Online Financial Services - Convenience vs Personal Service

Online Financial Services - Convenience vs Personal Service - Ireland

Published Date: December 2007

Published By: Mintel International Group Ltd.

Page Count: 89

Order Code: R560-3030

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Issues in the Market: Key themes in the report; Penetration deemed to be growing significantly; Can’t go, won’t go online; Spooked by the phishers; The lure of the best deals; Online users still testing the waters; A branch-less future?; Online option is extremely appealing for some; Contrast between RoI and NI consumers; Definitions; Abbreviations
Market in Brief: Steady - but unremarkable - growth; Banks doing their best - but obstacles remain; Many consumers still to be convinced; Increase in e-shopping to drive growth; Young consumers less active on all counts; Range of transactions conducted online remains limited
Internal Market Environment: Key Points; Strenuous promotion of online channel; Pricing strategies; Cutting back on fees; Green incentives; Providers offering better terms and rates to online users; Greater freedom for RoI consumers; Enthusiastic uptake by business clients leads the way; Small business appeal; Other factors; The downside: difficulty, confusion and frustration
Security Concerns - Still There (and Getting Worse?): Key Points; The big issue: Phishing; The extent of the problem worldwide; The extent of the problem; Counting the cost in financial terms; The real costs - in terms of public confidence; What has been done?; Individual initiatives; Sector initiatives; National initiatives; International initiatives; What hasn’t been done?; Effective precautions could include:
Broader Market Environment: Key Points; Demographic factors; Population growth & changes; Projected growth in 35-44 group a boon for online financial services sector; Growth in 55+ demographic - coming round to online arrangements; Influx of immigrants of working age; NI projections; RoI projections; Increasing Internet usage; Growth in trust placed in Internet as source of information; Growing embrace of e-commerce by consumers; Increasing numbers of consumers engaging in online shopping; But increasing numbers unhappy with the experience; Modern lifestyles and online banking - a perfect match; Economic strength bouys financial services sector; Sustained GDP growth: NI and RoI; The overall economic picture; Broadband penetration; Is poor broadband penetration obstructing online growth?; Availability in NI; ...in contrast to availability in RoI; Take-up of broadband in RoI; Take-up of broadband in NI; Reasons for poor take-up of broadband: NI and RoI
Measuring Market Potential: Key Points; Overall penetration not spread equally across services; Growth in online banking site traffic; Trade views on current and future growth; Recent rates of growth exceed previous years; It’s all going according to plan; Growth compares reasonably well with other online activities; Obstacles remain to greater penetration; Strength and value: from the particular to the general; AIB; Bank of Ireland; Permanent TSB; The NI situation; Tipped for growth: arrangement of mortgages online; Future outlook - The real impact of the online channel; Not just online but mobile; Branches as financial services boutiques; The phenomenon of the rate chasers
Segment Performance: Key Points; Online channel used to monitor and manage; Initiation of financial arrangements generally done offline; Can this be explained by evolution?; The concept itself; How this applies to online financial services; Challenges ahead; How the concept fits with Mintel’s findings
Companies and Products: Key Points; Clicks-and-mortar institutions; Abbey National; Alliance & Leicester; Allied Irish Bank (trading as First Trust Bank in NI); First Trust Bank (trading as Allied Irish Bank in RoI); Bank of Ireland; First Active; Halifax; HSBC; National Irish Bank (operates as Northern Bank in NI); Northern Bank (operates as National Irish Bank in RoI); Northern Rock; Northern Rock-ed by US sub-prime fallout; Permanent TSB; Ulster Bank; Pure-play operators; Cahoot; Egg; First Direct; Intelligent Finance; RaboDirect; Supermarkets/Retailers; Tesco; Sainsbury’s; Marks & Spencer
Advertising and Promotion: Key Points; Incumbents v newcomers: fighting it out through the billboard; Choice of medium; Reaction of big two in RoI to newcomers; Outdoor doubles in 2006; RaboDirect and Halifax: the approach of the newcomers; Online advertising not yet mainstream in RoI; Financial sector a perennial big-spender in NI; The proven success of online advertising of financial services
The Consumer- Identifying the Target Market: Key Points; Measuring online activity; Targeting young consumers; Greatest interest among 25-44-year-olds; Higher social grades more keen on online financial services...
Appendix: Broader market environment; Economic growth; Consumer expenditure; RoI consumers getting the jitters...; NI consumers feeling a little more secure...; Inflation - rising in the south, stable in the north; Continued low unemployment and sustained employment growth; Interest rates; The future of broadband in RoI; The requirements include:; Accessing banking services; Financial products held; Internet use; Do you have access to the Internet at home, at work or at school/college?; MORI data; Attitudes towards online financial services; Typologies

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