: dispelling the myths surrounding online behaviors
- Understanding consumers' attitudes towards financial services is vital for providers

THE FUTURE DECODED

Trend: Global use of the internet has increased
- Ongoing technological evolution has facilitated a steady increase in internet usage
- Demographic changes and alterations in consumer behavior have increased consumer driven demand
Insight: Increased global internet usage has led to an increase in use of the online channel in the day-to-day management of current accounts
- Take-up of online registration for current accounts is most popular in the West
- The greatest proportion of online users are from Generation X, but take-up is becoming increasingly popular with older demographics
- Many consumers still prefer branch banking
Insight: The online platform for current account transactions is not used to its full capability
- The online channel is not being used for all the tasks available
- Task preference shows some regional variation
Trend: Mobile banking is gaining in popularity
Insight: Mobile banking will follow the same trajectory as online banking
- Consumers are more comfortable performing simpler tasks through the mobile platform
Insight: Mobile banking appeal differs regionally
- The mobile banking platform holds the most potential for emerging markets
- Usage and adoption of mobile banking platforms varies considerably in the developing countries
Trend: The impact of Web 2.0 has provided banks with key opportunities to increase use of the online channel for financial services
- Web 2.0 presents challenges as well as promises
Insight: Dynamic content is a key factor in engaging consumers
- "MSN style" chat functionality holds great customer service and cross-selling potential
Insight: Greatest use of social media is for customer service rather than sales and marketing
Trend: Security issues are the biggest threat to online current account banking
Insight: Security concerns are more prominent in emerging regions than in the Eurozone and US
Insight: Day-to-day convenience does not overcome security concerns
- Consumers are as concerned about post-fraud customer service as they are about fraud prevention and detection measures
- Perceived security is just as important as real security
- Authentication processes are key to finding the balance between deterring consumers and quelling security concerns

ACTION POINTS

Action: Improve the online platform and venture into mobile banking platforms
- Experiment more boldly with mobile banking technology
Action point: Acquire and retain customers through more experimental use of Web 2.0 technology
- Integrate the use of social media into customer service strategies
- Aggressive advertising through social media channels should be avoided
- Integrate more advanced technology into the in-branch experience
Action: Focus marketing on alleviating security concerns
- Make the authentication process less cumbersome
- Increase focus on reverse authentication
- Educate users on security and technology

APPENDIX

Data tables
Methodology
Further reading
Ask the analyst
Datamonitor consulting
Disclaimer

TABLES

Table: Global internet penetration
Table: Product holdings among those who have used online banking in the last six months or bought financial services online
Table: Product holdings in Asia Pacific
Table: Product holdings in BRIC countries
Table: Product holdings in Eurozone and US
Table: Internet penetration and online registration for current/checking accounts by country
Table: Online registration for current/checking accounts by age
Table: Product holdings by age
Table: Online banking will never replace branch banking by country
Table: Tasks conducted through online banking over the last six months (of those who have a current account/checking account)
Table: Tasks conducted online over the last six months by region
Table: How often do you check your bank balance?
Table: Consumers who avoid opening their bank statements, by country and region
Table: Mobile telephone subscribers per 100 inhabitants
Table: Tasks conducted online by urban Indians
Table: Why not online banking?
Table: Security concerns by age
Table: Of those that have never used online banking or bought financial services online, security concerns and preference to deal in branch by country
Table: Of those that have done online banking in the last six months or bought financial services online, security concerns and preference for face to face contact by country
Table: Proportionate identity fraud data

FIGURES

Figure: Internet penetration has shown consistent growth since 2000
Figure: Internet penetration is highest in North America but the majority of internet users are in Asia
Figure: Current/checking accounts are the most popular product to be registered online for
Figure: Current account online registration is the most popular in all Eurozone countries and the US
Figure: The BRIC countries have the lowest levels of internet penetration but comparatively high online registration levels for current/checking accounts
Figure: Online registration is most popular for current accounts across all demographics
Figure: Most consumers registered to use their current/checking account online are between 25 and 64 years old
Figure: Half of the global population believes that online banking will never replace branch banking in their eyes
Figure: The simplest and most frequently required tasks are the most popular on the online platform
Figure: Task preference shows some regional variation
Figure: Eurozone and US consumers check their bank balances most frequently
Figure: Consumers who avoid opening their bank statements by region
Figure: Mobile phone subscriptions have steadily increased since 1997
Figure: The mobile banking platform has increased in sophistication with the introduction of ' smartphones'
Figure: Mobile banking is expected to follow the same trajectory as online banking
Figure: Checking balances is the most popular function on the mobile banking platform in India
Figure: Mobile bankers in the UK appear to use the service during ' dead' time as a convenience
Figure: Monitise predicts the most growth for mobile banking in the Asia Pacific region
Figure: Mobile banking was found to be most popular with lower income users in India
Figure: UBank has pioneered the use of social media in Australia
Figure: Security concerns are the biggest deterrent to registering online
Figure: Security concerns span all age groups
Figure: Security concerns are greater in emerging markets, whereas a preference for dealing with people in branch is more important in developed countries
Figure: Security concerns show less disparity among those who are registered online, but are still lower in developed countries
Figure: Only 12% of identity fraud occurs through the online channel
Figure: Sending OTPs to mobile phones as a second authentication factor is gaining popularity
Figure: Use of social media such as Twitter represents a key marketing opportunity
Figure: Barclays piloted Microsoft Surface technology in its concept branch, launched in December 2008
Figure: Natwest educates consumers on how best to prevent consumers exposing themselves to identity fraud