Online Strategies of Banking and Insurance Companies in the BRIC Countries

Synopsis

The report provides top-level market analysis, information and insights, including:

• In-depth analysis of the online strategies adopted by banking and insurance companies in the BRIC countries: Brazil Russia, India and China
• How companies in the BRIC countries are adopting social media as a part of their marketing tools
• Key trends and drivers supporting the growth of online banking and insurance strategies
• Challenges faced by companies in leveraging online banking and insurance platforms
• Regulations affecting the growth of online banking and insurance in the BRIC nations
• Company-wise analysis of marketing strategies

Summary

Internet banking has become increasingly popular in Brazil and the country’s banks have begun to offer various online services, ranging from checking account transactions to making investments and even paying bills on the internet. There were 37.8 million internet banking customers in Brazil in 2010, who together conducted 12.8 billion online transactions.

Most Russian banks and insurance companies are currently seeking to develop English language websites in order to attract more international customers. Russian customers are generally very apprehensive of shopping or conducting banking activities online. Due to this, Russian banks have focused on improving the security of their websites. For example, Rosbank uses multiple software programs to ensure the complete security of their customers’ transactions.

Internet banking has become an integral part of the Indian banking industry, although online insurance sales only started in the country in the late 2000s. Most Indian banks have developed mobile applications as a strategy to attract young customers. Banks in India are expected to extend the scope of their mobile banking channels to offer a broader array of products and services over the forecast period. Indian banks also use social media sites to provide basic information and market their products and new offers. It is expected that banks will incorporate consumer grievance redressal mechanisms into social media networks over the forecast period.

Banks and insurers are increasingly utilizing the online platform to market their products and services. Companies are attracting customers by providing an all-inclusive online service network. The Bank of China launched a special online service for its small and medium-size enterprises (SMEs). Chinese banks also offer an online banking platform for their overseas customers. To attract domestic and international customers, the Industrial and Commercial Bank of China has launched cross-border foreign exchange remittance and global account management services. Similarly, the Chinese insurance company PICC introduced a special online website (www.e-picc.com.cn) to offer online insurance and other value-added services to its customers. Meanwhile, Ping An Insurance introduced an online shopping model that offers insurance services.

Scope

• This report provides an extensive analysis of the online strategies used by banking and insurance companies.
• This report provides an extensive analysis of online marketing strategies used by banking and insurance companies in the four BRIC nations – Brazil, Russia, India and China.
• The report provides a detailed understanding of how online platforms are being used by banking and insurance industries to identify new markets, launch products, gather customer feedback and monitor brand performance.
• The report also provides insights into evolving social media market sizes for each country.
• It also provides insights into future online marketing strategies adopted by players in each industry to strengthen market position.

Reasons To Buy

• Gain in-depth insight into the online banking and insurance strategies used in each of the BRIC countries.
• Understand the various market dynamics within the BRIC countries by industry and use that knowledge to capitalize on the potential of these high-growth markets.
• Take informed decisions and formulate effective technical and marketing strategies based on the report’s detailed market insights on online strategies, including social media marketing.
• Understand the growth strategies adopted by key companies.

Key Highlights

• Increasing internet and mobile penetration in Brazil is expected to drive the use of online channels for conducting banking and insurance transactions over the forecast period. Companies in Brazil are also using online platforms as a medium to market and cross-sell their products to existing customers.
• Russian online banking and insurance transactions currently account for only a small proportion of the country’s total banking and insurance services. However, the leading Russian banks and insurance companies, such as VTB Bank, Sberbank, Bank of Moscow, Rosbank, TransCreditBank, Renaissance Insurance Group, OJSC IC Allianz (Rosno) and Uralsib, are planning to strengthen their online capabilities to capitalize on the demand for online financial services.
• Most of the largest banks in India offer online services including online banking and mobile banking facilities, although only a few banks, such as ICICI Bank, Citibank, PNB and Bank of Baroda, collect feedback on their websites. India’s leading insurers offer insurance policies and premium payment options online. However, only a few of these insurers offer advisory services, and Bajaj Allianz is the only notable insurer that offers insurance through a mobile application.
• Chinese banking and insurance companies have invested significant amounts of time and capital to develop robust online and mobile distribution platforms for their customers. The top four banks in the Chinese banking industry, the Bank of China, China Merchant Bank, China Construction Bank and ICBC Bank, have developed online sites that offer an extensive range of services for their retail and corporate customers.