Finaccord’s report titled Net Metrics: Consumer Researching and Purchasing Trends in UK Internet Banking focuses on two fundamental aspects of Internet distribution of lending and savings products in the UK: patterns in consumer behaviour and dynamics in the market for web-based brokers and aggregators of banking products, including the impact of on-line providers of general price comparison services. With regards to the former issue, the research investigates several core areas including consumer propensity to take out six different types of banking product via the Internet, consumer propensity to use different types of web site in this context and the relative importance of nine key characteristics of web sites promoting lending and savings products for encouraging consumer usage to research and / or acquire. As for the latter, the study offers an expanded and detailed benchmarking in terms of consumer awareness, consumer trust and consumer usage to take out banking products of 70 of the leading web-based aggregators and brokers in the UK including AWD Moneyextra, e-loan, Elephant Loans, Freedom Finance, MoneyExpert, Moneynet, Moneysupermarket.com and The Motley Fool.
Moreover, it also offers an evaluation of the impact in this market of 25 prominent on-line providers of general price comparison services including Ciao!, Kelkoo and uSwitch. The report can be used in one or more of the following ways: understand the progress being made by ‘traditional’ brokers, such as Ocean Finance, well-established on-line specialists, such as Moneysupermarket.com, and protagonists with clearly differentiated operating models, such as MoneySavingExpert, The Motley Fool and Zopa; appreciate whether the market for on-line aggregation and broking of lending and savings products is subject to consolidation and what this means for the full universe of participants in this sector; evaluate the potential for distributing banking products through different types of web site and how consumer propensity to use ‘indirect’ channels compares with the likelihood to use the web sites of the banks, building societies and other lending institutions themselves; gain insight into the apparent effectiveness of new marketing channels, such as e-mail and SMS text advertising, in comparison to tried and tested media, such as radio and television; acknowledge the degree to which new sources of information, such as on-line communities, discussion boards and weblogs, are being used by consumers prior to taking out banking products.
The research for this study was carried out during January and February 2007 using the Internet consumer panel of IMRS. In total, completed surveys were filled in and submitted on-line by 1,540 consumers breaking down by age group, household income band and geographical location as illustrated in the report prospectus. In addition, for questions that overlap with the sister Net Metrics research and publication covering Internet insurance, responses were received from a further 1,560 consumers making 3,100 in total.
|
0 items
