Aggregation Metrics: Consumer Attitudes towards Online Aggregation and Broking of

Aggregation Metrics: Consumer Attitudes towards Online Aggregation and Broking of Financial Services in the UK

Published Date: September 2008

Published By: Finaccord Ltd.

Page Count: 80

Order Code: R3434-147

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Finaccord’s report titled Aggregation Metrics: Consumer Attitudes towards Online Aggregation and Broking of Financial Services in the UK offers detailed and unique insights into the behaviour of UK consumers in the context of financial services distribution with a particular focus on the prospects for online aggregation and broking. Based on a primary survey of over 1,000 consumers in the UK carried out between July and August 2008, the research provides robust and valuable data describing the way in which consumers’ use of distribution interfaces and channels is changing when they acquire financial services. In addition to investigating the extent to which consumers in the UK acquire banking or insurance products via the Internet at all, the research also analyses the degree to which they compare product prices and characteristics prior to buying and the number of websites they typically visit for this purpose. Moreover, for each of mortgages, personal loans, motor insurance and household insurance, it provides annual churn data and detailed distribution interface and channel analyses to illustrate the future potential of both on-line aggregation and broking, and alternative distribution systems. Furthermore, the report measures the consumer recognition rates achieved by leading online aggregators and brokers in the UK, and how these compare to the online brands of major direct providers, and also considers the extent to which consumers in the UK are aware of and / or value the fundamental concepts of online aggregation and broking. Key features of the report include: insight into the propensity of UK consumers to buy goods and services online, including segmentation of customers for online financial services; analysis of how consumers in the UK use the Internet for financial services including how they use it for research as well as for buying online, how many websites they visit before taking out banking or insurance products, and whether their choice of website is influenced by its status as the online shop window of a bank or insurance company (ie. the ultimate provider), an aggregator or a broker; brand recognition of 20 financial websites in the UK including those of the leading direct providers of banking and insurance products as well as those of the most prominent aggregators and / or brokers; benchmarks for the distribution of four key products in the UK (mortgages, personal loans, motor insurance and household insurance), measuring the segmentation of sales by distribution channel and by interface, and how this is changing over time; overall summary of the apparent attractiveness of markets for online aggregation and broking, comparing sales by brokers against sales via the Internet and their rates of change in the UK.

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