Consumer attitudes toward using the online channel for borrowing are constantly evolving. Ongoing technological advancement as well as demographic and lifestage complexities are driving these shifts in attitude. Lenders must understand what consumers want from the online channel in order to maximize the advantages that it can bring to their business.
Scope
* Using global data from our FSCI survey this report analyzes how consumer attitudes towards borrowing online are changing.
* The report analyzes the causes of these shifts and identifies strategies that can be employed by lenders to attract & retain online customers.
* The report discusses the opportunities and threats faced by lenders wanting to develop their online strategy.
* A number of key trends have been identified that describe the impact of new technologies upon the market for loans.
Highlights
The online channel is becoming increasingly important for borrowing-related activity, such as searching for suitable deals. Across nearly all markets, consumers are more likely to take out loans online direct from a provider rather than use an aggregator site.
Continuing concerns over online security are a worry for consumers, which may become more of an issue as dependence on this channel rises. Among those who have never bought financial products online, there is considerable doubt as to the safety of borrowing online.
Web 2.0 technologies and the emergence of social networking give banks greater scope to engage with their borrowing customers, and enable them to target their loan offerings more effectively. Blogs, video content and personalized recommendations can all help to strengthen relationships and build loyalty.
Reasons to Purchase
* Access the results of Datamonitor's Global FS Consumer Insight survey, enabling you to understand shifting online attitudes and behaviors.
* Identify why these changes are occurring, and understand the future implications for online borrowing.
* Identify actionable strategies that can help encourage consumers to engage with the online channel.
Partial Table of Contents:
-- Full ToC is available at http://www.fastmr.com/
Overview 1
Catalyst 1
Summary 1
Methodology 1
Table of Contents 2
Table of figures 3
Table of tables 4
Introduction 5
Financial Services Consumer Insight: dispelling the myths surrounding online behaviors 5
Understanding consumers' attitudes towards financial services is vital for providers 5
the future decoded 6
Trend: Global use of the internet has increased 6
Ongoing technological evolution has facilitated a steady increase in internet usage 9
Demographic changes and alterations in consumer behavior have increased consumer driven demand 9
Insight: Increased global internet usage has led to an increase in use of the online channel in the day-to-day management of current accounts 10
Take-up of online registration for current accounts is most popular in the West 11
The greatest proportion of online users are from Generation X, but take-up is becoming increasingly popular with older demographics 15
Many consumers still prefer branch banking 17
Insight: The online platform for current account transactions is not used to its full capability 18
The online channel is not being used for all the tasks available 19
Task preference shows some regional variation 20
Eurozone and US consumers check their balance more frequently than others 21
Trend: Mobile banking is gaining in popularity 22
Insight: Mobile banking will follow the same trajectory as online banking 24
Consumers are more comfortable performing simpler tasks through the mobile platform 26
Insight: Mobile banking appeal differs regionally 28
The mobile banking platform holds the most potential for emerging markets 29
Usage and adoption of mobile banking platforms varies considerably in the developing countries 31
Trend: The impact of Web 2.0 has provided banks with key opportunities to increase use of the online channel for financial services 32
Web 2.0 presents challenges as well as promises 32
Insight: Dynamic content is a key factor in engaging consumers 33
""MSN style"" chat functionality holds great customer service and cross-selling potential 33
Insight: Greatest use of social media is for customer service rather than sales and marketing 33
Trend: Security issues are the biggest threat to online current account banking 35
Insight: Security concerns are more prominent in emerging regions than in the Eurozone and US 37
Insight: Day-to-day convenience does not overcome security concerns 39
Consumers are as concerned about post-fraud customer service as they are about fraud prevention and detection measures 40
Perceived security is just as important as real security 40
Authentication processes are key to finding the balance between deterring consumers and quelling security concerns 41
Action points 44
Action: Improve the online platform and venture into mobile banking platforms 44
For more information or to purchase this report, go to http://www.fastmr.com/
About Datamonitor
The Datamonitor Group is a world-leading provider of premium global business information, delivering independent data, analysis and opinion across the Automotive, Consumer Markets, Energy & Utilities, Financial Services, Logistics & Express, Pharmaceutical & Healthcare, Retail, Technology and Telecoms industries. Datamonitor's market intelligence products and services ensure that you will achieve your desired commercial goals by giving you the insight you need to best respond to your competitive environment. View more research from Datamonitor at http://www.fastmr.com/
About Fast Market Research
Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.
For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.
