Net Metrics: Consumer Usage of On-Line Aggregators, Brokers and Other Intermediaries

Net Metrics: Consumer Usage of On-Line Aggregators, Brokers and Other Intermediaries in UK Banking

Published Date: March 2008

Published By: Finaccord Ltd.

Page Count: 160

Order Code: R3434-133

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0.0 EXECUTIVE SUMMARY: Banks and building societies offering current accounts generate the highest volumes of web traffic .; Social networking and video sharing provider sites are very widely used by younger consumers; Utilisation of the Internet as a distribution option for banking products may have reached a plateau .; Longevity of Internet usage is an important factor driving on-line acquisition of banking products; Consumers focus on a more limited number of sites to research and take out banking products; Most consumers understand the difference between on-line aggregators and on-line brokers; Usage of on-line aggregators and brokers of banking products peaks in the 25-44 age bracket; Users of on-line aggregators and brokers are motivated primarily by finding the best interest rate ....; Only a minority of consumers state that they are loyal to their main on-line aggregator or broker; A significant proportion of users of on-line aggregators and brokers question their accuracy…; … and over 10% express dissatisfaction with a range of aspects of the service that they receive; Over two thirds of respondents claim to be either very aware or quite aware of uSwitch.com; Only a minority of aggregators and brokers are definitely trusted by more than 5% of consumers ....; moneysupermarket.com achieves the highest ratings in terms of actual usage to purchase; On-line aggregation and broking of banking products may be subject to significant consolidation
1.0 INTRODUCTION: Research rationale; The updated Net Metrics research incorporates a variety of new analyses of consumer behaviour ..; Research sample; Web-based aggregators and brokers of banking products; On-line aggregators and brokers of banking products can use a variety of operating models…; … although some of the most successful protagonists possess differentiated approaches…; … and provision of white-labelled searching facilities between competitors is also commonplace...; Who owns whom in on-line aggregation and broking of banking products?; Strengths and weaknesses; The Internet research methodology is characterised by several advantages and drawbacks; Finaccord; Other UK consumer research publications; UK affinity and partnership marketing publications; IPT / Tpoll; Errors, omissions and limit of liability
2.0 MARKET ANALYSIS: Introduction; Consumer propensity to visit different types of web site; Frequency of visits is a key metric in the emerging environment for on-line financial services…; … with banking institutions offering current accounts being well-positioned in this respect; … and both social networking providers and video sharing providers also scoring highly; Insurance companies and some traditional affinity partners generate relatively little web traffic; Over 80% of individuals aged between 16 and 24 visit the sites of social networking providers; The gap in usage by age group for the web sites of video sharing providers is slightly less acute ...; Consumer propensity to purchase via the Internet; Consumers are most likely to have made on-line acquisitions of books or music…; … with well 40% of respondents having acquired banking products via the Internet at least once...; On-line sales of computers and associated peripherals appear to be subject to a decline…; … and a slowdown may also be occurring for certain categories of retail banking product; Propensity to research and take out banking products over the Internet; Over a half of consumers use the Internet to research and / or take out banking products; There is a clear link between longevity of Internet use and acquisition of bank. products on-line; Number of details solicited prior taking out on-line banking products; On-line customers are most likely to solicit details for banking products on three occasions; Likelihood to research or take out banking products by type of web site; Consumer propensity to research or take out banking products varies greatly by type of web site ..; Banking entities offering current accounts should make the most of high volumes of web traffic; Awareness and influence of the on-line insurance banking concept; Most consumers are aware of the difference between on-line aggregation and on-line broking…...; … although a surprisingly high proportion assert that they are not influenced by this awareness ....; Consumer usage of aggregators or brokers of banking products; On-line banking aggregators and brokers achieve highest utilisation in the 25-44 age group; Characteristics of effective insurance aggregator and broker web sites; Over 75% of respondents consider eight characteristics to be either very or quite important; Personalisation, exclusive products and user reviews are the least valued characteristics; Banking aggregator or broker web sites used most frequently; Two competitors are subject to the most frequent usage by over a half of respondents…; … with Confused.com likely to become an increasingly serious challenger in this space…; Loyalty towards insurance aggregators and brokers used most frequently; … although the research is indicative of low rates of loyalty towards even the leading players; A key challenge for aggregators and brokers will be to maximise the loyalty of their customers; Accuracy of banking aggregators and brokers used most frequently; Over one in ten consumers have concerns over the accuracy of product information provided…...; … although moneysupermarket.com scores accuracy ratings in excess of the market average; Satisfaction with banking aggregators used most frequently; Finaccord’s research facilitates the measurement of consumer satisfaction levels…; … and indicates that the majority are satisfied by the service offered by banking aggregators
3.0 COMPETITOR ANALYSIS: Introduction; Consumer awareness of aggregation and broking web sites; uSwitch.com achieves the highest rating for recognition among on-line aggregators and brokers...; 17 competitors in this field are recognised to some extent by over 25% of survey respondents…...; … although almost a half of the 70 web brands are not recognised by over 85% of consumers; Consumer trust of aggregation and broking web sites; In spite of its recent difficulties, simplyswitch is ranked highly in terms of consumer trust…; … and only 11 of its competitors are definitely trusted by more than 5% of respondents; Consumer usage of aggregation and broking web sites; moneysupermarket.com has achieved a surge in actual utilisation during the last 12 months; 20 aggregators or brokers of banking products have been used by at least 1% of consumers; There continues to be a reasonable if not perfect correlation between awareness and trust; Five banking aggregators appear to be out-performing their rivals in the on-line market…; … helped by the degree to which they are trusted rather than merely known by consumers; moneysupermarket.com and MoneySavingExpert.com appear to have grown most rapidly; Conditions for market participants outside of the top ten seem destined to become tougher…; … as the evidence of the research is that smaller players are being squeezed out of the picture....
4.0 AGGREGATOR AND BROKER PROFILES: Introduction; 4.1 24 Hour loan (www.24hour-loan.co.uk); 4.2 accepted.co.uk (www.accepted.co.uk); 4.3 AdviceOnline (www.adviceonline.co.uk); 4.4 AWD Moneyextra (www.moneyextra.com); 4.5 BeatThatQuote (www.beatthatquote.com); 4.6 Bullhorn.co.uk (www.bullhorn.co.uk); 4.7 buy.co.uk (www.buy.co.uk); 4.8 Charcol (www.charcol.co.uk); 4.9 Click 4 A Loan (www.click4aloan.co.uk); 4.10 Compare & Save (www.compare-and-save.co.uk); 4.11 Compare Loan UK (www.compareloan.co.uk); 4.12 Creditcards.co.uk (www.creditcards.co.uk); 4.13 Easy Quote (www.easy-quote.co.uk); 4.14 Elephant Loans (www.elephantloans.co.uk); 4.15 e-loan.co.uk (www.e-loan.co.uk); 4.16 E-loanshop.com (www.e-loanshop.com); 4.17 Endsleigh Financial (www.endsleigh-financial.co.uk); 4.18 Fair Investment Company (www.fairinvestment.co.uk); 4.19 FinanceDaily.co.uk (www.financedaily.co.uk); 4.20 Find.co.uk (www.find.co.uk); 4.21 First Line Loans (www.firstlineloans.co.uk); 4.22 Fool.co.uk (www.fool.co.uk); 4.23 Freedom Finance (www.freedomfinance.co.uk); 4.24 Goodinvestor.com (www.goodinvestor.com); 4.25 Guardian Credit (www.guardiancredit.co.uk); 4.26 Help My Money (www.helpmymoney.co.uk); 4.27 Home Loans Direct (www.homeloansdirect.net); 4.28 Interactive Investor (www.iii.co.uk); 4.29 Kelkoo (www.kelkoo.co.uk); 4.30 Know Your Money (www.knowyourmoney.co.uk); 4.31 Loan Arrangers UK (www.loan-arrangers.co.uk); 4.32 loan.co.uk (www.loan.co.uk); 4.33 loangenie (www.loangenie.co.uk); 4.34 Loans UK (www.loansuk.co.uk); 4.35 Loans.co.uk (www.loans.co.uk); 4.36 Loantime.co.uk (www.loantime.co.uk); 4.37 MoneyExpert (www.moneyexpert.com); 4.38 Moneyfacts (www.moneyfacts.co.uk); 4.39 moneygem.com (www.moneygem.com); 4.40 Moneymatchmaker.com (www.moneymatchmaker.com); 4.41 MoneyMonkey.co.uk (www.moneymonkey.co.uk); 4.42 Moneynet (www.moneynet.co.uk); 4.43 Moneyquest (www.moneyquest.co.uk); 4.44 MoneySavingExpert (www.moneysavingexpert.com); 4.45 moneysupermarket.com (www.moneysupermarket.com); 4.46 Moneyway (www.moneyway.co.uk); 4.47 Moneywise (www.moneywise.co.uk); 4.48 Mortgages.co.uk (www.mortgages.co.uk); 4.49 NationalPrice.com (www.nationalprice.com); 4.50 NationsFinance.co.uk (www.nationsfinance.co.uk); 4.51 Norton Finance (www.nortonfinance.co.uk); 4.52 Ocean Finance (www.oceanfinance.co.uk); 4.53 OnlineLoans.co.uk (www.onlineloans.co.uk); 4.54 Only Finance (www.onlyfinance.com); 4.55 Pacific Home Loans (www.pacifichomeloans.co.uk); 4.56 Pay day UK (www.paydayuk.co.uk); 4.57 pinkfish loans (www.pinkfishloans.co.uk); 4.58 Precision Loans (www.precisionloans.co.uk); 4.59 PriceRunner (www.pricerunner.co.uk); 4.60 Shakespeare Finance (www.shakespearefinance.co.uk); 4.61 simplyswitch (www.simplyswitch.com); 4.62 Smarter Money (www.smartermoney.com); 4.63 The Thrifty Scot (www.thriftyscot.co.uk); 4.64 theidol.com (www.theidol.com); 4.65 thisismoney.co.uk (www.thisismoney.co.uk); 4.66 Unravelit (www.unravelit.com); 4.67 uSwitch (www.uswitch.com); 4.68 Wider Choice (www.widerchoice.co.uk); 4.69 Your Money (www.yourmoney.com); 4.70 Zopa (www.zopa.com)
GRAPHICS / TABLES: Sample breakdown by age group, household income band and geographical location - entire survey; Sample breakdown by longevity of Internet usage - entire survey; Aggregators and brokers of banking products covered for the first time in the 2008 research; Who owns whom in web-based aggregation and broking of banking products in the UK?; Who owns whom in web-based aggregation and broking of banking products in the UK? (continued); Consumer propensity to visit different types of web site, 2008; Consumer propensity to visit different types of web site, 2008 (data); Consumer propensity to visit the web sites of social networking providers, 2008: detailed segmentation (data); Consumer propensity to visit the web sites of video sharing providers, 2008: detailed segmentation (data); Consumer propensity to purchase assorted goods and services via the Internet, 2008; Comparison of consumer propensity to purchase assorted goods and services via the Internet, 2006-8 (data); % of custs. acquiring different bank. prods. through the Internet - 2007, 2005 and all previous years comp. (data); Consumer propensity to research and take out banking products over the Internet, 2008; Consumer propensity to research and take out bank. products over the Internet, 2008: detailed segment. (data); Number of quotes solicited by consumers prior to taking out bank. products over the Internet, 2006-8 compared; Number of quotes solicited by cons. prior to taking out bank. products over the Internet, 2006-8 compared (data); Consumer likelihood to research or take out banking products from different types of web site, 2008; Consumer likelihood to research or take out banking products from different types of web site, 2008 (data); Comparison of consumer propensity to visit and cons. likelihood to search for or take out bank. products, 2008; Awareness of the difference between on-line banking aggs. and on-line brokers of banking products, 2008; Consumer usage of web sites of aggregators or brokers of banking products, 2008 (data); Importance of agg. and broker web site characteristics in persuading custs. to take out bank. products, 2008; Imp. of agg. and broker web site characteristics in persuading custs. to take out bank. products, 2008 (data); Banking agg. or broker web sites used most frequently by cons. to research or take out bank. products, 2008; Degree of loyalty engendered by banking aggregators and brokers used most frequently, 2008; Degree of loyalty engendered by banking aggregators and brokers used most frequently, 2008 (data); Perceived accuracy of banking aggregators and brokers used most frequently, 2008; Perceived accuracy of banking aggregators and brokers used most frequently, 2008 (data); Cons. satisfaction with agg. web site used most freq. when searching for and / or taking out bank. prods., 2008; Cons. satisfaction with agg. used most freq. when searching for and / or taking out bank. prods., 2008 (data); Ranking of web sites of aggregators and brokers of banking products by overall consumer awareness, 2008; Ranking of web sites of aggs. and brokers of bank. products by overall consumer awareness, 2008 (cont.); Ranking of web sites of aggregators and brokers of banking products by consumer trust, 2008; Ranking of web sites of aggregators and brokers of banking products by consumer trust, 2008 (continued); Ranking of web sites of aggregators and brokers of banking products by consumer usage to purchase, 2008; Ranking of web sites of aggs. and brokers of bank. products by consumer usage to purchase, 2008 (cont.); Correlation between cons. awareness and cons. trust of web sites of aggs. and brokers of bank. products; Correlation between awareness and usage to take out bank. products of aggs. and brokers of bank. products; Correl. between trust and usage to take out bank. prods. of web sites of aggs. and brokers of bank. prods.; Comparison of recent and historic usage to take out bank. products of aggs. and brokers of bank. products (1); Comparison of recent and historic usage to take out bank. products of aggs. and brokers of bank. products (2); Consumer awareness, trust and usage to take out banking products of the www.24hour-loan.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.accepted.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.adviceonline.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.moneyextra.com web site; Consumer awareness, trust and usage to take out banking products of the www.beatthatquote.com web site; Consumer awareness, trust and usage to take out banking products of the www.bullhorn.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.buy.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.charcol.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.click4aloan.co.uk web site; Cons. awareness, trust and usage to take out bank. products of the www.compare-and-save.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.compareloan.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.creditcards.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.easy-quote.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.elephantloans.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.e-loan.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.e-loanshop.com web site; Cons. awareness, trust and usage to take out bank. products of the www.endsleigh-financial.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.fairinvestment.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.financedaily.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.find.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.firstlineloans.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.fool.co.uk web site; Consumer awareness, trust and usage to take out bank. products of the www.freedomfinance.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.goodinvestor.com web site; Consumer awareness, trust and usage to take out bank. products of the www.guardiancredit.co.uk web site; Consumer awareness, trust and usage to take out bank. products of the www.helpmymoney.co.uk web site; Consumer awareness, trust and usage to take out bank. products of the www.homeloansdirect.net web site; Consumer awareness, trust and usage to take out banking products of the www.iii.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.kelkoo.co.uk web site; Cons. awareness, trust and usage to take out bank. products of the www.knowyourmoney.co.uk web site; Consumer awareness, trust and usage to take out bank. products of the www.loan-arrangers.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.loan.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.loangenie.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.loansuk.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.loans.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.loantime.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.moneyexpert.com web site; Consumer awareness, trust and usage to take out banking products of the www.moneyfacts.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.moneygem.com web site; Cons. awareness, trust and usage to take out bank. products of the www.moneymatchmaker.com web site; Consumer awareness, trust and usage to take out bank. products of the www.moneymonkey.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.moneynet.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.moneyquest.co.uk web site; Cons. awareness, trust and usage to take out bank. products of the www.moneysavingexpert.com web site; Cons. awareness, trust and usage to take out bank. products of the www.moneysupermarket.com web site; Consumer awareness, trust and usage to take out banking products of the www.moneyway.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.moneywise.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.mortgages.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.nationalprice.com web site; Consumer awareness, trust and usage to take out bank. products of the www.nationsfinance.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.nortonfinance.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.oceanfinance.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.onlineloans.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.onlyfinance.com web site; Cons. awareness, trust and usage to take out bank. products of the www.pacifichomeloans.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.paydayuk.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.pinkfishloans.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.precisionloans.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.pricerunner.co.uk web site; Cons. awareness, trust and usage to take out bank. products of the www.shakespearefinance.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.simplyswitch.com web site; Consumer awareness, trust and usage to take out banking products of the www.smartermoney.com web site; Consumer awareness, trust and usage to take out banking products of the www.thriftyscot.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.theidol.com web site; Consumer awareness, trust and usage to take out banking products of the www.thisismoney.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.unravelit.com web site; Consumer awareness, trust and usage to take out banking products of the www.uswitch.com web site; Consumer awareness, trust and usage to take out banking products of the www.widerchoice.co.uk web site; Consumer awareness, trust and usage to take out banking products of the www.yourmoney.com web site; Consumer awareness, trust and usage to take out banking products of the www.zopa.com web site

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