英國金融服務之網路銷售

Abstract

Technological developments such as high-speed broadband are helping to drive Internet penetration among households. This in turn is helping to drive growth in the financial ecommerce sector. However, most people are still only using the Internet to search for product and provider information and to browse financial websites (and then proceeding to buy via other channels); and many still need to be convinced of the merits and relative safety of buying, banking and investing online.

Consumer research data suggest that in the banking and insurance markets the average conversion rate (ie the proportion of sales to quotes conducted online) is currently around 25-35%. Companies are therefore investing heavily in marketing and product/service development in order to increase the rate of conversion. This involves offering financial incentives and exclusive online deals; improving online brand presence and the user-friendliness of websites; and enhancing the overall experience.

Table of Contents

• Introduction and Abbreviations
• Mintels consumer research
• Market context
• Key sources
• Global information and research
• Consumer research
• ACORN
• Abbreviations
• Executive Summary
• Background
• The main findings of Mintels consumer research
  • Figure 1: Distribution of Internet users by frequency of use, December 2005
• Determining the size of the online account customer base
  • Figure 2: Financial accounts held/registered online by Internet users, December 2005
• Ranking the main protagonists
• Assessing online buying activity
  • Figure 3: Financial products bought online within the past 12 months by Internet users, December 2005
• Segmenting the Internet base
  • Figure 4: Segmenting the Internet user base according to online buying experience, December 2005
• The Internet encourages consumers to compare prices
• Attitudes towards other channels...
• ...and use of aggregator sites
• The main advantages of banking and buying online
• Factors which would persuade more consumers to migrate to the Web
• Market outlook
• Market Dynamics
• Market Drivers
• Internet penetration
  • Figure 5: Proportion of GB adults who have used the Internet at home or elsewhere in the past year, 2002-05
• Online access determined by technology take-up
  • Figure 6: Ownership of the Internet and other new technology at home -- GB, 2002-05
• Demand drivers -- a matter of convenience
  • Figure 7: Demand drivers helping to facilitate online purchasing
• Over a fifth of Internet users say buying online makes their life easier
  • Figure 8: Proportion who agree with four statements about the Internet, 2002-05
• 25-44-year-olds are prime targets for Internet sales
  • Figure 9: Proportion who agree with four statements about the Internet, by gender, age and socio-economic group, 2005
• Market Barriers
• Lack of access
• Technical issues
• A problem with awareness, perhaps?
  • Figure 10: Provision of telephone and Internet banking by main bank and proportion who use these services, 2004 and 2005
• Fear of fraud and online scams
• Common security threats
• Customer responsibilities
• Banks strengthen security procedures and seek to educate consumers of the risks
• Under the spotlight 1: Lloyds TSBs measures to combat fraud
• Ecommerce regulation
• UK law
• Other legislation
• Market Developments and Innovations
• Banking
• Background
• The future of standalone Internet brands
  • Figure 11: Size of the main Internet-only banking brands in the UK, by number of customers, 2005
• Internet and call centre technologies are converging
• On the move with mobile Internet banking
• Account aggregation
• Personal Loans and Credit Cards
• Online credit cards
• Anti-card fraud initiatives
• Mortgages
• Problems with online relevance
• Optimising the power of search engines
• Under the Spotlight 2: Standard Life Banks Freestyle mortgage range
• General Insurance
• The Internet is less effective at up-selling extras
• The fight to the top
• Greater functionality
• Complementing (or competing with) other direct channels?
• Investments
• An evolving marketplace
• The pros and cons of online share dealing
• The market is experiencing increasing consolidation
• Online trades now account for at least half of all execution-only trades
  • Figure 12: Number of online investors and volume of online trades, Q3 2002-Q2 2005
  • Figure 13: Number of online investors and average number of trades per online investor, Q3 2002-Q2 2005
• Fund supermarkets
• Pensions
• Using the Internet to galvanise interest and raise confidence
• Online User Profile
• The Internet is ideal for targeting the more affluent and financially active
  • Figure 14: Penetration and profile of GB Internet users, by gender, age, socio-economic group and working status, October 2005
• Sending and receiving email is top online activity
  • Figure 15: Types of activity undertaken on the Internet in the last 3 months, July 2003, July 2004, August and October 2005
• The Internet has made pre-purchase research much easier
• Travel sites are the most popular destinations for online browsers
  • Figure 16: Websites browsed for information purposes in the last three months, November 2002, October 2004 and October 2005
• Online bank accounts and general insurance sites attract an increasing proportion of potential buyers
  • Figure 17: Websites browsed for information purposes with a view to possibly buying in the last three months, November 2002, October 2004 and October 2005
• For other areas of finance, the Internet remains a niche sales channel
  • Figure 18: Websites actually purchased from in the last three months, November 2002, October 2004 and October 2005
• Balance enquiry is the top financial activity executed online
  • Figure 19: Financial activities undertaken by Internet users, 2005
• The Consumer and Online Account Penetration
• Nearly a fifth of adults are heavy Internet users
  • Figure 20: Proportion of adults who have used the Internet in the past three months and frequency of usage, December 2005
• One in four adults have an online current account
  • Figure 21: Proportion of adults who have finance accounts registered online, by type, December 2005
• Online account ownership rises with frequency of Web use
  • Figure 22: Proportion of adults who have finance accounts registered online, by type and Internet usage, December 2005
• Mortgage holders are most keen on Internet access
  • Figure 23: Proportion of adults who have finance accounts registered online, by type of product owned, December 2005
• ABs and full-time workers strongly favour online access
  • Figure 24: Proportion of adults who have finance accounts registered online, by gender, age, socio-economic group and working status, December 2005
• Singletons are just as likely to log on as couples
  • Figure 25: Proportion of adults who have finance accounts registered online, by marital status, lifestage and Mintels Special Groups, December 2005
• Income is an enabling factor
  • Figure 26: Proportion of adults who have finance accounts registered online, by tenure, gross annual household income, region and ACORN category, December 2005
• Broadsheet readers and Waitrose shoppers record high take-up
  • Figure 27: Proportion of adults who have finance accounts registered online, by new technology usage, newspaper readership, commercial TV viewing and supermarket preference, December 2005
• The Internet is highly effective at attracting the more affluent groups
  • Figure 28: Profile of online account holders and non-online account holders, by gender, age, socio-economic group and working status, December 2005
• Under the spotlight 3: ING Directs online achievements
• CHAID analysis
• What is CHAID analysis?
• The main target groups identified
  • Figure 29: Target groups identified for finance accounts registered online, December 2005
• Around one in ten consumers have three or more financial products registered online
  • Figure 30: Number of financial product types held/registered online, December 2005
  • Figure 31: Financial accounts registered online by number of online product types held, December 2005
• ABs have the greatest tendency to hold multiple online finance accounts
  • Figure 32: Number of financial product types held/registered online, by gender, age, socio-economic group and working status, December 2005
• The big five banks have the largest Internet account customer bases
  • Figure 33: Where online accounts are held, by individual brand or type of company, December 2005
• Four in five customers of the Internet banks are ABC1s...
  • Figure 34: Online customer profiles of the main types of financial provider, by gender, age, socio-economic group and working status, December 2005
• ...and hold the broadest range of online accounts
  • Figure 35: Type of Internet account held by the customers of the main types of financial provider, December 2005
• RBS/NatWest benefits from the biggest concentration of ABC1s
  • Figure 36: Online customer profiles of the top five banks, by gender, age, socio-economic group and working status, December 2005
  • Figure 37: Type of Internet account held by the customers of the big five banks, December 2005
• Industry Views
• Internet Banking
• What does the future hold for standalone Internet brands?
• And whats the next major development phase?
• Selling Insurance Online
• High marketing costs make it difficult for smaller operators to compete with the big brands
• Selling online the Direct Line way
• The Consumer and Online Purchasing Behaviour
• Motor insurance is the best online seller
  • Figure 38: Proportion of adults who have bought a financial product online over the past 12 months, by type, December 2005
• A small proportion of non-users have arranged insurance online
  • Figure 39: Proportion of adults who have bought a financial product online over the past 12 months, by type and Internet usage, December 2005
• One in eight have bought multiple financial products online in the past year
  • Figure 40: Number of financial products bought/arranged online over the past 12 months, December 2005
• Motor insurance is often the first financial product purchased online
  • Figure 41: Financial products bought online by number of products bought over the past 12 months, December 2005
• Heaviest users are more inclined to buy multiple finance products online
  • Figure 42: Number of financial products bought/arranged online over the past 12 months, by gender, age, socio-economic group and working status, December 2005
• 16-34-year-olds are twice as likely as the overall population to apply online for a credit card
  • Figure 43: Top four financial products bought online over the past 12 months, by gender, age, socio-economic group and working status, December 2005
•  Some consumers have bought an insurance policy over the Web but have yet to migrate their current account online
  • Figure 44: Proportion of adults who have bought/arranged financial products online in the past 12 months -- online versus non-online account holders, December 2005
• Online credit card customers are key cross-selling targets
  • Figure 45: Type of online product bought online in past year by online current account, savings account and credit card holders, December 2005
• Most online users have used the Web with regards to some part of their finances
  • Figure 46: Segmenting the Internet user base according to financial ecommerce activity, December 2005
• Two thirds of Internet users say they are more prone to comparing prices online
  • Figure 47: Agreement with three statements about arranging financial products online, December 2005
• Half of those who have bought a financial product via the Web are in favour of renewing online
  • Figure 48: Ownership of any Internet account and financial products purchased online in past year by those who agree with three statements, December 2005
• Some two thirds of Internet users aged 25-34 want to renew/amend their insurance policies online
  • Figure 49: More likely to compare products online and pro the ability to renew/amend insurance policies online, by gender, age, socio-economic group and working status, December 2005
• Consumer Attitudes and Behaviour
• Internet banking may be a natural progression from telephone banking
  • Figure 50: Agreement with statements relating to the Internet and other service-delivery channels, by Internet usage, December 2005
• Cluster analysis
  • Figure 51: Proportional size of clusters -- total sample versus Internet users only, December 2005
  • Figure 52: Agreement with statements relating to the Internet and other service-delivery channels, by clusters, December 2005
• Cross-analysis shows that Online Buyers are aptly named
  • Figure 53: Internet usage, number of online finance accounts held and number of financial products arranged online, by cluster, December 2005
• One in five people aged 45-54 are Potential Converts
  • Figure 54: Cluster analysis by gender, age, socio-economic group and working status, December 2005
• Marketing to Potential Converts and Keen Talkers
• The southern regions, bar London, have a significant share of Online Buyers
  • Figure 55: Cluster analysis, by marital status, lifestage, region and ACORN category, December 2005
• Four in five Kwik Save shoppers are Outside Net
  • Figure 56: Cluster analysis, by new technology usage, newspaper readership, commercial TV viewing and supermarket preference, December 2005
• Open 24/7 is a major plus...
• ...but buying financial products online is not perceived generally as fun
  • Figure 57: Advantages of buying/subscribing to financial products/services online, by Internet users December 2005
• The ability to access services from anywhere will curry favour among frequent/long-haul travellers
  • Figure 58: Advantages of buying/subscribing to financial products/services online -- total sample and by Internet usage, December 2005
• Online account holders rank the benefits somewhat differently
  • Figure 59: Advantages of buying/subscribing to financial products/services online, by online account holders, December 2005
• ABs want convenience, C1s look for price advantages and C2s like to avoid sales pressure
  • Figure 60: Advantages of buying/subscribing to financial products/services online, by gender, age, socio-economic group and working status, December 2005
• Security is the number one concern...
  • Figure 61: Factors which would make consumers more likely to subscribe to Internet banking or buy a finance product online, December 2005
• ...and particularly for medium-to-heavy Internet users
  • Figure 62: Factors which would make consumers more likely to subscribe to Internet banking or buy a finance product online, by Internet usage, December 2005
• Major target groups are most anxious about online security
  • Figure 63: Factors which would make consumers more likely to subscribe to Internet banking or buy a finance product online, by gender, age, socio-economic group and working status, December 2005
• Further analysis
• Advertising and Promotion on the Web
• Internet adspend comprises a small proportion of overall industry expenditure
  • Figure 64: Total advertising expenditure by finance sector, by main media type, 2004 and2005
• Under the spotlight 4: Norwich Unions online advertising push
• Loan and credit card providers are among the heaviest online advertisers
  • Figure 65: Top ten Internet advertisers in the finance sector, 2004 and 2005
• Assessing the effectiveness of online versus offline advertising
  • Figure 66: Effect of online and offline advertisements on purchasing of products and services, July 2004 and August 2005
• The Future
• Internet penetration will continue to grow
• Online banking will become increasingly mainstream
• The Internet has increased price competition...
• ...but big brands will help to stabilise the motor insurance market
• Internet sellers will seek to improve conversion rates...
• ...by educating consumers about how to protect themselves...
• ...offering user-friendly and streamlined processes...
• ...and giving greater focus to branding
• Technical innovation moving mobile
• And finally...