Net Metrics: Consumer Researching and Purchasing Trends in UK Internet Banking:

Net Metrics: Consumer Researching and Purchasing Trends in UK Internet Banking

Published Date: March 2007

Published By: Finaccord Ltd.

Page Count: 157

Order Code: R3434-80

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0.0 EXECUTIVE SUMMARY: Research background and structure; Slightly below 50% of the sample have used the Internet to take out a bank. product at least once; There is apparently high willingness to use both general and dedicated price comp. providers; Credit cards and interest-bearing savings deposits are most commonly taken out via the Internet; Event sponsorship appears to be increasing in effectiveness as a marketing prompt for cons.; When researching banking products, consumers are most likely to use three separate sources…; … and over a quarter are happy to use sites without telephone support as long as they trust them; Awareness of The Motley Fool is higher than for Moneysupermarket.com and MoneyExpert…; … although all three entities have seen their recognition rates surge during the last 12 months; Recognition levels of the leading on-line providers of general price comp. services are high…; … which signifies that they offer a potential threat to the leading dedicated aggs. and brokers; Only a minority of aggregators and brokers are definitely trusted by more than 5% of consumers; In terms of actual utilisation, it appears that Zopa’s unique message is beginning to register; … although a flight to familiar names spells tough times ahead for smaller aggs. and brokers
1.0 INTRODUCTION: Research rationale; The Internet banking market has continued to develop rapidly during the last 12 months…; … with a number of new competitors having emerged in the aggregation and broking space; Research sample; Research structure; Research enhancements; Web-based aggregators and brokers of lending products; On-line aggregators and brokers of banking products can use a variety of operating models…; … with Zopa, the ‘social lending’ marketplace, standing out as a unique example in this respect; Who owns whom in web-based aggregation / broking of banking products?; Strengths and weaknesses; The Internet research methodology is characterised by several advantages and drawbacks; Finaccord; Net Metrics and other consumer-focused studies; UK affinity and partnership marketing publications; IPT / IMRS; Errors, omissions and limit of liability
2.0 MARKET ANALYSIS: Introduction; Consumer propensity to purchase via the Internet; Consumers are most likely to have made on-line acquisitions of books or music…; … with almost 50% having taken out banking products via the Internet at least once in the past; Significant year-on-year growth appears to have occurred for cars, clothing and groceries…; … although it is possible that the number of on-line insurance buyers has hit a temporary peak; Propensity to research and purchase insurance products over the Internet; Most consumers who research banking products via the Internet also take them out on-line; Types of web site used for researching and taking out banking products; Opportunities arising from growth in Internet sales are not limited to banks and building socs; Consumers show high willingness to use the web sites of on-line price comparison providers…; … although there appears to be less interest in using the web sites of trad. affinity partners; Breakdown by type of banking product; Consumers are most likely to take out credit cards and savings deposits via the Internet; On-line sales are least likely to be realised among customers for mortgages and car finance; For most products, on-line customers are most likely to use the site of a focused bank. entity…; …. although on-line sales of banking products are often intermediated in one form or another; Effectiveness of on-line and off-line marketing prompts; In spite of competition from other media, television advertising appears to be the most effective; Few consumers are likely to be influenced by SMS text advertising or on-line pop-up advertising; The effectiveness of event sponsorship as a marketing prompt appears to be increasing; Other sources of information and advice used; Consumers are very likely to consult friends or family prior to taking out banking products; … although a variety of other sources are also used by a significant percentage of respondents; Fewer than 10% of on-line banking customers pay any attention to comments on ‘blogs’; Number of details solicited prior taking out bank. prods. over the Internet; On-line customers are most likely to solicit details for banking products on three occasions; Recognition and usage of providers of general price comparison services; A number of general price comparison providers have begun coverage of banking products…; … although the nature of this aspect of their service varies significantly from entity to entity; Eight general providers of price comparisons are recognised by over one third of respondents….55; … with MoneySavingExpert.com achieving the highest search rates for banking products; Characteristics of effective web sites for banking products; Almost 75% of consumers consider the degree to which they trust a site to be very important; Over a quarter of respondents are comfortable with using a site with no telephone support
3.0 COMPETITOR ANALYSIS: Introduction; Consumer awareness of aggregation and broking web sites; Ocean Finance and Norton Finance continue to rank among the leading five brokers…; … although consumer recognition of a trio of fleeter-footed rivals is growing far more quickly; Awareness of Elephant Loans and Freedom Finance has diminish. during the most recent year; Well over half of the 70 web brands covered are not recognised by over 85% of respondents; Consumer trust of aggregation and broking web sites; Nine aggregators and brokers of banking products are clearly ahead of the bulk of their peers; … although only six in total would definitely be trusted by more than 5% of respondents; Consumer usage of aggregation and broking web sites; Moneysupermarket.com, The Motley Fool and MoneyExpert are clear market leaders; The vast majority of competitors lack the differentiating features to improve their prospects; The Motley Idol, Moneysupermarket.com and MoneyExpert have broken away from the pack…; … as a consequence of the breadth and differentiated nature of their proposition; Moneysupermarket.com and MoneyExpert 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 the majority of the leading players are gaining ground
4.0 AGGREGATOR AND BROKER PROFILES: Introduction; 4.1 1st choice loans (www.1st-choice-loans.co.uk); 4.2 24 Hour loan (www.24hour-loan.co.uk); 4.3 77 Finance (www.77finance.co.uk); 4.4 accepted.co.uk (www.accepted.co.uk); 4.5 AdviceOnline (www.adviceonline.co.uk); 4.6 apply4aloan.co.uk (www.apply4aloanonline.co.uk); NET METRICS: CONSUMER RESEARCHING AND PURCHASING TRENDS IN UK INTERNET; 4.7 Arrange it Free (www.arrangeitfree.com); 4.8 AWD Moneyextra (www.moneyextra.com); 4.9 Beech Finance (www.beechfinance.co.uk); 4.10 blackandwhite.co.uk (www.blackandwhite.co.uk); 4.11 Blue Moon (www.bluemoon.co.uk); 4.12 Charcolonline (www.charcolonline.co.uk); 4.13 Click 4 A Loan (www.click4aloan.co.uk); 4.14 Compare Loan UK (www.compareloan.co.uk); 4.15 Creditcards.co.uk (www.creditcards.co.uk); 4.16 earth mortgages (www.earthmortgages.co.uk); 4.17 Easy Loans (www.easy-loans.co.uk); 4.18 Easy Quote (www.easy-quote.co.uk); 4.19 Elephant Loans (www.elephantloans.co.uk); 4.20 e-loan (www.e-loan.co.uk); 4.21 E-loanshop.com (www.e-loanshop.com); 4.22 emortgage.co.uk (www.emortgage.co.uk); 4.23 Enable Finance (www.enablefinance.com); 4.24 Endsleigh Financial (www.endsleigh-financial.co.uk); 4.25 Fair Investment Company (www.fairinvestment.co.uk); 4.26 Financeworx (www.financeworx.co.uk); 4.27 First Line Loans (www.firstlineloans.co.uk); 4.28 Flexemortgage (www.flexemortgage.co.uk); 4.29 Freedom Finance (www.freedomfinance.co.uk); 4.30 Goodinvestor.com (www.goodinvestor.com); 4.31 Guardian Credit (www.guardiancredit.co.uk); 4.32 Home Loans Direct (www.homeloansdirect.net); 4.33 Home Loans Made Easy (www.homeloansmadeeasy.net); 4.34 Interactive Investor (www.iii.co.uk); 4.35 LendQuest (www.lend-quest.co.uk); 4.36 Loan Giant (www.loangiant.co.uk); 4.37 loan.co.uk (www.loan.co.uk); 4.38 LoanCube (www.loancube.co.uk); 4.39 Loans UK (www.loansuk.co.uk); 4.40 Loanspage.co.uk (www.loanspage.co.uk); 4.41 mform (www.mform.co.uk); 4.42 MoneyExpert (www.moneyexpert.com); 4.43 Moneynet (www.moneynet.co.uk); 4.44 Moneyquest (www.moneyquest.co.uk); 4.45 Moneysupermarket.com (www.moneysupermarket.com); 4.46 Moneyworld (www.moneyworld.com); 4.47 Mortgages.co.uk (www.mortgages.co.uk); 4.48 mysortofloan (www.mysortofloan.co.uk); 4.49 NetLoans (www.netloans.co.uk); 4.50 NetYourDebt (www.netyourdebt.com); 4.51 Norton Finance (www.nortonfinance.com); 4.52 Ocean Finance (www.oceanfinance.co.uk); 4.53 Okoza (www.okoza.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 Personal-loans.co.uk (www.personal-loans.co.uk); 4.58 Purely Mortgages (www.purely.co.uk); 4.59 Shakespeare Finance (www.shakespearefinance.co.uk); 4.60 Star Finance (www.starfinance.co.uk); 4.61 The Home Loan Shop (www.thehomeloanshop.co.uk); 4.62 The Mortgage & Loan Business (www.mortloan.co.uk); 4.63 The Motley Fool (www.fool.co.uk); 4.64 The Thrifty Scot (www.thriftyscot.co.uk); 4.65 theidol.com (www.theidol.com); 4.66 UK Personal Loan Store (www.ukpersonalloanstore.co.uk); 4.67 Unravelit (www.unravelit.com); 4.68 Vesta Money (www.vestamoney.co.uk); 4.69 yes-loans.co.uk (www.yes-loans.co.uk); 4.70 Zopa (www.zopa.com)
GRAPHICS / TABLES: Sample breakdown by age group, household income band and geographical location - banking questions; Sample breakdown by age group, household income band and geographical location - entire survey; Aggregators and brokers of banking products covered for the first time in the Q1 2007 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); Who owns whom in on-line provision of general price comparisons in the UK?; Consumer propensity to purchase assorted goods and services via the Internet, Q1 2007; Cons. prop. to purchase assorted goods and services via the Internet, Q1 2006 and Q1 2007 comp. (data); Consumer prop. to research and take out banking products over the Internet, Q1 2006 and Q1 2007 comp.; Types of site used for res. and tak. bank. prods; Tps. of site used for res. and tak. bank. prods. inc. sites of orgs. for wh. dist. of ins. is a sec. act., Q1 2007 (data); Use of on-line and off-line channels for taking out assorted banking products, Q1 2007; Use of on-line and off-line channels for taking out assorted banking products, Q1 2007 (data); Breakdown of on-line channels by type of web site used for purchasing assorted banking products, Q1 2007; Breakdown of on-line channels by type of web site used for purchasing assorted bank. prods., Q1 2007 (data); Effect. of on-line and off-line mktg. prompts as a means of persuading custs. to visit part. web sites, Q1 2007; Effect. of mktg. prompts as a means of pers. custs. to visit part. web sites, Q1 2006 and Q1 2007 comp. (data); Other sources of information and advice used prior to taking out banking products, Q1 2007; Other sources of information and advice used prior to taking out banking products, Q1 2007 (data); Number of quotes sol. by cons. prior to taking out bank. prods. over the Internet, Q1 2006 and Q1 2007 comp.; No. of quotes solicited by cons. prior to tak. bank. prods. over the Internet, Q1 2006 and Q1 2007 comp. (data); Recognition and usage of on-line providers of general price comparison services, Q1 2007; Recognition and usage of on-line providers of general price comparison services, Q1 2007 (data); Imp. of web site characts. in pers. custs. to res. and / or purch. bank. prods. through a part. web site, Q1 2007; Imp. of site characts. in pers. custs. to res. and / or purch. bank. prods. through a part. web site, Q1 2007 (data); Ranking of web sites of aggregators and brokers of bank. products by overall consumer awareness, Q1 2007; Ranking of web sites of aggs. and brokers of bank. prods. by overall consumer awareness, Q1 2007 (cont.); Ranking of web sites of aggregators and brokers of banking products by consumer trust, Q1 2007; Ranking of web sites of aggregators and brokers of banking products by consumer trust, Q1 2007 (continued); Ranking of web sites of aggregators and brokers of bank. products by consumer usage to purchase, Q1 2007; Ranking of web sites of aggs. and brokers of bank. prods. by consumer usage to purchase, Q1 2007 (cont.); Correlation between cons. awareness and consumer trust of web sites of aggs. and brokers of bank. prods.; Correlation between cons. aware. and cons. usage to take out of web sites of aggs. and brokers of bank. prods.; Correlation between cons. trust and cons. usage to take out of web sites of aggs. and brokers of bank. prods.; Comparison of recent and historic usage to take out of web sites of aggs. and brokers of banking products (1); Comparison of recent and historic usage to take out of web sites of aggs. and brokers of banking products (2); Consumer usage, trust and usage to take out banking products of the www.1st-choice-loans.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.24hour-loan.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.77finance.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.accepted.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.adviceonline.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.apply4aloanonline.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.arrangeitfree.com web site; Consumer usage, trust and usage to take out banking products of the www.moneyextra.com web site; Consumer usage, trust and usage to take out banking products of the www.beechfinance.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.blackandwhite.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.bluemoon.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.charcolonline.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.click4aloan.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.compareloan.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.creditcards.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.earthmortgages.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.easy-loans.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.easy-quote.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.elephantloans.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.e-loan.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.e-loanshop.com web site; Consumer usage, trust and usage to take out banking products of the www.emortgage.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.enablefinance.com web site; Consumer usage, trust and usage to take out banking products of the www.endsleigh-financial.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.fairinvestment.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.financeworx.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.firstlineloans.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.flexemortgage.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.freedomfinance.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.goodinvestor.com web site; Consumer usage, trust and usage to take out banking products of the www.guardiancredit.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.homeloansdirect.net web site; Consumer usage, trust and usage to take out bank. products of the www.homeloansmadeeasy.net web site; Consumer usage, trust and usage to take out banking products of the www.iii.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.lend-quest.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.loangiant.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.loan.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.loancube.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.loansuk.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.loanspage.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.mform.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.moneyexpert.com web site; Consumer usage, trust and usage to take out banking products of the www.moneynet.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.moneyquest.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.moneysupermarket.com web site; Consumer usage, trust and usage to take out banking products of the www.moneyworld.com web site; Consumer usage, trust and usage to take out banking products of the www.mortgages.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.mysortofloan.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.netloans.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.netyourdebt.com web site; Consumer usage, trust and usage to take out banking products of the www.nortonfinance.com web site; Consumer usage, trust and usage to take out banking products of the www.oceanfinance.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.okoza.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.onlyfinance.com web site; Consumer usage, trust and usage to take out banking products of the www.pacifichomeloans.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.paydayuk.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.personal-loans.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.purely.co.uk web site; Consumer usage, trust and usage to take out bank. products of the www.shakespearefinance.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.starfinance.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.thehomeloanshop.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.mortloan.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.fool.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.thriftyscot.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.theidol.com web site; Consumer usage, trust and usage to take out bank. products of the www.ukpersonalloanstore.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.unravelit.com web site; Consumer usage, trust and usage to take out banking products of the www.vestamoney.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.yes-loans.co.uk web site; Consumer usage, trust and usage to take out banking products of the www.zopa.com web site

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