Market Report, "Online Financial Services in Australia", published

Dec. 1, 2010 - PRLog -- Australian online financial services is a rapidly growing and evolving market segment. There have been changes to consumer attitudes, regulatory environment, technology and security. Going forward, the online channel is expected to become yet more important for financial services providers.

Features and benefits
Includes a comprehensive overview of online financial services in Australia.
Provides survey data on consumer attitudes and behavior relating to online financial services.
Discusses security issues and two-factor authentication.
Analyzes current and future trends in the market.
Highlights
According to a recent Datamonitor consumer survey, only 13% of transaction account holders applied for their main account online, whereas 38% of consumers would like to apply online.

Most Australian banks have either added or are in the process of introducing new tools for personal financial management (PFM) in their online banking platform. Through these tools, users can track their product holdings, budget for the future and perform different analyses of their financial position.

Australian banks have gradually moved from seeing social media as a threat to embracing it as a way to forge closer ties with customers.

Your key questions answered
Improve your strategic position using Datamonitor's in-depth analysis of the Australian online financial services market.
Understand the unique challenges the online financial services market is facing, and benefit from forecasts of future developments.
Learn about what consumers think about online financial services, and how to increase online uptake.

For more information or to purchase this report, go to:
-  http://www.fastmr.com/prod/96196_online_financial_service...

Partial Table of Contents:

TABLE OF CONTENTS
Overview 1
Catalyst 1
Summary 1
Executive Summary 2
Online financial services gains momentum but still faces challenges 2
Australian banks are honing their online strategies 3
The growth of price comparison sites in Australia may spur online applications 5
Online Financial Services Gains Momentum but Still Faces Challenges 10
Online uptake and usage has increased but online applications need to be improved 10
Mobile banking is growing at an increasing rate 20
Reaching late adopters will become more important for financial services providers 24
Australian Banks are Honing their Online Strategies 28
Consumer attitudes to the banks vary 28
New security solutions are constantly being evaluated 33
New value-added services enhance internet banking 42
The Growth of Price Comparison Sites in Australia May Spur Online Applications 46
Price comparison sites are globally growing in importance 46
Australians have lower trust in PCS and are less likely to have applied for financial products 48
There are obstacles to applying through a PCS for financial products 50
Appendix 53
Data tables 53
Methodology 58
Further reading 59
Ask the analyst 59
Datamonitor consulting 59
Disclaimer 59

TABLE OF FIGURES
Figure 1: Most consumers use the internet as the main way of managing their financial products 10
Figure 2: Many consumers use the internet when researching financial products 12
Figure 3: More consumers would like to apply online for various products 14
Figure 4: The proportion of consumers wishing to apply online has grown for various products 15
Figure 5: A minority of consumers are negative toward the online channel 16
Figure 6: Different product categories have similar incidence of negative consumer attitudes 17
Figure 7: The proportion of consumers who are negative toward the online channel has decreased 18
Figure 8: Security concerns are a less potent barrier to online applications for financial products 19
Figure 9: Mobile phone internet connections will drive increased online banking usage 20
Figure 10: Online banking has much higher frequency of use than branch banking 21
Figure 11: A minority of consumers would feel comfortable using their mobile phone for bank transfers 22
Figure 12: Innovations come more frequently and reach saturation quicker 24
Figure 13: Transaction account customers are very satisfied with online banking 25
Figure 14: A better internet banking facility has become an important differentiator 28
Figure 15: ANZ customers are positive toward online financial services 30
Figure 16: CBA customers are more likely to be hesitant toward the internet channel 31
Figure 17: NAB customers are the most likely to have applied for their savings account online 32
Figure 18: NAB mortgagors are the most positive toward the online channel 33
Figure 19: SMS OTP 2FA solutions can offer extra protection against man-in-the-middle attacks 36
Figure 20: PassWindow uses pattern recognition to generate OTPs 38
Figure 21: The Cronto Visual Transaction Signing system uses visual cryptograms 40
Figure 22: The Visa CodeSure includes an integrated OTP generator 41
Figure 23: The ANZ MoneyManager site provides PFM tools to online banking customers 43
Figure 24: The UBank YouTube channel shows videos regarding financial matters 44
Figure 25: Financial product price comparison site usage and awareness is relatively low in Singapore  47
Figure 26: Australians have a medium level of trust in online price comparison sites 49
Figure 27: Few Australians have purchased financial products through price comparison sites 50

TABLE OF TABLES
Table 1: Later adopters vary from earlier adopters in many ways 26
Table 2: Advantages and disadvantages of different 2FA solutions 34
Table 3: Proportion of consumers that manage products mainly through the internet, June 2010 53
Table 4: Proportion of consumers using sources of information when researching product, June 2010 53
Table 5: Online applications and preference, June 2010 53
Table 6: Online application preference over time, 2008-10 54
Table 7: Attitudes toward the internet and financial services, June 2010 54

Full Table of Contents is available at:
-- http://www.fastmr.com/catalog/product.aspx?productid=9619...

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/catalog/publishers.aspx?pubid=1002

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.

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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.